Cboe Reports Mixed July Trading Volumes: Options Surge, Equities Slip
Event summary
- Cboe's multi-listed options volume rose 28.4% YoY to 15,687k contracts in July 2026.
- Index options volume surged 34.0% YoY to 5,990k contracts.
- U.S. on-exchange equities volume declined 12.4% YoY to 1,569 million shares.
- Cboe Clear Europe surpassed 1 billion cleared client cash equity trades YTD through July 31.
- Mini-SPX (XSP) options set a monthly ADV record of 238k contracts.
The big picture
Cboe's July trading data reflects a bifurcated market where derivatives demand outpaces equities. The surge in options volume, particularly in SPX products, highlights investor focus on hedging strategies during uncertain economic conditions. Meanwhile, the clearing business continues to scale, positioning Cboe as a key player in post-trade infrastructure.
What we're watching
- Options Momentum
- Whether Cboe can sustain record volumes in mini-SPX and 0DTE options amid market volatility.
- Equity Market Share
- How Cboe will address declining U.S. on-exchange equities volume against competitors.
- Clearing Growth
- The pace at which Cboe Clear Europe expands cleared trades beyond the 1 billion milestone.