Because the volume from January to July this year is still the highest since 2010 (only the volume of individual stock options from January to July is the lowest since 2010). The only exception is cash assets, whose trading volume is slightly lower than the normal level in August, and the bid ask spread is small. In addition, the data shows that there are more intraday trading than closing auctions compared with normal conditions, indicating that individual stocks are trading more actively and retail trading is still robust. Volume is unlikely to pick up before the first week of September due to seasonal factors, which means that volume may remain low for the rest of August. < / P > < p > we studied the liquidity of six products and compared the average turnover between August 1-18 from 2010 to the present, and obtained the following findings. < / P > < p > first, in the past 10 years, the average daily turnover of sx5e index futures in August is usually about $41 billion. But this year, the figure is only $29 billion (28% below the normal level in August.) Second, the average daily turnover of sx5e index options in August this year is only 639000 contracts, 48% lower than the normal level. The last time such a low level occurred was in 2013. < / P > < p > Third, from August 1 to 18, 2019, the daily turnover of sx5e dividend futures was US $380 million, which was only US $84 million this year (62% lower than the normal level in August). The trading performance of cash assets is more “normal”, only slightly lower than the normal level in the historical period. In August, the average daily turnover of sx5e was $12 billion (10% lower than the seasonally normal level), and the daily average turnover of sxxp was $39 billion (4% lower than the seasonal normal level). < / P > < p > the chart on the left below shows the comparison of sx5e futures and cash assets. It can be found that the decline of futures trading volume is more obvious than that of cash. The chart on the right shows the difference between the average trading volume of August 1-18, 2020 and the same period in the past 10 years. It can be found that this year’s cash volume is relatively better than other products. Except for dividend Futures (whose nominal trading volume is usually 0.5% lower than that of stock futures), the sx5e index option has the largest seasonal decline in trading volume, and its 20 day turnover moving average has just reached the level of 2013. Different from other products, the trading volume of individual stock options from January to July this year was the lowest since 2010. In March this year, the ratio of nominal trading volume of sx5e index options to that of sx5e stocks reached 37, a 10-year high. Since then, the ratio has fallen to 15 as the volume of index options trading has decreased. In addition, the paper points out that the bid ask spread in the first quarter of 2020 is a record high. The average spread of sx5e stock is 12 basis points, while that of small stock scxp index is as high as 32 basis points. The good news is that the spread is now 4 basis points and 15 basis points respectively, which has narrowed by about 80%. Morgan pointed out that this is a sign of normalization of cash assets. In the end, the sx5e and sxxp index closed last month with significantly lower trading volume. This may be because investors who trade in cash assets are more active day traders.