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US Securities Volumes

US Securities Volumes

July 2, 2020

• The VIX average daily close climbed 0.72% m/m (+96.51% y/y), to 31.12.

• Equity ADV rose 17.46% m/m (+86.06% y/y), to 13.29 billion

• Year-to-date equity ADV is up 61.47% from the same period last year and 66.05% over full-year 2019.

• Nasdaq (+166 bps m/m) and NYSE (+55 bps m/m) gained the most market share in June; Cboe BZX (-145 bps m/m) lost the most.

• Off-exchange market share rose 5 bps to a third consecutive monthly record of 41.91%.

• Block market share rebounded slightly after cratering from February through May, increasing 17 bps m/m, to 6.48% of total equities volume.

• Closing prints accounted for 7.55% of equities volume, up 141 bps m/m.

• 24% of closing-auction volume occurred off-exchange, down 465 bps m/m

• ETP ADV grew 9.54% m/m (+46.28% y/y), to 2.01 bn, or 19% of total equity ADV (-109 bps m/m).

• Equity-options ADV dropped 27.93% m/m (+8.18% y/y), to 18.4 million.

• Year-to-date, equity-options ADV is up 38.66% over 2019-to-date and 36.98% vs. full-year 2019.

• In equity options, Nasdaq GEM (+221 bps m/m), Nasdaq PHLX (+176 bps m/m) and BOX (+83 bps m/m) posted the biggest market-share gains; Nasdaq ISE (-69 bps m/m), Cboe C2 (-179 bps m/m) and MIAX (-111 bps) lost the most.

• Index-options ADV climbed 12.43% m/m (-5.72% y/y), to 1.69 million.

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