Cboe Europe Derivatives (CEDX) is set to launch Cboe Flexible Exchange options (FLEX options) in Europe to enhance risk management tools for institutional investors in the region.
Iouri Saroukhanov
The new contracts are expected to go live in Q1 2026, subject to external assessments, and will provide a regulated exchange environment which allows market participants to customise key contract terms such as strike price, expiration date, settlement type and exercise style for stock indices, individual equity and ETF options.
Initially, FLEX options will be offered on a select set of underlyings, spanning single country and pan-European Cboe Europe equity indices, individual equities and ETFs, and CEDX expects to expand this coverage over the course of 2026.
Specifically, the offering will combine the flexibility of over-the-counter (OTC) derivatives with exchange-traded products, to help investors pursue goals including income generation, downside protection or enhanced growth.
“We’re excited to bring Cboe FLEX options to the European market, reflecting our continued commitment to innovation and building a bigger, more efficient and transparent listed derivatives ecosystem across the region,” said Iouri Saroukhanov, head of European derivatives at Cboe Europe.
“This launch represents a major milestone in our efforts to expand the range of exchange-traded tools available to European investors, enabling them to better manage risk and tailor strategies to meet increasingly complex investment objectives.”
The contracts will also be cleared and settled by Cboe Clear Europe.
The plans build on the introduction of FLEX options to the US market over three decades ago in 1993, which since launch, have seen strong adoption across the region, with total open interest in contracts increasing from two million in 2019 to 35 million so far in 2025.
The European launch of the contracts is also being supported by ETF issuers, First Trust Global Portfolios and Vest Financial.
“Cboe’s FLEX options provide the transparency and customisation that are key to developing products that seeks to enable investors to pursue defined outcomes, including downside protection, income generation, and enhanced growth,” said Matt McFarland, senior vice president of Vest Financial.
“This is an exciting step towards greater access in Europe to exchange-traded instruments that are designed to replicate the precision and flexibility we have long relied upon in the United States.”
The upcoming launch follows further recent expansion of Cboe’s derivatives suite. In September 2025, Cboe Global Markets announced that it would offer cash-settled futures and options on the soon-to-be launched Cboe MGTEN Index to provide investors with opportunities to access ten of the most actively traded US-listed large-cap stocks for AI technology and growth-oriented companies.