Market Structure Reports

Some highlights:
• Exchange-traded-product ADV fell 1.04% m/m (+4.47% y/y), to 1.12 bn, compared with a 1.10% increase in total equity ADV.
• Average daily value traded dropped 4.91% m/m (+7.79% y/y), to $70.7 bn.
• ETPs accounted for 18.28% of equity ADV (-40 bps m/m) and 23.91% of equity ADVT (-50 bps m/m), as the VIX average daily close declined 4.57% m/m (+4.77% y/y), to 12.55.
• NYSE National (+70 bps) saw the highest m/m market-share gain; EDGX (-64 bps) had the biggest loss.
• Fund flows were positive for a second consecutive month, with net inflows of $20.99 bn. US equity funds outpaced all other groups, with net inflows of $16.4 bn. Government-fixed-income products were a distant second, with $3.2 bn. Foreign-developed-market (-$3.5 bn), commodity (-$2.4 bn) and currency (-$14mn) funds were the only groups to experience net outflows.