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US Securities Volumes: 2018 Year-In-Review

January 11, 2019

• Our special year-in-review section includes analysis of 2018's surging volatility and volumes.
• Volatility took off amid December’s whipsaw trading, sending volumes higher. The VIX average daily close climbed 28.70% m/m (+143.10%) to 24.95, the highest level since December 2011.
• Equities ADV jumped 19.66% m/m (+44.32% y/y), to 9.25 billion, its highest level since December 2016.
• NYSE gained the most market share (+95 bps m/m), while off-exchange venues suffered the biggest loss (-78 bps m/m).
• Block trading increased 24 bps m/m, to 8.90% of total equities volume.
• ETP ADV soared 45.83% m/m (+109.06% y/y), to 2.41 bn, accounting for 26.07% of equity ADV — the highest monthly ADV and percentage of total equities volume in our 7-year data set.
• Off-exchange venues gained 94 bps of market share m/m in ETPs, while NYSE Arca, the biggest listings market for these securities, lost 91 bps m/m.
• Equity-options ADV grew 8.52% m/m (+34.47% y/y), to 19.8 million.
• ISE (+59 bps m/m), NOM (+52 bps m/m) and MIAX Pearl (+52 bps) posted the biggest equity-options market-share gains, while NYSE Arca (-79 bps m/m) experienced the greatest decline.
• Index-options ADV increased 25.94% m/m (+34.37% y/y), to 2.74 million.

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