Redefining Market Access: My Week Engaging with Retail Traders

It’s been a week since I returned from HOOD Summit ‘25, and I’m still energized by the experience. From the moment I stepped onto the conference floor, the enthusiasm was unmistakable—the retail trading community is truly one of the most engaged segments in today’s markets. As a representative of Cboe, I was asked several times to share my perspective on the evolution of options trading. Seeing everyday people fill a conference hall and bring the excitement of a stadium crowd was a powerful reminder of how far our industry has come. The excitement and utility of the markets that first drew me in are now resonating with a much broader audience.

I’m grateful to Robinhood for hosting this dynamic event and to Steve Quirk for sharing the stage with me. The energy throughout the week was inspiring and underscored how retail traders are shaping the future of finance.

Championing Retail Traders

Retail trading has become a driving force in the markets, with data showing significant growth in participation. At Cboe, we believe retail involvement strengthens markets for everyone. Our focus is on championing access—delivering powerful tools and products, once reserved for institutions, into the hands of everyday traders. The rise in retail options trading is a testament to the growing sophistication and influence of individual investors. As highlighted in recent Cboe insights, empowering retail investors creates a powerful impact, and the industry benefits when more people are welcomed and supported with education and resources.

Innovations in Index Options and 24-Hour Markets

Retail traders today seem to be mastering spot trading and moving into options, seeking ways to protect investments, generate income and speculate on market events. At last year’s HOOD Summit, we announced plans to launch index options on Robinhood. Fast forward to today, and the numbers speak for themselves: SPX options average daily volume is up, XSP ADV has grown as traders embrace smaller contract sizes, and VIX options volume is also rising—clear signs of increasing sophistication among retail traders.

Retail investors are increasingly seeking the ability to trade around the clock, and brokers are responding by creating the functionality to do so. At Cboe, our SPX options trade nearly 24/5 across our global network, empowering traders in the U.S., Europe, and Asia to hedge, manage volatility, and react to news overnight. This flexibility and access are central to meeting the needs of today’s market participants.

Announcing New Products and Crowd Engagement

At the conference, I had the privilege of announcing Cboe’s plans for the Cboe Magnificent 10 Index—an equal-weighted benchmark designed to measure the price return of 10 of the most influential U.S. companies’ stocks. The crowd’s reaction was incredible; hearing cheers erupt as we unveiled a product that gives traders exposure to leading innovators, without the complexity or risk of managing single names, was a highlight of my week. Our vision is to launch options and futures on this index in the 4th quarter, making them available to retail traders across multiple brokerage platforms, pending regulatory review.

We also announced the upcoming launch of Bitcoin and Ether Continuous Futures, designed to provide both institutional and retail traders with a regulated, efficient way to maintain long-term digital asset exposure. These new products reflect our commitment to innovation and meeting the evolving demands of the market.

The cherry on top? The Cboe team working our booth shared that many of the visitors expressed their excitement for these products and couldn’t wait to learn more.

Engaging with the Community

Throughout the week, I was fortunate to connect with traders, industry leaders, and members of the media, each encounter offering fresh perspectives and lively discussions. Each conversation brought fresh perspectives and sparked lively discussions about the evolving landscape of retail trading. A particularly memorable experience was attending Cboe’s VIP lunch at HOOD, where Stacey Gilbert, one of our key Options Institute instructors, led an interactive educational session focused on index options. The room was filled with highly engaged retail traders, eager to deepen their understanding and ask insightful questions. I truly enjoyed the opportunity to interact one-on-one with so many participants in an intimate, collaborative setting. These direct conversations reinforced the importance of building genuine connections and supporting traders as they navigate increasingly complex markets.

Another standout moment was my interview with Bloomberg TV, where we delved into Cboe’s ongoing commitment to the retail trading community. The energy from the summit carried seamlessly into our conversation, highlighting how rapidly innovation is reshaping the experience for individual investors.

The growing adoption of derivatives among retail traders is more than just a trend—it marks a significant shift toward more sophisticated strategies and a readiness to embrace new complexities. At Cboe, empowering retail participants is central to our mission. Through educational initiatives like The Options Institute and close collaboration with broker partners, we’re dedicated to ensuring that traders at every experience level have access to transparent markets, innovative products, and tailored learning opportunities.

Personal Reflections

Attending HOOD Summit for the first time was a powerful experience. The conversations, themes, and standout moments reinforced the evolving landscape of retail investing. This week was a testament to what’s possible when we listen to our customers and innovate together. As I look ahead to 2026, I’m most excited about meeting the demand for new products, empowering traders globally, and continuing to push the frontier of investing and trading culture forward.

Cathy Clay is EVP and Global Head of Derivatives at Cboe Global Markets, where she leads the company’s largest business across U.S., European and Asian markets.