• Volumes increased as the VIX average daily close climbed 13.46% m/m (-36.04% y/y), to 19.76.
• Equity ADV rose 9.19% m/m (-4.44% y/y), to 10.82 billion.
• The top 20 most-active equities accounted for 15.26% (+54 bps m/m) of volume and 14.07% (+319 bps m/m) of value traded, with off-exchange market share of 52.30% (-352 bps).
• NYSE (+105 bps m/m) and Nasdaq (+74 bps m/m) gained the most equity market share; Off-exchange venues (-275 bps) lost the most.
• Block market share fell 10 bps m/m, to 5.94% of total equities volume, the lowest level in our seven years of data.
• Closing prints accounted for 5.92% of equities volume, down 28 bps m/m.
• 22.94% of closing volume occurred off-exchange, down 117 bps m/m.
• ETP ADV climbed 15.95% m/m (-4.13% y/y), to 1.76 bn, or 16.24% of total equity ADV (+95 bps m/m).
• Equity-options ADV increased 5.57% m/m (+32.49% y/y), to 33.9 million contracts.
• In equity options, NYSE Arca (+67 bps m/m) and Nasdaq BX (+55 m/m) gained the most market share; MIAX Pearl (-87 bps) and Cboe BZX (-87 bps m/m) lost the most.
• Index-options ADV rose 14.46% m/m (+34.68% y/y), to 2.03 million.