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

June 2026 Highlights

Cboe’s market activity increased in June with a record Average Daily Volume (ADV) of 23.3 billion, a high not seen since March 2020.

• U.S. market ADV rose 20.5% month-over-month, with exchanges holding 51.2% of the volume.
• NYSE and MEMX’s market share increased while IEX, MIAX and NASDAQ saw noticeable declines.
• Cboe's share of addressable market share increased to 21.9%, attributable to the continued adoption of premium products and Exchange Traded Fund (ETF) listings.

Continued Growth in Premium Products

Cboe’s premium execution products continued upward momentum as member firms seek positive performance sourcing on-exchange liquidity.

• Quote Depletion Protection (QDP) ADV increased 26.4% month-over-month
• Cboe EDGX Equities Exchange (EDGX) Retail Price Improvement (RPI) grew 27% month-over-month.
• Five member firms transacting daily, exclusively with retail removing orders.
• Over 460 unique symbols traded in June across corporate listings and ETFs.
• Over 93% of liquidity providing orders captured almost full spread.
• Cboe BYX Equities Exchange (BYX) RPI grew 10% month-over-month, with 12 firms providing liquidity.
• BYX Periodic Auctions grew slightly with 18 firms transacting in Periodic Auctions.

Key Notices and Announcements

• Cboe announced the technical specifications to support 23x5 trading this year.
• The SEC proposed rescinding Rule 611 which contributes to unnecessary market fragmentation, limits execution choices and creates complexity. The proposal is open for a public comment period to gather feedback.
• Full Rule
• Comment letters
• Effective July 1, 2026, the security symbols included in the Limit Up Limit Down Tier 1 ETP list has been updated.

U.S. Listings

In June 2026, Cboe added 152 new listings to Cboe BZX® Equities Exchange (BZX) on behalf of 18 issuers.

^{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.}