Cboe Global Markets Reports Trading Volume for July 2026

Cboe posted record July trading volumes in options and clearing, but U.S. equities lagged.

Risk flags

• ●The absence of revenue, profit, or RPC/net capture data means investors cannot assess whether higher trading volumes translate into improved earnings or margins. Volume growth does not always equate to financial outperformance if pricing or cost structures shift unfavorably.
• ●U.S. Equities On-Exchange matched shares declined 12.4% year-over-year, indicating softness in a key business line that could offset gains elsewhere if the trend persists. This raises questions about market share or competitive pressures in the U.S. equities segment.
• ●Operational claims about product transitions (such as Digital futures moving to Cboe Futures Exchange) are not directly substantiated by numerical evidence, making it difficult to verify the completeness or impact of these changes from the data provided.

Bottom line

Cboe's July 2026 update demonstrates strong volume growth and record activity in options, clearing, and FX, but the lack of revenue or profit data prevents investors from gauging the true financial impact. While operational momentum is clear in several segments, the decline in U.S. equities volumes signals potential headwinds that could affect overall performance. The company's neutral, data-driven tone avoids hype but also withholds any insight into profitability or strategic direction. For investors, this release is informative for tracking operational trends but is not actionable without accompanying financial disclosures. The most important takeaway is that volume momentum is positive, but the investment case remains unproven until earnings data is provided.

Announcement summary

(CBOE:CBOE) Cboe Global Markets, Inc. reported July trading volume statistics across its global business lines. Multi-listed options average daily trading volume (ADV) in July 2026 was 15,687 thousand contracts, up 28.4% from July 2025, but down 5.7% from June 2026. Index options ADV reached 5,990 thousand contracts, a 34.0% increase year-over-year, and U.S. Equities - On-Exchange matched shares were 1,569 million, down 12.4% from July 2025. Cboe's mini-SPX (XSP) options set a monthly ADV record of 238 thousand contracts, with a record monthly zero-days-to-expiry (0DTE) ADV of 138 thousand contracts, and 0DTE trading in July grew to a record high 66.2% of total S&P 500 (SPX) options volume. Cboe Clear Europe surpassed 1 billion cleared client cash equity trades year-to-date through July 31. Total trading during Cboe's Global Trading Hours (GTH) session set a monthly ADV record of 224 thousand contracts, including record SPX options GTH ADV of 197 thousand contracts. The company notes that futures metrics prior to the second quarter of 2025 exclude Digital futures products, which were transitioned to Cboe Futures Exchange in that quarter.

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