Cboe FLEX Options Volume Surges 35.8% to 1.9M Contracts per Day

Cboe Global Markets' FLEX options business has experienced significant growth in the first quarter of 2026, with an average daily volume of 1.9 million contracts. This represents a 35.8% increase compared to the same period last year and marks a notable milestone for the product category.

FLEX stands for Flexible Exchange options, which were introduced in 1993 as a way to bring bespoke, over-the-counter-style contracts onto a regulated exchange with central clearing through the Options Clearing Corporation (OCC). Traders can customize strike prices, expiration dates, exercise styles, and settlement methods.

The growth of FLEX options has been remarkable, with the product category increasing from approximately 60,000 daily contracts in 2014 to nearly 800,000 in 2024. This works out to a compound annual growth rate of 26% over a decade.