https://www.cboe.com/insights/Cboe Insight Latest Feeds.en-usMon, 20 Apr 2026 00:00:00 -040060https://www.cboe.com/insights/posts/spx-options-positioning-reverses-as-fomo-sets-in/Implied volatilities normalized across asset classes last week as momentum built toward a peace deal between US and Iran. Equity, rates, credit, and FX implied volatilities all fell below their long-term averages. WTI 1M implied vol collapsed by nearly 30 pts wk/wk to 47% – though notably we still see strong demand for call options with oil skew remaining inverted. This suggests that despite widespread optimism of an imminent deal, oil traders still see elevated risk of a prolonged conflict – a prescient call given the weekend developments. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 20 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/spx-options-positioning-reverses-as-fomo-sets-in/macro_volatility_digesthttps://cdn.cboe.com/insights/eb46a88484074a44825af5284a59164bhttps://www.cboe.com/insights/posts/spx-options-positioning-reverses-as-fomo-sets-in/https://www.cboe.com/insights/posts/european-equities-q-1-2026-review/Q1 2026 saw record trading volumes in European equities, driven by strong investor interest and ongoing geopolitical developments. For Cboe Europe, it was a record quarter as we retained our position as Europe’s largest equities exchange.Wed, 15 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/european-equities-q-1-2026-review/productshttps://cdn.cboe.com/insights/f902f047901e4e03b70bc4a04d04a2e8https://www.cboe.com/insights/posts/european-equities-q-1-2026-review/https://www.cboe.com/insights/posts/cboe-launches-two-new-indices-in-q-1-2026-/As the largest U.S. options exchange operator, Cboe's pool of derivatives data and proprietary pricing algorithms enable its Global Indices team to develop complex index concepts that are central to Cboe’s ecosystem. Read on for a recap of the Cboe Global Indices launches and milestones achieved in the first quarter of 2026.Thu, 09 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/cboe-launches-two-new-indices-in-q-1-2026-/newshttps://cdn.cboe.com/insights/463196c4a53640cb8797f96221b40760https://www.cboe.com/insights/posts/cboe-launches-two-new-indices-in-q-1-2026-/https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-march-volume-briefing/U.S. equities total market Average Daily Volume (ADV) rose 2.3% month-over-month to 20.5 billion shares, surpassing February 2026 record volume and up 27.8% year-over-year.Thu, 09 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-march-volume-briefing/newshttps://cdn.cboe.com/insights/bbfbedb7c4d44810ac6054c11a2bceb0https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-march-volume-briefing/https://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-march-volume-highlights/In March 2026, Cboe FX Spot Average Daily Volume (ADV) reached $74.5 billion, a new all-time high, and a 42.9% increase from March 2025's ADV of $52.1 billion.Tue, 07 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-march-volume-highlights/newshttps://cdn.cboe.com/insights/3c797234ad3b4cd49c28c6ea4e71f2e5https://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-march-volume-highlights/https://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-march-volume-highlights/Index options Average Daily Volume (ADV) reached a record 6.9 million index options contracts in March, rounding out a record first quarter. ADV in the first quarter of 2026 was 6.1 million.Mon, 06 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-march-volume-highlights/newshttps://cdn.cboe.com/insights/db550b8875a84e05a9d0df1e3f1e429dhttps://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-march-volume-highlights/https://www.cboe.com/insights/posts/volatility-falls-on-ceasefire-hopes-yet-caution-remains/Options traders have been using SPX® options to fade big moves in the market – in both directions. Last week we highlighted how investors have been selling out of hedges on pullbacks and switching into upside calls to play for a rebound. On the rally last week, we saw the opposite – demand for hedges picked up while calls were aggressively monetized. The decline in SPX call skew and call convexity (see chart below) contributed over 2 pts to the 7 pt decline in the VIX® Index last week. