Market Structure Reports

• Volumes increased across the board in March, even as the VIX average daily close dropped 4.92% m/m (-23.86% y/y), to 14.49.
• Equity ADV rose 4.33% m/m (2.20% y/y) to 7.54 billion; Year-to-date ADV is down 1.27% compared to the same period last year.
• NYSE gained the most market share (+116 bps m/m); Off-Exchange venues lost the most (-204 bps m/m).
• Block trading increased 87 bps m/m, to 9.47% of total equities volume.
• ETP ADV grew 12.60% m/m (1.60% y/y) to 1.49 bn, accounting for 19.76% of equity ADV (+145 bps m/m).
• Equity-options ADV gained 4.54% m/m (-4.95% y/y), to 17.4 million; Year-to-date ADV is off 11.48% compared to the same period last year.
• MIAX Emerald (EMLD) captured 31 bps of equity-options market share in its full month of operation, leaping ahead of NASDAQ BX and NASDAQ MRX.
• Index-options ADV climbed 8.96% m/m (-20.58% y/y), to 1.87 million.