August 7, 2026
- Volumes fell across the board, coming off June’s record highs, as the VIX average daily close declined 4.60% m/m (+4.91% y/y), to 17.13.
- Equity ADV plummeted 25.43% m/m (-3.31% y/y), to 17.44 bn, as ADVT slid 20.40% m/m (+31.35% y/y) to $1.03 trillion.
- Year-to-date equity ADV is up 14.44% from the same period last year and 12.00% vs. full-year 2025.
- The top 20 most-active equities accounted for 13.60% (-144 bps m/m) of consolidated volume and 5.43% (-107 bps m/m) of value traded, with 59.47% of volume executed off-board (+146 bps m/m).
- Sub-dollar market share dropped 608 bps m/m (-644 y/y) to 6.82%, its lowest level since May 2022.
- Pre-market ADV of 1.06 billion and post-market ADV of 0.83 billion accounted for 10.84% (-393 bps m/m) of total volume. This includes overnight ATS trading, which gets reported with pre-market activity.
- Off-exchange venues (+127 bps m/m) gained the most market share, followed by IEX (+77 bps m/m) which reached a new all-time high of 4.43%; NYSE Arca (-109 bps m/m) and Cboe EDGX (-55 bps m/m) lost the most.
- 34.11% (-463 bps m/m) of off-board volume traded at the NBBO, compared with 24.82% (+290 bps m/m) at the midpoint.
- Intraday block market share rose 71 bps m/m to 5.80% of consolidated volume.
- Closing market share decreased 165 bps m/m, to 7.93% of total equity volume; 17.15% of closing volume occurred off-exchange, down 34 bps m/m.
- ETP ADV dropped 15.52% m/m (+38.51% y/y) to 4.20 bn.
- Equity-options ADV fell 7.87% m/m (+25.00% y/y) to 64.4 mn contracts.
- Year-to-date, equity options ADV is up 22.31% vs. YTD 2025 and 15.71% vs. full-year 2025.
- MIAX (+110 bps m/m) and Cboe (+79 bps m/m) gained the most equity-options share. BOX (-41 bps m/m) lost the most.
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