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 06 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/volatility-falls-on-ceasefire-hopes-yet-caution-remains/macro_volatility_digesthttps://cdn.cboe.com/insights/3722b4de98214dfa84ac5f7da818420ehttps://www.cboe.com/insights/posts/volatility-falls-on-ceasefire-hopes-yet-caution-remains/https://www.cboe.com/insights/posts/index-insights-march-2026/March marked a sharp risk-off turn across U.S. equities, as selling pressure broadened and volatility increased sharply. Unlike February’s rotational dynamics, losses were widespread across market cap segments and index constructions.Wed, 01 Apr 2026 00:00:00 -0400https://www.cboe.com/insights/posts/index-insights-march-2026/newshttps://cdn.cboe.com/insights/f38fea5c465a4f0aa12ff8526da0f1cfhttps://www.cboe.com/insights/posts/index-insights-march-2026/https://www.cboe.com/insights/posts/spx-call-demand-jumps-on-taco-optimism/The VIX® Index jumped 4.3 pts last week to 31%, ending the week at its highest level since last April’s sell-off. However, there’s been very little panic in the options market. Even when SPX Index fell 3.4% on Thu/Fri, the bid to volatility came from the upside rather than downside as investors positioned for a potential rebound (aka the “TACO Trade”). In fact, SPX put skew and put convexity both declined as investors used the pullback to monetize existing hedges. SPX 1M put skew has now fallen to the 2nd percentile low over the past year. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 30 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/spx-call-demand-jumps-on-taco-optimism/macro_volatility_digesthttps://cdn.cboe.com/insights/419de010f07648f0b8a5cfb833328f2ahttps://www.cboe.com/insights/posts/spx-call-demand-jumps-on-taco-optimism/https://www.cboe.com/insights/posts/gold-loses-its-luster-as-stagflation-risk-jumps-on-iran-war/Despite gold’s reputation as an inflation hedge, its track record has been rather poor in recent years. In 2022, gold fell over 20% from the highs as inflation surprised to the upside. It’s down over 15% this month as stagflation risks have reemerged on the back of the Iran war, with the market now pricing in ~30% probability of a rate hike by year-end (vs. pricing in 2.5 cuts a month ago). Positioning in gold options has also shifted, with demand for puts increasing. After being persistently inverted over the past year (i.e. calls trading at a premium to puts), GLD skew has steepened to a 1-year high, with puts now trading at a premium to calls. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 23 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/gold-loses-its-luster-as-stagflation-risk-jumps-on-iran-war/macro_volatility_digesthttps://cdn.cboe.com/insights/c6c5b1e1ae0f4c9982c68803999db947https://www.cboe.com/insights/posts/gold-loses-its-luster-as-stagflation-risk-jumps-on-iran-war/https://www.cboe.com/insights/posts/spot-down-vol-down-as-investors-monetized-hedges/While oil prices have whipsawed on fast changing headlines, positioning in the oil options market has remained consistently bullish, with demand for calls far outpacing demand for puts. This is true even for longer-dated options, indicating fear of a sustained disruption to oil supply. Oil volatility continued to climb higher, with the OVX Index gaining another 15 pts last week to 120% - highest on record outside of the 2020 covid pandemic (when oil prices went negative). Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 16 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/spot-down-vol-down-as-investors-monetized-hedges/macro_volatility_digesthttps://cdn.cboe.com/insights/6af7fd549c784f978f441e5797e9971fhttps://www.cboe.com/insights/posts/spot-down-vol-down-as-investors-monetized-hedges/https://www.cboe.com/insights/posts/expanding-market-access-why-cboe-plans-to-launch-near-24-x-5-u-s-equities-trading-this-year/The industry moves closer to making around-the-clock trading for U.S. equities markets a reality each day, and I am proud that Cboe is at the forefront of this evolution. We have officially submitted a proposal to the Securities and Exchange Commission (SEC) to launch near 24x5 U.S. Equities trading on Cboe EDGX Equities Exchange (EDGX) in December 2026, subject to regulatory review and industry development.Oliver SungMon, 16 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/expanding-market-access-why-cboe-plans-to-launch-near-24-x-5-u-s-equities-trading-this-year/productshttps://cdn.cboe.com/insights/f7212db65b254fe59eea76ae35c6e7f1https://www.cboe.com/insights/posts/expanding-market-access-why-cboe-plans-to-launch-near-24-x-5-u-s-equities-trading-this-year/https://www.cboe.com/insights/posts/spx-box-spreads-what-every-advisor-should-know/Rick