Although data for April is not yet available, volume in VIX futures was subdued up to the end of March, staying below 2024 levels.
Demand for VIX futures rose significantly over the last month, with volumes hitting 637,030 on 31 March. However, these figures were still well below those seen in August 2024, which peaked at 856,900, or even the 679,920 recorded on 12 April 2024.
The value of the VIX index at close, however, has skyrocketed, hitting 52.33 on 8 April. This far exceeds the 38.57 recorded for 5 August last year.
READ MORE: US markets in freefall – more than a flash in the pan?
Cboe was criticised after the event by the Bank for International Settlements (BIS), which stated that the VIX index was overly reliant on market maker quotes for pre-hours trading.
READ MORE: Cboe defends VIX against BIS criticisms
The group saw record highs in US overnight trading activity in Q1 2025, with average daily trading volumes for proprietary products up 36% year-on-year to 124,600 contracts. Between 2022 and 2024, average daily volumes on the US EDGX Equities Exchange trading venue’s early hours trading sessions also saw a spike – up 135%. Cboe subsequently launched 24-hour trading for stocks listed on EDGX earlier this year.
READ MORE: Cboe rivals NYSE with 24/5 trading plans
In a bid to meet derivatives demand, Cboe has expanded its coverage with the launch of S&P 500 equal weight index (EWI) options on its network.
EWI options can be used for hedging and directional trades based on macro trends and broader equity market dynamics. With a mid-sized notional value, based on 1/10th of the value of the S&P 500 EWI, these options will be accessible to both retail and institutional investors as a complement to Cboe’s existing S&P 500 Index (SPX) options, Cboe stated.
“Investors [are] turning to options at record levels to help manage US equity market exposure and volatility,” commented Catherine Clay, global head of derivatives at Cboe. “We expect these options to cater to both retail and institutional investors looking to diversify and implement a variety of trading strategies, ultimately providing them greater choice and ability to tailor their exposure to fit their needs.”
In a geographical expansion, Cboe has also opened a Hong Kong base for its derivatives market intelligence and content business, responding to significant demand for US market access from APAC clients.
Wei Liao will lead the franchise.
The derivatives market intelligence business aims to support investors’ understanding of cross-asset market dynamics, with this expansion providing the means for regionally specific trend coverage.
On the regional expansion, Mandy Xu, global head of derivatives market intelligence at Cboe, commented: “APAC is a key region where options and futures are gaining rapid momentum among both institutional and retail investors, and with that, we see a significant opportunity to serve this market through expanded data access and client education.”
Liao has more than 15 years of industry experience, specialising in macroeconomic research, trading and portfolio management. She joins Cboe from CQS Asset Management, where she was a portfolio manager. Prior to this, she founded and managed derivatives-focused hedge fund Watercourse Macro.
