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

November Highlights

Periodic Auctions continued momentum after significant milestones in October.

• Increasing number of member firms participating in Periodic Auctions with 23 members trading in November.
• A new record number of 1,000 Periodic Auctions traded in a single day was set on November 26, with 13 members trading.
• Periodic Auctions outperformed non-displayed trading by 5-8% of spread.
• The average trade size was 210 shares, with 35 trades greater than 2,500 shares.

In a world where basis points matter, Quote Depletion Protection (QDP) continues to gain traction and help Members find stable executions.

Looking for protection against potential adverse execution prices? Try Quote Depletion Protection. QDP is an optional instruction that market participants can use in conjunction with Midpoint Discretionary Orders (MDOs). When activated, QDP disables the MDOs discretionary range for a short period when the exchanges quote indicates the price may move in a manner that could result in a more aggressive execution price.

In November 2025, Cboe EDGX Equities Exchange (EDGX) QDP successfully signaled 75.52% of the time, resulting in 3.58% potential cost savings for our exchange partners.

Upcoming Changes

• Cboe Equities Exchanges Announce Release and Weekend Testing Dates for BOEv3 Protocol
• Cboe Equities Cboe One Feed, Testing Opportunity Support for SIP Fractional Share Reporting Enhancements

News and Insights

• The Hidden Advantage: Cboe's Premium Products in the Era of Non-Displayed Trading
• Index Insights: November
• Cboe Global Markets Reports Trading Volume for November 2025

U.S Listings

In November, Cboe added 29 new listings to Cboe BZX Equities Exchange (BZX).

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