RosenthalThu, 12 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/spx-box-spreads-what-every-advisor-should-know/guest_authorshttps://cdn.cboe.com/insights/e8d4e7f1d6544578b2af846a254f52f6https://www.cboe.com/insights/posts/spx-box-spreads-what-every-advisor-should-know/https://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-briefing/European equity trading volumes reached all-time highs in February, with Cboe Europe posting record monthly volumes for total trading, Periodic Auctions, Cboe BIDS Europe and Cboe Closing Cross (3C)Tue, 10 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-briefing/productshttps://cdn.cboe.com/insights/9ea027bfd0a04ee2904b54078dfc354chttps://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-briefing/https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-february-volume-briefing/U.S. equities total market Average Daily Volume (ADV) rose 2.87% month-over-month to 20 billion shares, up 28% year-over-year, making February 2026 one of the highest ADV months on record.Tue, 10 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-february-volume-briefing/productshttps://cdn.cboe.com/insights/e3ef58b022e94d1cbcc0516d25823c98https://www.cboe.com/insights/posts/market-metrics-that-matter-u-s-cash-equities-february-volume-briefing/https://www.cboe.com/insights/posts/stagflation-fears-drive-widening-volatility-risk-premium/Oil 1M implied volatility jumped almost 40 pts last week to a high of 104% - highest since 2020 (when oil prices went negative) and trading near the peak volatility we saw during the 2008 GFC. What’s even more notable is the widening volatility risk premium, with implied vol trading at almost double the level of realized volatility, suggesting fears of further escalation in this crisis. Oil volatility risk premium is currently at its highest level on record, going back 20 years. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 09 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/stagflation-fears-drive-widening-volatility-risk-premium/macro_volatility_digesthttps://cdn.cboe.com/insights/88327c6b6a124e99b0816f86b3ec1560https://www.cboe.com/insights/posts/stagflation-fears-drive-widening-volatility-risk-premium/https://www.cboe.com/insights/posts/index-insights-february-2026/February proved to be a tale of two markets as the weakness among “Magnificent 10” stocks impacted the cap-weighted S&P 500® Index leading to outperformance in small-cap and equal-weighted strategies. The S&P 500 Equal Weight Index (SPEQX) led all major benchmarks with a gain of 3.4%, finishing near all-time highs, while the Russell 2000® Index added 0.71%. Mon, 09 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/index-insights-february-2026/indiceshttps://cdn.cboe.com/insights/d08314f87dd545e1af819e8c2733bc27https://www.cboe.com/insights/posts/index-insights-february-2026/https://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-february-volume-highlights/S&P 500 Index Options (SPX) had a record monthly Average Daily Volume (ADV) of 4.75 million contracts. There was a record concentration of zero-days-to-expiry Options (0DTE Options) with an ADV of 2.99 million contracts or 63%.Mon, 09 Mar 2026 00:00:00 -0400https://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-february-volume-highlights/DerivativesResearchhttps://cdn.cboe.com/insights/16bcc5edf31e43a0babc2c7e33de2f8dhttps://www.cboe.com/insights/posts/market-metrics-that-matter-derivatives-february-volume-highlights/https://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-february-volume-highlights/In February 2026, Cboe FX Spot ADV reached $59.7 billion, a 24.2% increase from February 2025's ADV of $48.0 billion.Wed, 04 Mar 2026 00:00:00 -0500https://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-february-volume-highlights/productshttps://cdn.cboe.com/insights/135d6efc1c5643b6ba2a9ab5098607cbhttps://www.cboe.com/insights/posts/market-metrics-that-matter-cboe-fx-february-volume-highlights/https://www.cboe.com/insights/posts/cross-asset-vols-spike-on-iran-risk-as-oil-surges/Implied volatilities are up across asset classes following the US/Israeli strikes on Iran over the weekend. Oil 1M implied volatility jumped 7 pts as oil prices spiked, with skew remaining extremely inverted (i.e. upside bid). As we noted last week, what’s unusual about this latest geopolitically-driven spike in oil prices is the positioning in long-dated oil options. While it’s not uncommon to see skew invert at the front-end of the curve, we’re seeing this extend to 6M options as well which hasn’t happened since the 2022 Russia/Ukraine war. Aside from geopolitics, we also saw a notable bid to credit volatility last week on the back of rising private credit fears, with VIXIG index gaining 10 pts wk/wk. For most of the past year, credit volatility has traded as the cheapest cross-asset vol, but that has changed in recent weeks (see chart). Rates and FX vols now screen as the cheapest. