US options activity has been growing consistently as new traders enter the market, existing traders explore new strategies and products evolve to meet the needs of both groups. Overall options activity hit new highs in the first quarter of 2026, with market-wide average daily volume (ADV) reaching 68.6 million contracts.
At Cboe Global Markets – the largest US options exchange operator – index options volume increased 22% in the first quarter, averaging 6.1 million contracts daily. S&P 500 Index options (SPX) reached a record ADV of 4.9 million. Mini-SPX Index options (XSP) volume also reached a new record, rising 47% quarter-over-quarter to 187,000 contracts – a 78% increase compared to first-quarter 2025. VIX Index options ADV was one million contracts, its second-best quarter on record.
The proliferation of options trading in the US has, of course, only increased the availability of options market intelligence via real-time market data. This data is a boon for market participants who want to inform their own options trading strategies or use what is happening in the options market to better understand the macro environment.
For Cboe, the pioneer of listed options, creating a one-stop solution for options data and analytics was a no-brainer. Cboe operates the world’s largest US options exchanges and its home to proprietary index options products like Cboe Volatility Index options (VIX options) and S&P 500 Index options (SPX options). These two products are derived from key US benchmarks and cannot be traded anywhere else – making Cboe an ideal provider of US options data.
Cboe Options Analytics takes an “as-a-service” approach to deliver the sophisticated risk intelligence and market insights market participants need, without the complexity and cost of building those capabilities in-house. The offering includes real-time options risk analytics, portfolio and margin analytics, comprehensive options data and historical data. It’s everything an options trader could want, packaged with simplified technology integration, independent validation, expert customisation and top-tier data integrity.
Notably, however, it is not just US-based investors who want access to this robust options market data. Across the board, capital markets have become increasingly global, with US equities markets expected to expand trading hours to 23 hours a day, five days a week at the end of 2026. This change is happening after years of investors worldwide seeking new ways to access US markets. Extended trading hours helped push this expansion forward, and access to market data opened more doors for non-US investors to participate in the markets.
As more people outside of the US participated in the equities markets, interest in access to US options markets began to build, starting in Europe. As more investors in the region participated in the markets, there was a need for better access to robust data. Cboe expanded its options analytics offerings across Europe, strengthening access to market data that supports more informed decision making.
Soon, the same demand for better access to US markets expanded to Asia Pacific. First with US-listed equities, then options. To answer this call, Cboe launched Cboe Options Analytics Select, extending institutional-grade options analytics capabilities globally and creating a tailored solution for APAC investors.
The APAC expansion of Cboe’s options analytics suite enables users to access real-time implied volatility, Greeks, and theoretical pricing for US equity, ETF and index options through a scalable, cloud-based model.
This approach delivers a globally consistent analytics experience, where firms trading US options across regions can rely on aligned models, reference data and methodologies. This is especially important for firms with a presence across multiple jurisdictions, as they require consistency to support comparability of risk, simplified integration and more efficient cross-border operations.
Importantly, the APAC offering is purpose-built for regional demand to access US listed options markets, providing efficient regional delivery while maintaining the performance and data integrity required for institutional use.
By delivering these capabilities via an analytics-as-a-service model, Cboe helps remove the need for complex in-house infrastructure. This enables firms to accelerate time to market, reduce operational overhead, and focus on differentiated client and trading strategies.
Together, these developments reinforce Cboe’s strategy to deliver a unified global service. The options analytics suite is anchored in US options expertise and has extended seamlessly across regions, bringing consistent, real-time risk intelligence to market participants wherever they operate.
The growth of options trading is not a trend. Increased participation creates new opportunities and requires new solutions. Cboe options analytics helps investors seize those opportunities with the data they need, delivered in a way that works for them.
