Cboe highlights lower September U.S. cash equities volumes as off-exchange share stays above 50%

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Cboe September equities volumes

Highlights

Cboe reports September U.S. consolidated equities volume averaged 16.9 billion shares, with off-exchange venues accounting for 50.6% of daily volume.
EDGA and EDGX volumes grew 56.8% and 13.3% year over year, while closing auction volume increased 20% year over year, driven by strong NYSE gains.
Cboe-owned BIDS Trading saw 221.9 million shares average daily volume and maintained its lead in ATS block trading with 23% market share in September.

September trading trends and exchange updates

As reported by Cboe, citing Cboe Global Markets, September market activity shows total consolidated volume averaging 16.9 billion shares, slightly above August but below June's record 23.3 billion shares. The operator says reduced volatility and lower total volume continue to shift trading off exchange, with trade reporting facilities representing 50.6% of average daily volume in September and 50.4% across the third quarter.

Retail cash equities trading remains lower in September, extending the decline that began in the third quarter after peaking in May and June 2026. Closing auction volume rises 20% year over year, led by outsized gains at NYSE, while on-exchange trading excluding closing auctions accounts for 44% of total consolidated volume, up from 43.6% in August.

Cboe also says its EDGX Retail Price Improvement offering continues to gain traction, with seven liquidity-providing firms submitting orders daily. The exchange says retail-attested orders remove across 6,405 unique symbols each day in September, supporting broader symbol coverage for participants seeking midpoint and hidden-liquidity strategies.

The company says 23x5 U.S. equities trading on EDGX is scheduled to go live on Dec. 6, with production testing having begun on Oct. 5. Member firms that are not self-clearing are required to secure a clearing letter of guarantee signed by their clearing firm.

Implications for market structure and Cboe platforms

Despite lower volatility and softer market volumes, Cboe says quote depletion protection on EDGX and EDGA remains strong during periods of quote instability. The company says EDGA and EDGX grow 56.8% and 13.3% year over year, and adds that when quote depletion protection is activated on a Midpoint Discretionary Order, the discretionary range is turned off to limit weak execution performance.

In listings, Cboe says it lists 36 new ETFs in September on behalf of 15 issuers, pointing to continued product activity even as cash equities turnover moderates. The exchange operator also highlights several trade desk notices, including separate fat finger protection limits for non-regular trading sessions, timestamping service enhancements, and changes to auction processes on BZX Equities.

Cboe-owned BIDS Trading reports average daily volume of 221.9 million shares in September and an average block execution size of 21,568 shares. BIDS says 26% of its traded volume comes from block trades, with 1,782 block trades above 50,000 shares and average daily block volume of 58.2 million shares.

The company says BIDS ATS remains the largest alternative trading system for block volume traded, accounting for 23% of all ATS block trading. Globally, 511 firms have connections through BIDS Trader, underscoring continued demand for anonymous block execution tools.

Our earlier article on Goldman Sachs’ global asset-allocation update explained why the bank upgraded its three-month view on global equities to overweight, pointing to better valuations and supportive earnings expectations ahead of Q3 reporting. It also highlighted key near-term risks from higher rates and elevated oil prices that could keep inflation and bond yields under pressure, alongside a more constructive 12-month stance on government bonds as a potential hedge.

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