Cboe Volume Mixed in February, 0DTE Options Hit Record
Event summary
- Cboe Global Markets reported February 2026 trading volume, showing mixed results across asset classes.
- U.S. options volume saw record highs, with SPX 0DTE options reaching 3.0 million contracts, representing 63% of SPX trading.
- BIDS Trading reported a monthly ADV record of 267.8 million matched shares in U.S. equities off-exchange.
- Cboe Europe achieved a record €18.0 billion ADNV, driven by Periodic Auctions and BIDS Europe.
The big picture
Cboe's February volume report reveals a complex picture of market dynamics. While overall volume is mixed, the record highs in U.S. options trading, particularly the surge in 0DTE options, underscore the ongoing demand for short-term risk management tools. The growth in off-exchange trading and Cboe Europe's ADNV demonstrate the evolving landscape of financial markets and Cboe's efforts to capitalize on these shifts. The company's position as the world's leading exchange network is being tested by these trends, requiring a focus on innovation and strategic adaptation.
What we're watching
- Market Volatility
- The continued dominance of 0DTE options suggests persistent demand for short-term hedging strategies, which could be a leading indicator of broader market volatility.
- Off-Exchange Growth
- BIDS Trading's record volume highlights the ongoing shift towards off-exchange trading, potentially impacting Cboe's on-exchange revenue streams and requiring strategic adaptation.
- European Expansion
- The strong performance of Cboe Europe’s ADNV indicates a successful expansion strategy, but the sustainability of this growth will depend on regulatory developments and competitive pressures within the region.
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