Data from Cboe Global Markets showed that index options average daily volume reached a record 6.9 million contracts in March, capping a record first quarter, with activity in key products such as S&P 500-linked options also hitting new highs.

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Retail traders appeared to return to the market in March as heightened volatility and geopolitical uncertainty drove a surge in trading activity across derivatives and foreign exchange markets.

FX and Options Volumes Surge

The pickup in trading activity came alongside a broader market selloff and a sharp rise in volatility . The S&P 500 fell 5% in March, while the Cboe Volatility Index climbed toward 25 and moved above 30 multiple times, reflecting stronger demand for short-term hedging and directional trades.

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Such conditions typically draw retail traders back into the market, particularly into leveraged instruments such as options and FX, where short-term price swings create more trading opportunities.

This trend was also visible in currency markets, where Cboe reported that its FX spot market ADV rose to $74.5 billion in March, marking a 42.9% increase from a year earlier and the highest level on record, while volumes on its SEF platform more than doubled year-over-year.

While the bulk of activity remains institutional, the combination of market turbulence and macro-driven uncertainty—including ongoing geopolitical tensions—appears to have supported broader participation across asset classes.

Ecosystem and listing expansion

In a parallel development last year highlighting the exchange’s expanding ecosystem, Centroid Solutions integrated its platform with Cboe Global Markets. The integration provides broker clients with a single connection to real-time pricing across equities , options, indices, and derivatives in U.S. and European markets.

In the same period, Australia’s ASIC also approved Cboe to list companies. The move opens the door to IPOs and dual-listed firms, and ends the ASX’s long-standing dominance in new listings.