September 4, 2026
- Volumes fell across the board, as the VIX average daily close slid 11.11% m/m (-3.30% y/y), to 15.23.
- Equity ADV dropped 6.08% m/m (-0.02% y/y), to 16.38 bn, as ADVT fell 9.18% m/m (+18.22% y/y) to $933.52 billion.
- Year-to-date equity ADV is up 11.80% from the same period last year and 9.61% vs. full-year 2025.
- The top 20 most-active equities accounted for 10.54% (-306 bps m/m) of consolidated volume and 6.28% (+85 bps m/m) of value traded, with 56.02% of volume executed off-board (-345 bps m/m).
- Sub-dollar market share rose 922 bps m/m (+240 y/y) to 9.22%.
- Pre-market ADV of 1.20 billion and post-market ADV of 0.90 billion accounted for 12.82% (+198 bps m/m) of total volume. This includes overnight ATS trading, which gets reported with pre-market activity.
- Off-exchange venues (+39 bps m/m) gained the most market share; IEX (-24 bps m/m) lost the most.
- 35.36% (+125 bps m/m) of off-board volume traded at the NBBO, compared with 24.62% (-20 bps m/m) at the midpoint.
- Intraday block market share slipped 10 bps m/m to 5.70% of consolidated volume.
- Closing market share increased 11 bps m/m, to 8.04% of total equity volume; 17.44% of closing volume occurred off-exchange, up 30 bps m/m.
- ETP ADV rose 15.40% m/m (+12.90% y/y) to 3.87 bn.
- Equity-options ADV declined 2.52% m/m (+14.31% y/y) to 62.8 mn contracts.
- Year-to-date, equity options ADV is up 21.26% vs. YTD 2025 and 15.31% vs. full-year 2025.
- MIAX (+82 bps m/m) and NYSE Arca (+83 bps m/m) gained the most equity-options share. Cboe (-149 bps m/m) and Nasdaq GEMX (-57 bps m/m) lost the most.
- Index-options ADV stumbled 4.20% m/m (+16.93% y/y) to 5.83 mn contracts.
View the report
