According to the source, values are calculated using the total consolidated U.S. Equities volume, including off-exchange volume. The inclusion of off-exchange volume is why values do not total 100 percent.
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Share of total equity market in the U.S 2025, by operator
As of July 21, 2025, the held the largest share of any stock exchange operator of the U.S. equity market, accounting for around ** percent of all equities traded in the country. Following was the *, then the **, with there then being a large gap back to any other stock market operator. However, the largest portion of equity trading took place through off-exchange transactions.
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CBOE. (July 21, 2025). Market share of total equity trades in the United States as of July 21, 2025, by stock market operator [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 15, 2026, from /statistics/1277171/equity-market-share-operator-usa/
CBOE. "Market share of total equity trades in the United States as of July 21, 2025, by stock market operator." Chart. July 21, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 15, 2026. /statistics/1277171/equity-market-share-operator-usa/
CBOE. (2025). Market share of total equity trades in the United States as of July 21, 2025, by stock market operator. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 15, 2026. /statistics/1277171/equity-market-share-operator-usa/
CBOE. "Market Share of Total Equity Trades in The United States as of July 21, 2025, by Stock Market Operator." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 21 Jul 2025, /statistics/1277171/equity-market-share-operator-usa/
CBOE, Market share of total equity trades in the United States as of July 21, 2025, by stock market operator ÌÇÐÄÆƽâ°æ, /statistics/1277171/equity-market-share-operator-usa/ (last visited July 15, 2026)
Market share of total equity trades in the United States as of July 21, 2025, by stock market operator [Graph], CBOE, July 21, 2025. [Online]. Available: /statistics/1277171/equity-market-share-operator-usa/
