Equities Market Research

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U.S. Cash Equities April Highlights

In April, Cboe EDGX® Equities Exchange (EDGX) Retail Priority Average Daily Volume (ADV) increased 18% month-over-month to 192 million shares. Want to trade against retail volume? Look for retail-attested volume in the Depth of Book feed.

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April Highlights

• Cboe EDGX® Equities Exchange (EDGX) Retail Priority Average Daily Volume (ADV) increased 18% month-over-month to 192 million shares
• Want to trade against retail volume? Look for retail-attested volume in the Depth of Book feed
• Early Trading Hours (4-7 a.m. ET) ADV on EDGX was 346.7 million shares, 43% market share, up from 38% month-over-month
• Cboe BYX® Equities Exchange (BYX) market share was up 15 basis points month-over-month, the largest increase in the inverted exchange landscape

Cboe EDGA® Equities Exchange (EDGA): No volume-based tiers, simple pricing and free to join for new Members

• Customers receive a -$.0027 rebate for display adding and -$.003 rebate for display National Best Bid or Offer (NBBO) adding. See the fee schedule here
• Customers also receive a -$.0025 rebate for adding hidden or midpoint liquidity
• Under the New Member Program, qualifying members receive one free Logical Order Entry Port (FIX or BOE) and a first-year Membership Fee Waiver to further support market participants

Dedicated Cores

• Dedicated Cores were rolled out in 2024 across Cboe’s four U.S. cash equities exchanges to further improve efficiency of client workflow
• With April’s increased volumes and volatility, dedicated cores experienced more determinism and order flow efficiency compared to FIX and BOE sessions
• Members receive the first two Dedicated Cores available for free on each market

Upcoming Changes

• June 6, 2025 | Cboe BZX® Equities Exchange (BZX) will change the Market-On-Close cutoff time from 3:59 p.m. ET to 3:55 p.m. ET for Exchange Traded Products (ETPs) and Corporate Listings

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• Index Insights: April
• Early Birds and Night Owls: How Extended Trading Hours are Reshaping U.S. Equities Markets
• Flipped & Flowing: Liquidity Growth on EDGA’s Maker-Taker Conversion
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