U.S. Cash Equities June Highlights

July 7, 2025

June Highlights

Average Daily Volume (ADV) during Cboe Early Trading Hours (4-7 a.m.) was 379 million shares, 41% of total ADV (between 4 – 7 a.m.)
As early hours trading continues to grow among the retail community, why not trade where retail traders are?Read our analysis on how extended trading hours are reshaping the U.S. cash equities markets
ADV of 180 million shares were executed using Retail Priority on Cboe EDGX® Equities Exchange (EDGX)
Retail Priority seeks to enhance execution quality for individual investors by reducing their time to execution by posting their limit orders at the front of the order queue. Read more about enhanced execution with Retail Priority
Cboe BYX® Equities Exchange (BYX) continues to be the leader in market share in the inverted space
BYX offers rebates for removing liquidity from share one as well as several unique order types:
Periodic Auctions for when you want to trade big
How Periodic Auctions Enhance Trading in Europe and the U.S.
Retail Price Improvement (RPI) offers price improvement for retail removers while providing adders the ability to know their counterparty makeup before the order is placed
Retail Price Improvement Provides Unique Opportunities for Retail Investors and Liquidity Providers

When your success is measured in the tiniest of intervals, use Quote Depletion Protection (QDP) to protect against potential adverse execution prices. QDP is an optional instruction that market participants can use in conjunction with Midpoint Discretionary Order (MDO). When activated, QDP disables the MDO’s discretionary range for a short period when the exchange’s quote indicates the price may move in a manner that could result in a more aggressive execution price.

In June, Cboe EDGX® Equities Exchange (EDGX) QDP successfully signaled 75% of the time, resulting in 4.53% potential cost savings for exchange partners
How Increased Quote Depletion Protection Usage Benefits Investors