Cboe Global Markets, the world’s leading derivatives and securities exchange network, reported March trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the first quarter of 2025.
The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain March trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
| Average Daily Trading Volume (ADV) by Month | Year-To-Date | |||||||
| Mar2025 | Mar2024 | %Chg | Feb 2025 |
% Chg |
Mar2025 | Mar2024 | % Chg |
|
| Multiply-listed options (contracts, k) | 13,529 | 10,570 | 28.0 % | 13,556 | -0.2 % | 13,412 | 10,744 | 24.8 % |
| Index options (contracts, k) | 5,270 | 4,057 | 29.9 % | 4,469 | 17.9 % | 4,771 | 4,089 | 16.7 % |
| Futures (contracts, k) | 285 | 217 | 31.3 % | 241 | 18.1 % | 250 | 220 | 13.4 % |
| U.S. Equities – On-Exchange (matched shares, mn) | 1,617 | 1,464 | 10.5 % | 1,673 | -3.4 % | 1,642 | 1,510 | 8.7 % |
| U.S. Equities – Off-Exchange (matched shares, mn) | 92 | 81 | 13.6 % | 97 | -5.2 % | 91 | 82 | 10.4 % |
| Canadian Equities (matched shares, k) | 153,961 | 159,704 | -3.6 % | 166,261 | -7.4 % | 159,593 | 146,253 | 9.1 % |
| European Equities (€, mn) | 16,422 | 10,248 | 60.3 % | 13,718 | 19.7 % | 13,818 | 9,918 | 39.3 % |
| Cboe Clear Europe Cleared Trades (k) | 157,411 | 96,734 | 62.7 % | 131,723 | 19.5 % | 412,072 | 294,326 | 40.0 % |
| Cboe Clear Europe Net Settlements (k) | 1,130 | 828 | 36.5 % | 1,021 | 10.6 % | 3,201 | 2,525 | 26.8 % |
| Australian Equities (AUD, mn) | 900 | 814 | 10.5 % | 914 | -1.6 % | 820 | 765 | 7.2 % |
| Japanese Equities (JPY, bn) | 312 | 357 | -12.8 % | 335 | -7.0 % | 324 | 316 | 2.5 % |
| Global FX ($, mn) | 54,784 | 47,346 | 15.7 % | 50,699 | 8.1 % | 51,926 | 45,256 | 14.7 % |
March and First Quarter 2025 Trading Volume Highlights
U.S. Options
- Total volume across Cboe’s four options exchanges in the first quarter achieved an all-time high of 1.1 billion contracts, with an ADV of 18.2 million contracts traded, and included a multiply-listed options ADV record of 13.4 million contracts.
- In March, ADV across Cboe’s four options exchanges hit a monthly record of 18.8 million contracts traded.
- Cboe’s proprietary product suite set several new trading volume records for the month and quarter, including:
- New quarterly overall proprietary index options ADV record of 4.8 million contracts
- New monthly overall proprietary index options ADV record of 5.3 million contracts
- New quarterly S&P 500 Index (SPX) options ADV record of 3.6 million contracts
- New monthly SPX options ADV record of 3.9 million contracts
- New single-day SPX options record of 4.8 million contracts, set on March 10
- New quarterly XSP (Mini-SPX) options ADV record of 105 thousand contracts
European Equities
- In March, Cboe Europe achieved a record high average daily notional value (ADNV) during continuous trading of €16.2 billion.
- Cboe BIDS Europe, Cboe’s European block trading platform, reported a monthly ADNV record of €836.0 million.
Global FX
- Global FX reported a record monthly Spot Full Amount ADNV of $15.9 billion.
First-Quarter 2025 RPC/Net Revenue Capture Guidance
The projected RPC/net capture metrics for the first quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended March 31, 2025, will not differ materially from these projections.
| (In USD unless stated otherwise) | Three-Months Ended | |||
| Product: | 1Q Projection | Feb-25 | Jan-25 | Dec-24 |
| Multiply-Listed Options (per contract) | $0.067 | $0.063 | $0.064 | $0.064 |
| Index Options | $0.908 | $0.913 | $0.904 | $0.905 |
| Total Options | $0.288 | $0.278 | $0.277 | $0.281 |
| Futures (per contract) | $1.743 | $1.756 | $1.760 | $1.765 |
| U.S. Equities – Exchange (per 100 touched shares) | $0.014 | $0.015 | $0.016 | $0.018 |
| U.S. Equities – Off-Exchange (per 100 touched shares) | $0.117 | $0.120 | $0.124 | $0.126 |
| Canadian Equities (per 10,000 touched shares) | CAD 4.294 | CAD 3.921 | CAD 3.920 | CAD 4.008 |
| European Equities (per matched notional value) | 0.252 | 0.261 | 0.263 | 0.261 |
| Australian Equities (per matched notional value) | 0.156 | 0.154 | 0.153 | 0.154 |
| Japanese Equities (per matched notional value) | 0.243 | 0.241 | 0.231 | 0.233 |
| Global FX (per one million dollars traded) | $2.810 | $2.811 | $2.767 | $2.724 |
| Cboe Clear Europe Fee per Trade Cleared | € 0.008 | € 0.008 | € 0.008 | € 0.008 |
| Cboe Clear Europe Net Fee per Settlement | € 0.950 | € 0.988 | € 0.997 | € 1.002 |
The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
Source: Cboe
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