July 8, 2026
- Volumes hit several all-time highs, as the VIX average daily close rose 4.00% m/m (-1.40% y/y), to 17.96.
- Equity ADV jumped 20.54% m/m (+28.16% y/y), to a new record high of 23.38 bn, fueled by triple-witching on June 18, the June 26 Russell index rebalancing and a surge in sub-dollar trading.
- Equity ADVT also vaulted to a record $1.29 trillion, up 19.26% m/m (+61.88% y/y).
- Year-to-date equity ADV is up 17.80% from the same period last year and 14.30% vs. full-year 2025.
- The top 20 most-active equities accounted for 15.04% (+402 bps m/m) of consolidated volume and 6.50% (-60 bps m/m) of value traded, with 58.01% of volume executed off-board (+239 bps m/m).
- Sub-dollar market share climbed 437 bps m/m (-146 y/y) to 12.90%, a 12-month high.
- Pre-market ADV of 1.99 billion and post-market ADV of 1.46 billion accounted for 14.77% (+304 bps m/m) of total volume. This includes overnight ATS trading, which gets reported with pre-market activity.
- MEMX (+30 bps m/m) gained the most market share; IEX (-31 bps m/m) lost the most.
- 38.74% (+125 bps m/m) of off-board volume traded at the NBBO, compared with 21.92% (-75 bps m/m) at the midpoint.
- Intraday block market share fell 92 bps m/m to 5.09% of consolidated volume.
- Closing market share increased 204 bps m/m, to 9.58% of total equity volume; 17.49% of closing volume occurred off-exchange, down 61 bps m/m.
- ETP ADV rose 16.28% m/m (+66.07% y/y) to 5.77 bn.
- Equity-options ADV climbed 4.03% m/m (+38.20% y/y) to a record 69.9 mn contracts.
- Year-to-date, equity options ADV is up 21.84% vs. YTD 2025 and 15.77% vs. full-year 2025.
- Cboe (+60 bps m/m) and Nasdaq ISE (+60 bps m/m) gained the most equity-options share. Nasdaq PHLX (-74 bps m/m) lost the most.
- Index-options ADV increased 5.35% m/m (+37.14% y/y) to 6.46 mn contracts.
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