A highly anticipated shift in monetary policy and a resurgence in technology strength defined Q3 2026, propelling major U.S. equities to fresh milestones after a brief bout of mid-summer volatility.

Both the S&P 500 and the Nasdaq-100 responded with a new all-time record closing highs by quarter-end. Market participants remained optimistic about a soft landing, utilizing equity derivatives to navigate shifting rate expectations and reallocate capital ahead of the Q4 U.S. midterm elections.

Our Equity complex maintained exceptional momentum throughout the quarter, reflecting the market’s ongoing need for precise risk management. Q3 Equity futures and options average daily volume (ADV) remained robust at 7.7M contracts, providing the deep, continuous liquidity clients expect. This strong engagement was underscored by the September roll (Sep/Dec). Driven by shifting dividend expectations and evolving implied financing rates amid the central bank pivot, the September roll saw strong activity, with roll volume climbing +53% YoY as market participants adjusted their exposures.

We saw sustained engagement of the broad-based Russell 2000 futures – as clients tactically traded the domestic recovery. Whether dialing in on sector-specific volatility or optimizing capital via AIR TRFs, Q3 activity reinforces that index choice, and the derivatives used to track them, remain vital to navigating the modern equity landscape.

Equity options trading activity during non-U.S. hours has reached record levels as market participants increasingly manage risk in real time. Driven by global geopolitical shifts, traders are utilizing overnight liquidity to respond to market-moving events.

YTD non-U.S. hours ADV reached a record 242K contracts (+18% vs. 2025), driven by strong participation across major index products during overnight sessions.

Key highlights

• E-mini Nasdaq-100 options reached a record ADV of 101K contracts, up 15% vs. 2025.
• E-mini Russell 2000 growth: Small-cap participation surged to a record ADV of 15K contracts (+8.5% vs. 2025).
• Financially settled Micro E-mini S&P 500 and Nasdaq-100 options ADV has grown to 9.1K contracts in September, more than doubling August ADV. 

CME FSPI Sports Index futures are now available to trade on all 32 NHL teams and select MLB teams. The underlying sports indexes are powered by FutureSports and calculated using live, in-game metrics for every event across the season. Whether you’re looking to capitalize on live team momentum, hedge commercial exposure or diversify your trading strategies, our suite of NHL and MLB futures gives you a direct, capital-efficient way to express your view on team performance.

Available in both standard ($10 x index) and Micro ($0.10 x index) sizes, these contracts provide a low-cost entry into sports.

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Single Stock futures trading is gaining ground with deeper liquidity and tighter execution across both standard- and Micro-sized contracts. Our suite of contracts provides access to 55+ leading U.S. stocks and allows traders to manage individual stock risk with greater flexibility.

Performance highlights

• Strengthening volume: Nearly 300K total contracts traded (~$3B notional).
• Flexible product mix: Standard contracts represent 84% of notional volume traded, while Micro contracts represent 67% of total contracts traded.
• Growing open interest (OI): Average daily OI reached 15.9K contracts in September.

Liquidity is surging in E-nano Equity Index futures, our most accessible contracts yet.

Designed to offer precise exposure across four major benchmarks (S&P 500, Nasdaq-100, Russell 2000 and the Dow), these nano-sized contracts allow market participants the access they need to manage risk around the clock. E-nano futures adoption has accelerated since launch in August, driven by standout demand in E-nano Nasdaq-100 futures, with 34K contracts traded. E-nano futures ADV has reached 37K in September.

As factor performance diverges in 2026, a new suite of Equity Index Factor futures is here, providing targeted exposure to the drivers of U.S. market performance.

Covering key factors including Growth, Value, Quality, Momentum, Low Volatility and High Dividend, these financially settled contracts enable targeted style rotation, factor risk hedging and long/short relative value strategies. 

• E-mini S&P 500 Value futures
• E-mini S&P 500 Quality futures
• E-mini S&P 500 Momentum futures
• E-mini S&P 500 Low Volatility futures
• E-mini Dow Jones U.S. Dividend 100 futures

A standout growth area this quarter was the accelerated adoption of our Adjusted Interest Rate Total Return futures (AIR TRF).

As clients increasingly prioritize capital efficiency and seek regulated alternatives to the OTC total return swap market, the AIR TRF suite passed 1M contracts in OI. By allowing participants to manage equity financing exposure with a built-in SOFR floating rate, AIR TRFs provided critical flexibility during the quarter's rate adjustments and investors utilized the product to lock in financing spreads.

• Record volume: AIR TRF reached an ADV of 36K contracts (+39% vs. 2025). The AIR TRF suite also achieved a single day volume record of 180K contracts on September 14.
• OI milestone: The broader AIR TRF suite has officially surpassed 1M contracts in OI, led by the AIR S&P 500 (EFFR) contract.

To account for changes in the USD/JPY exchange rate, the Nikkei (USD)-Nikkei (JPY) futures spread now includes five ratio options: 1:1, 4:5, 2:3, 4:7 and 1:2. The system prioritizes whichever ratio best matches the current exchange rate, helping traders align positions without extra post-trade adjustments.

Source: CME Group

Our U.S. Dividend futures and options suite continues to see exceptional market adoption in 2026, driven by strong growth following the launch of Nasdaq-100 and Russell 2000 Quarterly Dividend futures alongside Mid-Curve options on S&P 500 Annual Dividend futures. The suite provides market participants with greater precision when hedging shorter-dated dividend volatility around corporate payout schedules.

• Dividend futures: Record ADV of 6.4K contracts (+18%); average OI rose to 446K (+20%)
• Dividend options: Record ADV jumped to 4.1K contracts (+90%); average OI climbed to 526K (+74%)

Basis Trade at Index Close (BTIC) and Trade at Cash Open (TACO) continue to provide institutional participants with seamless ways to execute relative to official cash market fixes, eliminating slippage and managing overnight risk. By trading the basis spread ahead of the open or close, participants gain direct access to cash market liquidity for efficient portfolio rebalancing and index tracking.

As demand for liquidity at cash market boundaries continues to grow, BTIC and TACO remain essential tools for managing capital efficiency across key benchmarks.

Record demand

• BTIC ADV reached 85K contracts (+16% vs. 2025)
• TACO ADV surpassed 400 contracts (+64% vs. 2025)

The opinions and statements contained in the commentary on this page do not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs. This content has been produced by [Data Resource Technology]. CME Group has not had any input into the content and neither CME Group nor its affiliates shall be responsible or liable for the same.

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