October Macro Picture
- Total Consolidated Volume (TCV) increased 2.67% month-over-month in October to an Average Daily Volume (ADV) of 17.3 billion shares. Trade Reporting Facility (TRF) volume as a percent of TCV declined slightly to 49.9%.
- TCV remains significantly below the ADV of 20.1 billion shares in the first half of 2026.
- October’s closing auction volume declined 13% month-over-month after outsized gains in September.
- Cboe Market Close (CMC), an alternative cross on Cboe BZX Equities Exchange (BZX) for Market On-Close (MOC), orders had significant activity, executing across 1,395 unique symbols.
Product update: Cboe EDGX Equities Exchange (EDGX) Retail Price Improvement (RPI)
- Members continued to use the RPI order type to interact exclusively with retail-attested orders that remove liquidity.
- October RPI ADV exceeded 1.1 million shares, the highest monthly ADV since launch in April 2026.
- Price movement following RPI executions has remained minimal
- U.S. Equities: Retail Price Improvement | Cboe
Cboe Market Close (CMC)
- CMC is a cost-effective alternative to primary market closing auctions and off-exchange venues for execution of Market On-Close (MOC) orders.
- 1,395 unique symbols traded via CMC throughout October.
- CMC runs on BZX exchange at 3:15 p.m., 3:30 p.m., 3:49 p.m. and 3:54 p.m. ET. CMC at 3:54 p.m. ET only trades NASDAQ listed symbols.
- CMC accepts MOC orders only.
- Cboe U.S. Equities Exchanges Cboe Market Close
Quote Depletion Protection (QDP)
- Member usage of QDP in October was robust, averaging 41 million shares daily across Cboe EDGX Equities Exchange (EDGX) and Cboe EDGA Equities Exchange (EDGA).
- For the month of October, when QDP was activated, it correctly predicted quote instability 76% of the time protecting members against unfavorable executions and maintaining solid on exchange performance. Cboe’s QDP measures the price movement of the NBBO to determine correct prediction, false prediction or static.
- Cboe U.S. Equities Exchanges Midpoint Discretionary Order
23x5 U.S. Equities Trading on EDGX
- 23x5 U.S. equities trading on EDGX is scheduled to begin December 6, 2026, subject to regulatory approval and industry readiness.
- Member firms that are not self-clearing are required to have a clearing letter of guarantee signed by their clearing firm.
- Update - Cboe EDGX Equities Expands Trading Hours
Trade Desk Notices
U.S. Listings
In October, Cboe listed 36 new ETFs on behalf of 15 different issuers.
BIDS Trading
BIDS Trading is a registered broker-dealer and the operator of the BIDS ATS, which is designed to bring counterparties together to anonymously trade blocks of stock.
October Trading Statistics
- Average Daily Volume*: 260.4 million shares
- Average Block† Execution Size: 22,343 shares
- Blocks† Traded as % of Total Traded Volume: 28%
- Block Trades Larger Than 50,000 Shares: 2,344
- Average Daily Block† Volume: 73.5 million shares
* Figures include all volume traded on the BIDS ATS and do not include any routed volume. Shares are double counted to include both sides of the transaction.
† BIDS block volume statistics reflect only transactions of 10,000+ shares.
Feature of the month: Leadership in Block Trading
- BIDS ATS is the largest ATS for block† volume traded
- 20% of all ATS block† volume was traded on the BIDS ATS
- Globally, 516 firms have connections via BIDS Trader as of September 2026.
† BIDS block volume statistics reflect only transactions of 10,000+ shares
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.
