Insights Overview

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Markets Straddle Flat Line in Early Trading

By JJ Kinahan

The market cooldown continues as investors take to the sidelines ahead of economic reports out later this week and an uptick in oil prices that is rekindling inflation fears.

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Market Metrics That Matter: Derivatives July 2026 Volume Highlights

July was another strong month for Cboe’s Global Derivatives business with an Average Daily Volume (ADV) of 21.7 million contracts traded. Total Consolidated Volume (TCV) in the overall options industry had an ADV of 70.48 million contracts monthly.

The Latest

Market Metrics That Matter: Cboe FX July Volume Highlights

In July 2026, Cboe FX Spot Average Daily Volume (ADV) reached $56.8 billion, a 24.6% increase versus July 2025's ADV of $45.6 billion. Cboe SEF ADV topped $4.3 billion, representing a 46.5% increase from $2.9 billion in July 2025. The LD4 venue recorded $1.1 billion in notional traded on July 31, a new single-day high-water mark.

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Index Options and Futures

Index Options Explained

XSP: More Potential Benefits Than SPY

At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.

Index Options Explained

Don't Get Stuck Paying the Dividend on Your Short Trade

Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.

Index Options Explained

Why Option Settlement Style Matters

There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.

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Equities and ETPs

Equities Market Research

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Cboe’s market activity increased in June with a record Average Daily Volume (ADV) of 23.3 billion, a high not seen since March 2020. Cboe's share of addressable market share increased to 21.9%, attributable to the continued adoption of premium products and Exchange Traded Fund (ETF) listings.

Equities Market Research

Market Metrics That Matter: Cboe FX June Volume Highlights

In June 2026, Cboe FX Spot Average Daily Volume (ADV) reached $59.6 billion, a 23.4% increase versus June 2025's ADV of $48.3 billion. Cboe SEF ADV1 topped $4.6 billion, representing a 59.0% increase from $2.9 billion in June 2025.

Equities Market Research

Market Metrics That Matter: European Equities May Volume Briefing

European equity trading volumes continued to soften during May following the high-volatility period at the start of the year, with activity shifting from continuous trading to Closing Auctions following the MSCI rebalance. Cboe Europe was the largest equities exchange by market share, supported by its diversified trading mechanism offering.

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Most Recent:

Markets Straddle Flat Line in Early Trading

By JJ Kinahan

Market Metrics That Matter: Derivatives July 2026 Volume Highlights

Market Metrics That Matter: Cboe FX July Volume Highlights

Subscribe

Index Options and Futures

XSP: More Potential Benefits Than SPY

Don't Get Stuck Paying the Dividend on Your Short Trade

Why Option Settlement Style Matters

Equities and ETPs

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Market Metrics That Matter: Cboe FX June Volume Highlights

Market Metrics That Matter: European Equities May Volume Briefing

Markets Straddle Flat Line in Early Trading

By JJ Kinahan

Market Metrics That Matter: Derivatives July 2026 Volume Highlights

Market Metrics That Matter: Cboe FX July Volume Highlights

XSP: More Potential Benefits Than SPY

Don't Get Stuck Paying the Dividend on Your Short Trade

Why Option Settlement Style Matters

Market Metrics That Matter: U.S. Cash Equities June Volume Briefing

Market Metrics That Matter: Cboe FX June Volume Highlights

Market Metrics That Matter: European Equities May Volume Briefing