Cboe reports 2.15M average daily volume for FLEX options in 2026

Cboe: Cboe Global Markets operates major options and derivatives exchanges, serving as the primary venue for FLEX options trading. Henry Schwartz and Bill O’Keefe from Cboe provide market intelligence and derivatives expertise on the shift to electronic trading for these products. The exchange plays a central role in enabling liquidity and innovation for FLEX options linked to ETFs and indices. Bill O'Keefe: Bill O’Keefe is Director of North American Derivatives at Cboe, overseeing aspects of the options market. He notes the appeal of FLEX options for flexibility, workflow simplification, and precise outcomes in ETF contexts. His insights detail innovations like delta-adjusted at-close orders that enhance trading efficiency. Robert Romano: Robert Romano heads Structured Products Americas at the interdealer broker TP ICAP. He observes that FLEX options represent a broader move of structured exposures toward listed infrastructure. His recent LinkedIn commentary frames the trend as digitalization and industrialization of structured investing across multiple wrappers. Henry Schwartz: Henry Schwartz serves as Vice President of Market Intelligence at Cboe, specializing in options market dynamics. He is quoted explaining how liquidity providers active in standard listed options now readily trade FLEX options due to electronic execution. His commentary underscores the efficiency gains driving recent FLEX adoption in the volatility report. Innovator ETFs: Innovator ETFs develops exchange-traded funds focused on defined-outcome strategies that use customized options for buffered or capped returns. The firm launched the first defined outcome ETFs tracking the S&P 500 in 2018, establishing FLEX options as the core building blocks for these products. Its offerings highlight the growing integration of FLEX options into mainstream ETF structures. Defined Outcome ETFs: Defined outcome ETFs depend on FLEX options to deliver customized payoffs such as upside caps and downside buffers on underlying indices. Electronic Execution: Electronic trading has transformed FLEX options from a floor-based, appointment-driven niche into an efficient market accessible to existing listed-options liquidity providers. Structured Products Shift: Market participants are increasingly directing structured exposures through listed wrappers like FLEX options to achieve greater transparency, operational simplicity, and capital efficiency.