• Volumes and volatility declined in January following December’s tumult.
• Equity ADV slumped 15.95% m/m, to 7.77 billion, but still gained 8.37% compared with January 2018. The VIX average daily close fell 21.56% m/m (+76.93% y/y), to 19.57.
• Off-exchange venues gained 271 bps of market share m/m, while Cboe BZX (-86 bps m/m), NYSE (-72 bps m/m), NASDAQ (-61 bps m/m) and NYSE Arca (-52 bps m/m) suffered the biggest market-share losses.
• Block trading increased 50 bps m/m, to 8.90% of total equities volume.
• ETP ADV tumbled 30.42% m/m (+23.88% y/y), to 1.68 bn, accounting for 21.58% of equity ADV.
• Equity-options ADV shrank 9.92% m/m (-8.85% y/y), to 17.9 million.
• Nasdaq GEMX (+46 bps m/m) posted the biggest equity-options market-share gain, while Nasdaq ISE (-67 bps m/m) experienced the greatest decline.
• Index-options ADV dropped 29.16% m/m (-27.23% y/y), to 1.94 million.