Canadian equities volumes remained strong at 1.42 billion Average Daily Volume (ADV), up 27% year-over-year. Cboe Canada’s four trading books captured 13.0% market share in November, up 50 basis points month-over-month.
In this episode of Tales of the Tape, Chris Bialka, Vice President, Head of Cboe Global Indices and Fabrice Hugon Managing Director, Global Head of Solutions for Financial Intermediaries at Citi, joined host Spencer Doar to unpack what structured products are, the forms they take and how innovations in indices and the maturing FLexible EXchange (FLEX) options space are increasing access to the products.
S&P 500 Index Options (SPX) set multiple monthly Average Daily Volume (ADV) records including 4.57 million SPX contracts overall, up 4% from October. 2.85 million zero-days-to-expiry (0DTE) SPX options contracts were traded in November, a 7% increase from October.
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At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.
Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.
There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.
Periodic Auctions continued momentum after significant milestones in October. Increasing number of member firms participating in Periodic Auctions with 23 members trading in November. A new record number of 1,000 Periodic Auctions traded in a single day was set on November 26, with 13 members trading.
In November 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $49.6 billion, up from $47.7 billion, or 4.0%, from November 2024.
The U.S. equities market has experienced substantial growth in 2025, with Average Daily Volume (ADV) reaching 17.6 billion shares in the third quarter, a 53% year-over-year increase. Following this volume growth, the percentage of off-exchange trading increased to over 50% during the third quarter of 2025, up 8.26% year-over-year.
