EDGA executed 84 basis points (bps) of volume, the highest volume month in 2025. 39 bps of EDGA volume was executed in the dark through hidden and midpoint orders. EDGA has no tiers and features competitive rebates for displayed and hidden liquidity. Customers receive a -$.0027 rebate for display adding and a -$.003 rebate for display National Best Bid or Offer (NBBO) adding.
In October 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $51.8 billion, a 20.9% increase from October 2024 ($42.8 billion).
After a volatile start to the month, October turned out generally positive for equities investors. The S&P 500® Index finished the month up 2.27% at 6,840.20 and the Russell 2000® Index gained 1.76% to finish above 2,479. Both benchmarks were just shy of all-time closing highs in the final week of the month.
Never miss an Insight, Subscribe Today!
At 1/10th the size of SPX, XSP offers very similar notional size, weekly expirations, and PM-settlement to SPY, but with even more potential benefits.
Many trading strategies, such as covered-call or spread trading, involve options writing (selling), where the primary risks are market movement and volatility. But there's another risk if you happen to be writing options on dividend-paying equities like SPY ETFs: early assignment.
There are a number of different types of options contracts available on broad-based U.S. equity indexes. Some of the most actively traded products include options on SPY, SPX and XSPSM (Mini-SPX). They all track the S&P 500® and both SPY and XSP options have the same notional size, making them somewhat interchangeable. A key difference, however, is settlement style.
Canadian volumes are strong at 1.57 billion Average Daily Volume (ADV), up 33% month-over-month. Cboe Canada total market share is 12.25%
Cboe BYX® Equities Exchange (BYX) Periodic Auctions had over 1,562 unique stocks entered this month. Learn more about Periodic Auctions here. September notional traded value was $81.1 million with 1,231 distinct stocks trading.
U.S.-listed Exchange Traded Funds (ETFs) account for 35% of total U.S. fund Assets Under Management (AUM) as of August 2025, illustrating a steady increase from 15% in 2014 and highlighting a broader shift toward ETFs for both tactical and strategic asset allocation.
