September Macro Picture
- Total Consolidated Volume (TCV) averaged 16.9 billion shares in September, up slightly from August but down from June’s historical high of 23.3 billion shares.
- Decreased volatility and lower TCV, resulted in the continued shift to off-exchange trading, TRF representing 50.6% of Average Daily Volume (ADV) in September and averaging 50.4% over Q3.
- Retail cash equities trading in September remained lower, a decline that began in Q3 from its peak in May and June 2026.
- September closing auction volume increased 20% year-over-year, with outsized gains by NYSE.
- For discussion, is the decrease in on-exchange trading volume at the concerning level? When removing closing auctions, on exchange trading represented 44% of TCV up from a historic low in August of 43.6%
Product update: Cboe EDGX Equities Exchange (EDGX) Retail Price Improvement (RPI)
- Growing Participation: EDGX RPI continues to build momentum, with seven distinct liquidity-providing firms actively submitting orders daily.
- Pure Retail Interaction: A non-displayed order type that interacts exclusively with incoming, retail-attested remove flow
- Markout Quality: Post-trade markout data highlights the benign nature of incoming retail remove orders, exhibiting zero adverse market impact and minimal price drift.
- Low-Friction: RPI Midpoint Peg offers an immediate entry point for participants seeking to isolate and trade against retail flow at the half-spread.
- Strategy Synergy: Existing participants actively leverage RPI to complement and optimize their broader hidden-ad and midpoint liquidity strategies.
- Broad Market Breadth: In September, retail-attested orders removed across 6,405 unique symbols daily, delivering deep, diversified symbol coverage.
U.S. Equities: Retail Price Improvement | Cboe
23x5 U.S. Equities Trading on EDGX
- 23x5 U.S. equities trading is scheduled to go live December 6.
- Production testing began October 5.
- Member firms that are not self-clearing are required to have a clearing letter of guarantee signed by clearing firm.
- Update - Cboe EDGX Equities Expands Trading Hours
Quote Depletion Protection (QDP)
- Despite decreased volatility and market volumes, QDP on EDGX and EDGA remained strong, protecting members during times of quote instability.
- EDGA and EDGX grew 56.8% and 13.3% year-over-year.
- When QDP is activated on a Midpoint Discretionary Order (MDO), discretionary range is turned off, minimizing poor performance.
- Cboe U.S. Equities Exchanges Midpoint Discretionary Order
Trade Desk Notices
U.S. Listings
In September, 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.
September Trading Statistics
- Average Daily Volume*: 221.9 million shares
- Average Block† Execution Size: 21,568 shares
- Blocks† Traded as % of Total Traded Volume: 26%
- Block Trades Larger Than 50,000 Shares: 1,782
- Average Daily Block† Volume: 58.2 million shares
* Figures include all volume tradedon the BIDS ATS and do not include any routed volume. Shares are double countedto include both sides of the transaction.
† A block is defined as 10,000+ shares.
Feature of the month: Leadership in block trading
- BIDS ATS is the largest ATS for block† volume traded
- 23% of all ATS block† trading happened in the BIDS ATS
- Globally, 511 firms have connections via BIDS Trader
Source: August 2026 - OTC Transparency data is providedvia http://www.finra.org/industry/OTC-Transparency and is copyrighted by FINRA 2026.
† A block is defined as 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.
