Cboe Global Markets Inc. Reports Record November Trading Volume Amid Strategic Expansion Moves

Cboe Global Markets Inc. (CBOE) released its November 2025 trading volume statistics on December 3, 2025, confirming that the exchange’s global business lines continued to attract unprecedented liquidity. The data, published by CBOE’s own “Cboe Global Markets” data sheet and corroborated by multiple financial news outlets, show that the exchange’s options, futures, European equities, U.S. equities, and global FX segments each posted volumes that exceeded prior month highs.

Record‑Setting Index Options Activity

Investing.com and other market commentators noted that the November period witnessed a record for index options trading on the CBOE platform. While exact figures are not disclosed in the press release, the headline‑setting “record index options trading” indicates that the exchange’s flagship products—such as the S&P 500, Nasdaq 100, and other major market‑cap indexes—experienced a surge in both open interest and turnover. This uptick aligns with broader market dynamics in the United States, where heightened volatility and institutional repositioning have spurred demand for protective and speculative derivatives.

Expansion of BMO Canadian Depository Receipts (CDRs)

In a series of simultaneous announcements on December 4, 2025, CBOE opened trading for a suite of Canadian‑hedged BMO CDRs on its platform. The newly listed instruments include:

  • Northrop Grumman (NOC) BMO CDR (CAD‑hedged)
  • Apollo (APO) BMO CDR (CAD‑hedged)
  • Home Depot (HD) BMO CDR (CAD‑hedged)
  • ConocoPhillips (COP) BMO CDR (CAD‑hedged)
  • Vistra (VST) BMO CDR (CAD‑hedged)

These listings represent a strategic expansion into the Canadian market, leveraging CBOE’s global reach while offering Canadian investors access to U.S. equities without currency exposure. The move is expected to bolster CBOE’s international footprint and diversify its revenue streams beyond the U.S. core markets.

SGX Interest in Cboe Australia

A separate but related development involves Singapore Exchange Limited (SGX), which has reportedly engaged in preliminary discussions with CBOE and its advisers regarding the acquisition of CBOE’s Australian business. Singapore-based media, including the Financial Times and Business Times, have reported that SGX is evaluating a potential bid to acquire the Australian arm, which would enable the exchange to consolidate its presence in the Asia‑Pacific region. CBOE has denied any definitive talks with SGX, and SGX has publicly refuted the reports, citing ongoing due diligence and regulatory considerations.

Market Context and Forward Outlook

CBOE’s November trading activity must be viewed against its current financial profile. As of the close on November 30, 2025, the exchange’s share price stood at 4,700 MXN, hovering near its 52‑week high of 4,755 MXN. With a market capitalization of approximately 492 billion MXN and a price‑earnings ratio of 39.96, CBOE trades at a premium that reflects investor confidence in its leadership within the derivatives market.

The record index options trading volume signals robust demand for risk management tools amid ongoing market volatility. The expansion into Canadian BMO CDRs and potential SGX acquisition further diversify CBOE’s geographic exposure and product suite. Together, these developments position CBOE to capture increased trading flows, broaden its customer base, and reinforce its status as a premier global exchange.

Investors monitoring CBOE should consider the implications of heightened liquidity, the strategic international expansion, and the company’s strong fundamentals. The exchange’s continued focus on product innovation and market expansion is likely to sustain its growth trajectory in the coming fiscal year.