Mini Options: An innovation supporting market growth - Study
Executive summary
This study provides an in-depth review of the introduction of mini options in the Dutch and French equity options markets, as well as their trading activity since their launch in May 2025. Mini options, sized on 10 shares versus 100 for standard contracts, were introduced to broaden the listed derivatives offering and address growing demand from retail investors.
The findings indicate that the launch of mini options has not cannibalised trading in standard contracts. Trading volumes and notional amounts in mini options evolve in line with trends in standard contracts and their underlying equities, without disrupting overall market dynamics.
A breakdown by underlying (ASML, ASM International, BE Semiconductor, Essilor Luxottica, L’Oréal, LVMH, Kering) shows that option activity, both mini and standard, closely follows movements in the underlying stocks. Spikes in mini options activity are linked to specific market events or periods of high interest from certain participants.
Overall, the introduction of mini options has expanded the product set without undermining standard-contract activity. Their gradual adoption reflects retail-investor engagement supported by market-maker activity.