Market Metrics That Matter: October U.S. Cash Equities Volume Briefing

October Highlights

Cboe EDGA® Equities Exchange (EDGA)

• 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
• Customers also receive a -$.0025 rebate for adding hidden or midpoint liquidity

Periodic Auctions

• In October, Periodic Auction orders were entered in 1,717 distinct securities, up from 858 the previous year.
• Periodic Auctions Average Daily Volume (ADV) grew 25% month-over-month
• The number of notional trades greater than $150,000 in Periodic Auctions increased 430% year-over-year
• Trading of distinct securities grew 47% year-over-year.

Upcoming Changes

• Reminder - Cboe BZX Equities Updates Limit Order Behavior for Closing Auctions
• Cboe Equities Exchanges Announce Release and Weekend Testing Dates for BOEv3 Protocol
• Cboe Equities Cboe One Feed, Testing Opportunity Support for SIP Fractional Share Reporting Enhancements

News and Insights

• Cboe Global Markets Reports Results for Third Quarter 2025 and Announces Strategic Realignment of Business Portfolio

U.S. Listings

In October, Cboe added 55 new listings to Cboe BZX® Equities Exchange (BZX):