Market Metrics that Matter: U.S. Cash Equities February Volume Briefing

February 2026 Highlights

Market Update

• U.S. equities total market Average Daily Volume (ADV) rose 2.87% month-over-month to 20 billion shares, up 28% year-over-year, making February 2026 one of the highest ADV months on record.
• Cboe's overall market share increased 18 basis points to 9.8%.

Periodic Auctions and QDP excel at sourcing non-displayed liquidity

• Cboe continued to see strong momentum in its premium products, with member firms increasingly leveraging both Quote Depletion Protection (QDP) on Cboe EDGX and EDGA Equities Exchanges (EDGX and EDGA) and Periodic Auctions on Cboe BYX Equities Exchange (BYX) to access high‑quality non‑displayed liquidity. February ADV reached 52.8 million shares, representing 8% month‑over‑month growth. QDP accurately identified quote instability 75.3% of the time, effectively suspending the discretionary range and contributing to improved overall trading performance.
• On BYX, Periodic Auctions activity remained robust, with resting interest across 1,690 stocks totaling 383 million shares. Resting duration was consistent, with roughly 50% of symbols maintaining resting orders for more than one minute. Performance also remained strong, with Periodic Auctions outperforming other non‑displayed execution types by 5 to 8% of the spread.
• Periodic Auctions combines the regulatory certainty of a lit exchange with the execution quality protections typically associated with off-exchange trading. When two opposing Periodic Auction orders match within the spread the auctions are triggered on-demand to run for a randomized period of up to 100 milliseconds and prioritize size and price over speed. This creates a protected environment that significantly reduces market impact.

^{Figure 1: Periodic Auction Mid-Mid Markouts on BYX in bps, Dec 2025 - Feb 2026. Source: Cboe Internal Data}

Member Usage and Peer Ranking Reports

Cboe’s improved U.S. Member Usage and Peer Ranking Reports provide member firms with deeper insight into their use of both standard industry order types and Cboe’s premium order types. In addition to ranking a firm’s activity relative to peers and the broader membership, the report delivers meaningful performance benchmarking. These peer comparisons highlight where a member is excelling and where there may be opportunities for improvement relative to similar firms.

For a sample of the information you can expect, see our Member Usage and Peer Ranking Reports Sample

^{Figure 2: Sample Member Usage & Peer Ranking Report}

Upcoming Changes and Key Notices

• Reminder - Cboe Equities Exchanges Announce Release and Weekend Testing Dates for BOEv3 Protocol
• Cboe Introduces Email Subscription Management Tool
• Regulation NMS Mandated Odd Lot Changes

New Listings

In February 2026, Cboe added 19 new listings to Cboe BZX® Equities Exchange (BZX).

^{There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/global-_disclaimers/. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2026 Cboe Exchange, Inc. All Rights Reserved.}