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 02 Mar 2026 00:00:00 -0500https://www.cboe.com/insights/posts/cross-asset-vols-spike-on-iran-risk-as-oil-surges/macro_volatility_digesthttps://cdn.cboe.com/insights/a8e46f2008514472b32bfdad244b1ce6https://www.cboe.com/insights/posts/cross-asset-vols-spike-on-iran-risk-as-oil-surges/https://www.cboe.com/insights/posts/digi-power-x-graduates-to-cboe-canada/Toronto, ON – February 27, 2026 – Cboe Canada Inc. (“Cboe Canada”) is pleased to announce that Digi Power X Inc. (“Digi Power X” or the “Company”) has graduated from the venture markets and is now listed under the symbol DGX on Cboe Canada, a senior exchange designed to provide enhanced liquidity, market integrity, and investor exposure.Fri, 27 Feb 2026 00:00:00 -0500https://www.cboe.com/insights/posts/digi-power-x-graduates-to-cboe-canada/cboe_canadahttps://cdn.cboe.com/insights/c47252f524194bc9b13a8022493c02f3https://www.cboe.com/insights/posts/digi-power-x-graduates-to-cboe-canada/https://www.cboe.com/insights/posts/spx-skew-steepens-to-1-y-high-as-tariff-uncertainty-rises/Implied volatilities diverged last week on the back of rising geopolitical tensions, changing tariff policy, and lingering AI worries. Commodity vols saw the biggest increase, with oil 1M implied volatility jumping over 12 pts to 52% on fear of an US-Iran conflict. Oil skew is the most inverted (calls trading at a premium to puts) since the 2022 Russia-Ukraine invasion, with the inversion extending out to the 6M tenor as traders position for a period of prolonged geopolitical tension. In contrast, equity and rates vol all ended the week lower after the Supreme Court struck down Trump’s emergency tariffs though uncertainty remains around new/additional tariffs. Learn more in this week’s Macro Volatility Digest.Mandy XuMon, 23 Feb 2026 00:00:00 -0500https://www.cboe.com/insights/posts/spx-skew-steepens-to-1-y-high-as-tariff-uncertainty-rises/macro_volatility_digesthttps://cdn.cboe.com/insights/3c9bdc8344cc4de18c3723ae444023d9https://www.cboe.com/insights/posts/spx-skew-steepens-to-1-y-high-as-tariff-uncertainty-rises/https://www.cboe.com/insights/posts/cboe-options-lite-access-real-time-options-data-with-less-cost-and-complexity/As options trading continues to accelerate across global markets, firms need market data solutions that deliver speed, accuracy and efficiency without overwhelming their infrastructure. Cboe Options Lite meets that need by offering a cost-effective, low-bandwidth, consolidated U.S. options feed that provides only what you need and nothing more.Mon, 16 Feb 2026 00:00:00 -0500https://www.cboe.com/insights/posts/cboe-options-lite-access-real-time-options-data-with-less-cost-and-complexity/indiceshttps://cdn.cboe.com/insights/f1e02d7db24e42adb5a854c4a1b255achttps://www.cboe.com/insights/posts/cboe-options-lite-access-real-time-options-data-with-less-cost-and-complexity/https://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-volume-briefing/January 2026 European Cash Equities highlights included record volumes for Cboe Periodic Auctions and continued strong momentum in the Cboe Europe EBBO retail service.Tue, 10 Feb 2026 00:00:00 -0500https://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-volume-briefing/productshttps://cdn.cboe.com/insights/ac0c9b0297644eecb1b01e2aec518566https://www.cboe.com/insights/posts/market-metrics-that-matter-your-monthly-european-cash-equities-volume-briefing/https://www.cboe.com/insights/posts/cboe-global-trading-hours/Cboe offers extended global trading hours (GTH) for index options to nearly 24 hours a day, five days a week. Trade or hedge broad U.S. market and global equity volatility conveniently across all time zones, day and night.Mon, 09 Feb 2026 00:00:00 -0500https://www.cboe.com/insights/posts/cboe-global-trading-hours/DerivativesResearchhttps://cdn.cboe.com/insights/702ae820c36d41c28e2085e143a89368https://www.cboe.com/insights/posts/cboe-global-trading-hours/