Cboe Index Options Set Monthly Volume Records
Cboe's proprietary index options posted record trading volume in October, led by two record-setting days on October 16 and October 30.
Updated on Nov. 5, 2026 in Stock Markets
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Cboe Global Markets reported that its proprietary index options set a monthly average daily volume record of 6.9 million contracts in October. Zero-days-to-expiry SPX options also set a monthly average daily volume record of 3.6 million contracts.
Why it matters
The record volumes show heavy trader activity in options tied to major U.S. equity indexes, a measure of how actively investors are hedging and speculating on the broader stock market. The figures are drawn from Cboe's own monthly reporting and reflect activity across its index product lines.
Cboe's proprietary index options recorded a monthly average daily volume of 6.9 million contracts, with S&P 500 Index options at 5.5 million and Mini-SPX at 303 thousand. The extraction does not include a prior-period comparison or identify the specific market conditions behind the volume spikes.
The players
Cboe Global Markets
Cboe Global Markets is a global exchange operator that runs options, equities and futures markets, including the S&P 500 index options and XSP products cited in the report.
The details
The two most-active trading days on record in Cboe's proprietary index options were October 16, with 10.4 million contracts traded, and October 30, with 10.2 million contracts traded. XSP options set a new daily record of 515 thousand contracts on October 30, surpassing the prior XSP record set on July 16, 2019. Cboe's Global Trading Hours session also set a monthly average daily volume record of 284 thousand contracts.
Timeline
July 16, 2019: Previous XSP daily record set.
October 1: SPX options set a daily record of 327 thousand contracts in Global Trading Hours.
October 16: Second most-active day on record in Cboe's proprietary index options.
October 30: Most-active day on record; XSP daily record set.
Market Dynamics
The October 30 XSP record of 515 thousand contracts surpassed the daily high set on July 16, 2019, showing the product's volume has grown well beyond its prior peak. The gain fits a longer pattern of rising options activity in index products that Cboe has tracked in its monthly reports.
Heavy options volume in index products can widen bid-ask spreads and affect hedging costs for investors holding broad-market funds. Retail investors using index options or XSP-type products may see changes in liquidity during peak trading days.
The takeaway
Monitoring exchange volume reports can help investors gauge when index options activity is running unusually high. Such spikes often coincide with heavy hedging demand, which can affect pricing across related funds.
Further reading
For more on how index derivatives trade across U.S. exchanges, see Stock Markets.
Source note: This article includes information reported by Markets Media.
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