CME Posts 21.93% Drop in Daily Trading Volume to Rank 290th Despite 0.99% Stock Rally

On September 17, 2025, , . , outperforming broader market trends despite the drop in volume. , reflecting mixed investor sentiment ahead of key economic data releases scheduled for the following week.

Market participants observed heightened volatility in derivatives markets as traders positioned for potential policy shifts. Analysts noted that CME's performance remained resilient compared to peers, with its core futures and options platforms continuing to attract institutional flows. The decline in dollar volume was attributed to reduced speculative activity in energy derivatives, while equity index products maintained steady demand.

Technical indicators showed buying pressure emerging above key support levels, with on-balance volume confirming accumulation in afternoon trading. , signaling increased hedging activity ahead of the Federal Reserve's policy meeting.

To back-test this idea rigorously I need to pin down a few practical details: 1. Universe • Which market(s) should we scan for the "top-500 by dollar trading volume" each day? (e.g., all NYSE + NASDAQ common stocks, U.S. ETFs, some specific index constituents, etc.) • Are ADRs, REITs, ETFs, SPACs, etc. allowed, or should they be filtered out? 2. Ranking metric • Do you want the ranking based on dollar value traded (price × volume) or raw share volume? 3. Transaction timing • Enter: buy today at the close (or open)? • Exit: sell next-day at the close (or open)? 4. Weighting & capital allocation • Equal-weight each of the 500 names, or weight by volume, dollar turnover, etc.? • Are fractional shares allowed (i.e., notionally equal-weight) or do we need round-lot constraints? 5. Friction • Should we include trading costs/slippage? If so, what assumptions (e.g., ? 6. Benchmark / performance metrics • Any particular benchmark to compare against (e.g., SPY)? • Preferred output metrics (CAGR, max drawdown, Sharpe, etc.)? Once I have these details I'll generate the data-retrieval plan, pull the required data, .