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Pan-European equity derivatives marketplace Cboe Europe Derivatives (CEDX), part of Cboe Global Markets, has announced plans to introduce Cboe FLexible EXchange® (FLEX) options in Europe in the first quarter of 2026, subject to external assessments. The announcement was made at Cboe’s 2025 Risk Management Conference in Munich.
FLEX options allow investors to customise key contract terms — including strike price, expiration date, settlement type and exercise style — for options on stock indices, individual equities and ETFs, within a regulated exchange environment. The products are intended to provide the flexibility of over-the-counter derivatives alongside the transparency and risk management benefits of exchange-traded contracts.
Cboe first introduced FLEX options in the United States in 1993. Adoption of the contracts has expanded significantly in recent years, with total open interest rising from 2 million in 2019 to 35 million so far in 2025. FLEX options have been widely used to support defined-outcome exchange traded funds (ETFs), which use options strategies to meet investment goals such as downside protection, income generation and enhanced growth. Assets under management in U.S. defined-outcome ETFs have grown from USD 5 billion in 2019 to more than USD 70 billion in 2025.
At launch, CEDX expects to offer FLEX options on a select set of underlyings, including pan-European and single-country Cboe indices, as well as individual equities and ETFs, with further expansion planned during 2026. As with other CEDX contracts, FLEX options will be cleared and settled by Cboe Clear Europe to reduce counterparty risk and enable capital and operational efficiencies.
Iouri Saroukhanov, Head of European Derivatives at Cboe Europe, said the launch underlines the company’s commitment to building a broader derivatives ecosystem in Europe.
"We're excited to bring Cboe FLEX options to the European market, reflecting our continued commitment to innovation and building a bigger, more efficient and transparent listed derivatives ecosystem across the region."
"This launch represents a major milestone in our efforts to expand the range of exchange-traded tools available to European investors, enabling them to better manage risk and tailor strategies to meet increasingly complex investment objectives. As interest in defined-outcome ETFs and customised options strategies continues to rise, Cboe's deep expertise in options—combined with our robust infrastructure and proven clearing capabilities – uniquely positions us to support issuers and market participants seeking to expand these offerings across Europe."
Iouri Saroukhanov, Head Of European Derivatives, Cboe Europe
The introduction of FLEX options is supported by First Trust Global Portfolios and Vest Financial, both issuers of defined-outcome ETFs.
Matt McFarland, Senior Vice President at Vest Financial, said the new contracts will provide a basis for greater product innovation in Europe.
"Cboe's FLEX options provide the transparency and customisation that are key to developing products that seeks to enable investors to pursue defined outcomes, including downside protection, income generation, and enhanced growth."
"This is an exciting step towards greater access in Europe to exchange-traded instruments that are designed to replicate the precision and flexibility we have long relied upon in the United States."
Matt McFarland, Senior Vice President, Vest Financial
Rupert Haddon, Managing Director and Head of Sales at First Trust Global Portfolios, said demand for defined-outcome strategies is growing in Europe.
"We're thrilled to see Cboe Europe Derivatives bringing FLEX options to the European market. Defined-outcome ETFs have seen tremendous growth in the U.S., and European investors are increasingly seeking similar tools to help manage risk and align investments with specific goals."
"Cboe FLEX options offer an ideal foundation for building these strategies through a regulated and transparent exchange environment."
Rupert Haddon, Managing Director And Head Of Sales, First Trust Global Portfolios
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