Brind.
From Cboe Global Markets Reports Record Trading Volume for August 2025 Options

How could Cboe Global Markets' high volume in S&P options affect Nasdaq, Inc.?

Possible What happens if… A possibility worth considering, not a forecast.

Cboe's high S&P options volume may challenge Nasdaq's market share Cboe Global Markets reported that its S&P 500 Index (SPX) options ADV reached 3.8 million contracts in August 2025, marking the second-best month all time. Since Cboe Global Markets and Nasdaq, Inc. are both identified as major exchange operators who actively compete in the financial market, increased volume and market attention focused on Cboe's S&P products could plausibly affect the competitive landscape and market share of Nasdaq, Inc.

Reported by 2 independent outlets Written Oct 30
Effect
Mild negative
How direct
Brind's reasoning
When
Within weeks
The story
Gone quiet

How it reaches Nasdaq, Inc.

Reported by news outletsBrind's reasoning

Tap any step to see the evidence behind it.

The facts so far

As reported. Each one links to where it comes from.

  • S&P 500 Index (SPX) options ADV reached 3.8 million contracts in August 2025, the second-best month all time.PR Newswire
  • Cboe Global Markets is the world's leading derivatives and securities exchange network.PR Newswire

Why it matters

For Nasdaq, Inc., market share and trading volume are critical indicators of its operational health and revenue generation. As a major financial technology services corporation, its ability to attract and retain trading activity is essential for its long-term financial strength.

The financial exchange industry is highly competitive, with major players like Cboe Global Markets and Nasdaq, Inc. vying for liquidity and market dominance across various asset classes. Increased activity by a direct competitor in a high-profile product like S&P options puts pressure on the entire competitive environment.

What we don't know yet

  • Will Cboe Global Markets expand its offerings to directly compete with Nasdaq, Inc. in specific product lines?
  • How does the high volume in S&P options specifically translate into market share changes between the two exchanges?

Is this still moving?

Gone quiet Reached 2 outlets in its first 24 hours
Reports
3
Developments
5
Repetition
67%

What would change this answer

Cboe Global Markets announces a major expansion of its S&P options product suiteThe competitive pressure on Nasdaq, Inc. would become stronger and more immediate, potentially leading to a larger negative effect on market share.
Nasdaq, Inc. launches a targeted campaign or product to capture S&P options liquidityThe competitive effect would likely fade, as Nasdaq, Inc. would be actively mitigating the pressure from Cboe Global Markets.

Who else could feel it

Other possible ripples from the same event.

Reporting

Keep going

The full eventCboe Global Markets Reports Record Trading Volume for August 2025 Options Everything aboutNasdaq, Inc.

Brind's analysis is written by AI from the reporting linked above and can be wrong. This explainer is a possibility worth considering, not a forecast: steps marked as Brind's reasoning are not stated in the reporting. It is not investment advice; do your own research.