Chicago-based exchange operator Cboe Global Markets reported March 2026 trading volumes on April 6, with proprietary index options and global FX delivering the strongest growth across its business lines, data from the company’s monthly report shows.
Index options average daily volume (ADV) rose 28.6% year over year to 6.136 million contracts in March. FX spot ADNV hit $74.5 billion, an all-time high and a 42.9% increase versus March 2025.
SPX and 0DTE drove the index complex
Cboe’s S&P 500 Index (SPX) options set a monthly ADV record of 5.4 million contracts. SPX zero-days-to-expiry (0DTE) options hit a monthly record of 3.2 million contracts and a quarterly record of 3.0 million. Mini-SPX (XSP) options also reached monthly and quarterly highs.
The quarter coincided with a risk-off turn in U.S. equities, with the VIX breaching 30 multiple times in March, according to Cboe’s own index commentary. That environment typically supports hedging demand in index products.
Floor trading surged alongside electronic activity. Open outcry monthly ADV reached a record 2.2 million contracts, with SPX floor ADV hitting 937,000 contracts.
FX and European equities also set records
Cboe’s Swap Execution Facility (SEF) posted March ADV of $5.4 billion, a 101.9% year-over-year increase. Cboe FX recorded a single-day high of $109.1 billion on March 3.
Cboe Europe set a record quarterly ADNV of €17.3 billion and a monthly record of €18.6 billion. Periodic Auctions hit a single-day high of €9.2 billion on March 3.
Cboe’s preliminary first-quarter RPC projections show index options at $0.940 per contract, stable versus December and January. Total options RPC rose to $0.342, up from $0.317 in December, reflecting the heavier mix of higher-value proprietary products.
Global FX net capture fell to $2.866 per million dollars traded from $2.953 in January.
Multi-listed options ADV across Cboe’s four U.S. exchanges reached 13.9 million contracts for the quarter, its second-best on record. Cboe entered Q2 2026 with record derivatives activity and mixed capture trends across asset classes.
