This study analyses Euronext’s index options franchise across the AEX®, CAC 40® and FTSE MIB®, with a particular focus on Daily and End-of-Month (EOM) contracts. It provides an overview of market activity across the three indices and examines how different expiry profiles are used by market participants and the trading activity they attract.
Executive Summary
The analysis addresses the following key questions for each index:
▪ Market trends: How are index options markets evolving across the AEX®, CAC 40® and FTSE MIB®?
▪ Expiry preference: How is trading distributed across Monthly, Daily and End-of-Month
expiries, and what does this reveal about demand for different maturity profiles?
▪ Market participants: Which participant segments are driving activity, and what role does retail participation play?
▪ Trading dynamics: How is activity distributed between on-screen and off-screen trading, and does this vary by expiry type?
▪ On-screen market quality: How do liquidity, spreads and execution conditions compare across indices on the monthly expiry?
The findings highlight distinct market structures and expiry preferences across investor segments, supporting the launch of FTSE MIB® Daily and End-of-Month options to expand choice, flexibility and further develop the Milan index options market.