Cboe’s proprietary index options set a monthly average daily volume record of 6.9 million contracts in October, led by S&P 500 (SPX) and mini-SPX (XSP) — while multi-listed equity options slipped and same-day SPX expiry stayed the volume engine.
MoneyTurkey Options Desk | 5 November 2026
Key points
- Proprietary index options ADV hit a record 6.9 million contracts in October (+25% vs Oct 2025; +7.3% vs Sep 2026).
- SPX options ADV a record 5.5 million; XSP ADV a record 303,000; SPX 0DTE ADV a record 3.6 million (~65% of SPX volume).
- Two busiest index-options days on record landed in October: 10.4 million (16 Oct) and 10.2 million (30 Oct). Global Trading Hours ADV also set a monthly record at 284,000.
Cboe Global Markets (CBOE) reported October volume on 4 November. The headline print is not “options everywhere hotter” — it is a split tape. Proprietary index products printed records while multi-listed options ADV fell 10.3% year-on-year to 14.3 million contracts. For desks that live in SPX, XSP and 0DTE, October was a capacity and liquidity story; for single-name multi-list flow, it was a softer month.
What the print shows
Cboe’s proprietary index options ADV reached 6.9 million contracts (table line: 6,889k), up 25% from 5.5 million in October 2025 and 7.3% from 6.4 million in September. SPX options ADV set a record at 5.5 million contracts; mini-SPX (XSP) ADV set a record at 303,000. Zero-days-to-expiry trading in SPX set its own monthly ADV record at 3.6 million contracts — roughly two-thirds of the SPX book on an average day.
Peak days underline the stress on the complex: proprietary index options traded 10.4 million contracts on 16 October and 10.2 million on 30 October, the two busiest sessions on record. XSP set a single-day record of 515,000 contracts on 30 October, above the prior mark from 16 July 2019. Overnight mattered too: Cboe’s Global Trading Hours session (8:15 p.m.–9:25 a.m. ET) posted a monthly ADV record of 284,000 contracts, and SPX in GTH set a daily record of 327,000 on 1 October.
How traders should read it
The Cboe sheet does not break dealer gamma, skew or customer vs. firm mix. What it does show is where liquidity concentrated: index, SPX-heavy, and same-day expiry. A 3.6 million 0DTE ADV against a 5.5 million SPX ADV means intraday and overnight hedging — not just monthly expiry — is still setting the volume high-water marks. That sits beside softer multi-listed ADV, so venue share and product mix matter as much as the raw “record” headline.
Why it matters
For vol and index desks, October’s records are a capacity check: two 10-million-contract days, a new XSP day mark, and a new GTH ADV all in one month. RPC and net capture still arrive on Cboe’s one-month lag, so November’s revenue print will be the second read on whether the volume paid. Until then, the actionable read is product mix — proprietary index and 0DTE strength versus multi-list softness — not a blanket “options boom.”
What to watch
- November SPX / 0DTE ADV vs the 5.5 million / 3.6 million October marks
- Whether multi-listed options ADV stabilises after the −10.3% year-on-year drop
- Lagged RPC / net capture for the October volume spike when Cboe reports it
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For information only. Not investment advice.
Sources
- Cboe Global Markets IR: October 2026 trading volume release
- Markets Media: Cboe’s Index Options Set Monthly ADV Record
