Cboe's SPX Options Volume Growth and KPI Contracts Offer Further Upside, Morgan Stanley Says

MT Newswires Live11-03 00:05

Cboe Global Markets' (CBOE) SPX options volume continued to grow in Q3, with index-options average daily volume rising 24% year over year to 6.1 million contracts and zero-days-to-expiration volume reaching a record 3.2 million contracts per day, with momentum continuing into October, Morgan Stanley said in a Monday note.

The analyst sees further upside to index options volumes, supported by retail and institutional participation, smaller-sized XSP contracts and expanding global trading hours. The bank expects volume growth to remain solid through 2027 and 2028.

Management's planned November launch of securities-based KPI contracts, with Robinhood and Interactive Brokers offering access at launch, could generate more than $1 billion in annual revenue over time, Morgan Stanley said, although the opportunity is not included in current estimates.

Cboe raised its 2026 organic revenue and Data Vantage growth outlooks while lowering adjusted expense guidance to $830 million to $845 million.

Morgan Stanley reiterated its Top Pick designation, citing durable earnings growth and opportunities in KPI contracts and clearing services. The bank reiterated its overweight rating on the stock and raised its price target to $461 from $450.

Cboe Global Markets shares were up 2.1% in Monday trading.

Price: 343.18, Change: +7.65, Percent Change: +2.28

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