May 2026 Highlights
The U.S. equities market volume increased in May after a pullback in April. Total Average Daily Volume (ADV) increased 8.87% to 19.4 billion shares. The increase in volatility brought investors back to displayed markets, with Cboe EDGX Equities Exchange (EDGX) benefitting. EDGX saw growth across retail trading, Quote Depletion Protection (QDP) and Retail Price Improvement (RPI) orders. Addressable market share increased to 8.6 billion shares, with Cboe’s market share growing to 21.1%.
Cboe EDGX receives SEC Approval for 23x5 Trading
Cboe received Securities and Exchange Commission (SEC) approval to launch 23x5 U.S. equities trading on its Cboe EDGX Equities Exchange (EDGX) in December 2026, pending industry readiness.
- Once launched, EDGX will offer 23x5 trading for all listed National Market System (NMS) stocks.
- The extended trading week will run from Sunday 9 p.m. ET to Friday 8 p.m. ET, excluding U.S. market holidays, with a one-hour operational pause 8 p.m. ET to 9 p.m. ET Monday through Thursday.
- All trades are planned to be cleared through the Depository Trust and Clearing Corporation (DTCC).
We are thrilled to provide more access to U.S. equities markets for global investors, especially for those in Asia Pacific, as they will be able to better manage risk and adjust their positions during overnight hours.
Read the SEC Filing
EDGX Retail Price Improvement (RPI)
- After a successful launch on April 10, EDGX RPI grew 278% in May.
- Four member firms are actively adding EDGX RPI orders daily.
- In May, 581 unique securities were traded, a 52.5% increase from April.
- There was broad distribution of executions across both Exchange Traded Funds (ETFs) and single stocks securities: 49% single stock, 13% broad ETF, 31% leveraged ETF and 7% leveraged single stock ETF.
- 93% of EDGX RPI executions capture most of the spread, trading between the near touch and at the midpoint of the National Best Bid and Offer (NBBO).
- Adds non-displayed interest that interacts exclusively with retail-attested removing orders, ensuring high-quality contra flow.
- Sources differentiated retail order flow that is exclusive to EDGX and cannot be accessed on any other venue.
- Retail trading accounts for an average of 22% of daily market volume on EDGX, representing a deep and consistent liquidity pool.
- RPI targets retail limit orders that attempt to post to EDGX but remove on entry due to marketable conditions.
- Compared to EDGX non-displayed mid-to-mid notionally weighted trading, EDGX RPI performance remains strong.
Cboe Premium Product and Retail Liquidity Growth
Investors continued to source liquidity leveraging the suite of Cboe premium products. Quote Depletion Protection (QDP), Periodic Auctions (PA) and Retail Price Improvement (RPI) minimize adverse selection, resulting in better on-exchange trading performance.
- EDGX RPI increased 278% month-over-month and BYX RPI grew 36% month-over-month.
- EDGX QDP grew 14.1% month-over-month and EDGA QDP grew 13.2% month-over-month.
- BYX Periodic Auctions grew 15% month-over-month.
- EDGX retail attested orders increased 8.6% month-over-month.
- ETF volume grew 22 basis points month-over-month.
Key Notices and Announcements
U.S. Listings
In May 2026, Cboe added 92 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.
