November 4, 2026
- Volumes increased vs. August, as the VIX average daily close rose 6.95% m/m (-6.58% y/y), to 16.90.
- Equity ADV increased 1.86% m/m (-17.58% y/y), to 17.31 bn, as ADVT climbed 0.60% m/m (+2.58% y/y) to $978.44 billion.
- Year-to-date equity ADV is up 6.71% from the same period last year and 7.13% vs. full-year 2025.
- The top 20 most-active equities accounted for 9.94% (+15 bps m/m) of consolidated volume and 7.11% (+111 bps m/m) of value traded, with 54.38% of volume executed off-board (-400 bps m/m).
- Sub-dollar market share slid 51 bps m/m (-304 y/y) to 7.88%.
- Pre-market ADV of 1.10 billion and post-market ADV of 0.91 billion accounted for 11.60% (-115 bps m/m) of total volume. This includes overnight ATS trading, which gets reported with pre-market activity.
- IEX (+59 bps m/m) gained the most market share, reaching a new all-time high of 4.78%; Off-exchange venues (-62 bps m/m) lost the most.
- 36.07% (-3 bps m/m) of off-board volume traded at the NBBO, compared with 24.82% (+19 bp m/m) at the midpoint.
- Intraday block market share increased 16 bps m/m to 6.59% of consolidated volume.
- Closing market share declined 170 bps m/m, to 8.54% of total equity volume; 16.72% of closing volume occurred off-exchange, down 173 bps m/m.
- ETP ADV rose 9.60% m/m (-3.43% y/y) to 4.24 bn.
- Equity-options ADV increased 3.72% m/m (-0.84% y/y) to 66.6 mn contracts.
- Year-to-date, equity options ADV is up 16.46% vs. YTD 2025 and 15.72% vs. full-year 2025.
- NYSE Arca (+140 bps m/m), Nasdaq NOM (+123 bps m/m) and MIAX Emerald (+63 bps m/m) gained the most equity-options share. Cboe BZX (-164 bps m/m) and Cboe (-70 bps m/m) lost the most.
- Index-options ADV (+7.17% m/m, +24.44% y/y) set a new record high of 6.99 mn contracts.
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