• A small group of very active, low-priced issues helped drive volumes to record highs, as the VIX average daily close climbed 11.33% m/m (+78.68% y/y), to 24.91.
• Equity ADV jumped 41.52% m/m (+104.35% y/y) to a record 15.58 billion.
• The top 20 most-active equities accounted for 18.54% (+396 bps m/m) of volume and 5.83% (+1,085 bps m/m) of value traded, with off-exchange market share of 58.78% (+155 bps).
• Five sub-dollar stocks among the top 20 most-actives (SNDL, NAKD, ZOM, CTRM and ACST) accounted for 9.02% of consolidated volume alone.
• Off-exchange venues (+142 bps m/m) gained the most equity market share, reaching a new monthly record (47.19%), followed by NYSE Arca (+105 bps) and Cboe EDGX (+54 bps); NYSE (-169 bps) and Nasdaq (-59 bps) lost the most.
• Block market share rose 38 bps m/m, to 6.58% of total equities volume.
• Closing prints accounted for 4.54% of equities volume, down 285 bps m/m.
• 23.79% of closing-auction volume occurred off-exchange, up 150 bps m/m.
• ETP ADV increased 37.80% m/m (+20.27% y/y), to 1.77 bn, or 11.36% of total equity ADV (-31 bps m/m).
• Equity-options ADV rose 28.76% m/m (+87.48% y/y), to a record 42.1 million contracts.
• In equity options, NYSE Arca (+111 bps m/m), MIAX Emerald (+96 bps m/m) and MIAX Pearl (+63 bps m/m) gained the most market share; Nasdaq PHLX (-194 bps m/m) and Cboe EDGX (-68 bps m/m) lost the most.
• Index-options ADV increased 4.05% m/m (3.87% y/y), to 1.67 million