March 2026 Highlights
Market Activity Increases Amid Shift from Off-Exchange to Lit Venues
- U.S. equities total market Average Daily Volume (ADV) rose 2.3% month-over-month to 20.5 billion shares, surpassing February 2026 record volume and up 27.8% year-over-year.
- Trade Reporting Facility (TRF) as a percentage of Total Consolidated Volume (TCV) decreased 133 basis points to 46.5%, showing a shift toward lit venues.
- Cboe’s overall market share increased 21 basis points to 10%.
Premium Products and Innovation
- Cboe premium execution products saw record adoption in the first quarter of 2026. In March, use of Periodic Auctions on Cboe BYX® Equities Exchange (BYX) increased 62% and Quote Depletion Protection (QDP) volume on EDGA® Equities Exchange (EDGA) increased 72.5% year-over-year.
- With 47.8 million combined shares in QDP ADV, members are successfully leveraging Cboe’s non-displayed liquidity to minimize performance decay. QDP consistently predicted quote instability, with 74.5% correct predictions, disabling member discretionary range.
- A record 1,751 stocks were entered in Periodic Auctions in March, with 1,133 trading, demonstrating a continued shift toward more sophisticated, protection-oriented liquidity sourcing strategies.
EDGA Equities Exchange
EDGA market share grew 12.8 basis points to 0.94% in March, the highest market share since transitioning to a marker taker model in November 2024.
- EDGA has no tiers and features competitive rebates for displayed and hidden liquidity
- Customers receive a -$.0027 rebate for display adding and a -$.003 rebate for display National Best Bid or Offer (NBBO) adding.
- Customers also receive a -$.0025 rebate for adding hidden or midpoint liquidity.
Upcoming Changes and Key Notices
The launch of Retail Price Improvement (RPI) on Cboe EDGX® Equities Exchange (EDGX) will further strengthen Cboe’s premium products, offering a new way to capture retail volume. Members can now enter orders in sub-penny price (in $0.001 increments) to retail attested remove orders.
New Listings
In March 2026, Cboe added 23 new ETF listings to Cboe BZX® Equities Exchange (BZX).
There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2026 Cboe Exchange, Inc. All Rights Reserved.
