Robust volumes and record market share
Jul 10, 2025
Highlights & Recent Developments
- In June, industry equity volume was strong at 18.2 billion CADV and off-exchange market share was high at 51.6%
- MEMX Equities retail ADV was robust in recent months, up 210% year-over-year to 161 million shares in June
- After-hours trading grew on MEMX Equities, including significant pre-market and post-market volume in recent months
- MEMX Options hit new market share records in June, achieving 3.9% of total volume and 7.1% of regular electronic volume
- MEMX Options regular electronic market share was 6.9% in Penny and 10.1% in Non-Penny options
Equities Exchange Highlights
Industry volume was strong at 18.2 billion average daily shares in June. Sub-dollar activity was significant, accounting for 18.2% of industry volume. Off-exchange market share was near its high at 51.6%. TRF share has increased substantially over the past two years across tapes, driven largely by higher retail wholesaler activity occurring off-exchange.
Retail volume on MEMX was robust in recent months, up 210% year-over-year to 161 million shares in June, which included substantial sub-dollar activity.
MEMX experienced strong growth in after-hours trading, including a 510% year-over-year increase in pre-market ADV to 48 million shares and 741% increase in post-market ADV to 29 million shares in June. On May 19th, MEMX began trading at 4:00 a.m. MEMX market share from 4:00 a.m. to 7:00 a.m. averaged 2.2% in June, which included significant retail activity. Sixteen firms sent order flow during that period.
Options Exchange Highlights
MEMX Options total market share was 3.9% and regular electronic market share was 7.1% in June, both of which were new monthly records.
1 Total market share includes equity and exchange traded products, but excludes index options.
2 Regular electronic market share includes continuous trading in single-leg options (excludes auctions, floor, and complex trades).
The year-over-year increase in MEMX Options regular electronic market share was broad-based. Penny market share rose 240 basis points to 6.9% in June, driven by strong quote performance in active stocks and ETPs. Non-Penny market share soared 660 basis points to 10.1% in June.
1 Measured as a percentage of regular electronic market share. Regular electronic market share includes continuous trading in single-leg options (excludes auctions, floor, and complex trades).