Cboe Global Markets Sees January Volume Surge Across Options, Equities, Futures and FX

Cboe Reports Cross‑Market Activity Jump in January

Cboe Global Markets is reporting a broad‑based increase in trading activity across options, equities, futures, FX and clearing in January, driven by gains in both on‑ and off‑exchange trades and strong international volumes. In its monthly "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report," the exchange operator cites notable year‑over‑year and month‑over‑month advances across major product lines and regions, reflecting elevated market participation at the start of the year.

Cboe says multi‑listed options average daily volume (ADV) reaches 14,093k contracts in January, up 7.2% year‑over‑year and 22.0% versus December. Index options ADV climbs to 5,477k contracts, a 20.8% year‑over‑year increase and 8.5% rise from December, while futures ADV stands at 230k contracts, up 4.6% year‑over‑year and 28.5% versus December. U.S. equities on‑exchange matched shares rise to 1,872 million ADV (up 14.3% y/y and 32.3% vs December), with particularly large growth in U.S. equities off‑exchange matched shares, which jump 189.5% year‑over‑year to 241 million ADV. The company highlights these moves as evidence of broad engagement across its market infrastructure.

International venues also show strong momentum, with Canadian equities matched shares up 50.3% year‑over‑year and Australian equities volumes increasing 60.0% y/y. European equities volumes, measured in euros, advance 33.2% year‑over‑year, while global FX volumes rise 33.6% y/y. Cboe Clear Europe reports 123,562k cleared trades, a modest 0.5% increase year‑over‑year, and net settlements of 1,234k, up 17.6% y/y, underscoring growth in cleared activity alongside trading volumes.

RPC and reporting cadence

Cboe discloses that its RPC (revenue per contract) and net revenue capture metrics are presented on a one‑month lag in the report, providing segment‑level detail for market participants to assess revenue dynamics alongside volume data. The company’s monthly sheet is intended to give clients transparency on both activity and capture trends.

Futures transition note

The report reiterates that digital futures were transitioned to Cboe Futures Exchange in the second quarter of 2025, and that prior futures metrics exclude those digital futures. Cboe frames the January increases in futures and clearing as occurring within that re‑shaped product mix.