AuguryCboe Global Markets Reports November 2025 Trading Volume: Options Largely Stable, Futures Gain
This article was written by the Augury Times
November snapshot: activity stayed steady, with a futures uptick
On Dec. 3, 2025 Cboe Global Markets reported that average daily options volume for November was about 23.4 million contracts, while futures average daily volume rose to roughly 1.9 million contracts. Cash equities trading on Cboe’s U.S. venues ran at about 530 million shares per day for the month.
Those headline numbers show a mixed picture: options activity was broadly stable month-on-month but slightly lower than a year earlier, while futures saw a clear month-on-month acceleration. Cash equity share volumes softened as seasonal flows and lower overall secondary-market activity weighed in.
Where the business moved — options, futures and listed securities
Options were the core of Cboe’s volumes in November. The firm reported an options ADV near 23.4 million contracts, essentially flat versus October and down a low-single-digit percentage versus November 2024. The flat month reflects a quieter calendar after earnings season and fewer macro shocks; the slight year-on-year dip tracks a calmer market backdrop compared with last year’s higher volatility.
Futures volumes were the standout. Cboe’s futures ADV climbed to about 1.9 million contracts — roughly a double-digit percentage gain month-on-month and a noticeable increase year-over-year. That gain was driven by activity in E-mini futures and some cleared-listings that pulled volume onto Cboe’s futures platforms, where fee incentives and tighter spreads made execution attractive for some systematic and institutional flow.
In listed equities, Cboe’s U.S. cash equity volumes ran near 530 million shares ADV, down versus the prior year. The decline followed seasonal softness and a shift of block and program flow to off-exchange venues in some sessions. Listed-options on Cboe’s exchanges held up better than cash equities, supported by retail activity in single-name names and some ETF option flow.
Geography and product mix: U.S. dominance, Europe steady, APAC quiet
Most of the month’s activity remained U.S.-centric: the lion’s share of options and nearly all of the cash-equity volumes were on Cboe’s U.S. venues. In EMEA, Cboe’s derivatives platforms reported steady month-on-month activity, with European listed derivatives volumes roughly in line with seasonal norms. APAC volumes stayed light for the month, a pattern that often repeats into year end as local markets slow and holidays approach.
Product-wise, options still account for the majority of traded contracts and fee revenue potential; futures are a smaller share but rising as a revenue driver. Cash equities provide lower per-share fees and were the area showing the most pressure in November.
How these numbers matter to investors and market-makers
For investors, the takeaway is twofold. First, stable options ADV suggests Cboe’s core fee pool remains intact. If options activity stays near current levels, recurring revenue from transaction fees and market data should be predictable, supporting the near-term revenue outlook. Second, the futures acceleration is strategically important: futures carry different margin and clearing economics and can lift overall fee capture if the trend continues.
Liquidity providers and trading desks will pay attention to the shift into futures. Higher futures volumes can pull order flow and delta-hedging activity away from options and cash, changing the mix of exchange-clearing revenue versus market-making spreads. That can be positive for Cboe if the firm sustains share gains in futures execution and clearing. On the flip side, weaker cash-equity volumes compress spread-related income and could pressure revenue growth if equities remain soft into year end.
Relative to peers, Cboe’s stable options market share is a plus. If rivals see bigger options declines or don’t capture the futures lift, Cboe could edge ahead in market data monetization and certain clearing segments. Investors should read these November numbers as a mixed but constructive update: core options cashflows are steady, and futures growth offers a potential upside to revenue mix — though equities weakness is a caution.
Methodology notes and one-off items to consider
Cboe’s monthly release reports average daily volumes and highlights market-share shifts by product and region. Readers should note November includes typical year-end seasonality and fewer corporate events, which tends to mute options flow. The firm also called out specific new futures listings that helped lift futures ADV — a one-off driver that may not persist without continued demand.
For full details, Cboe publishes a monthly data sheet showing exchange-level volume, market share by product, and year-on-year and month-on-month comparisons.
Sources