- Volumes declined in April, as the VIX average daily close fell 9.62% m/m (+39.95% y/y), to 24.37.
- Equity ADV dropped 15.58% m/m (+18.61% y/y), to 11.75 billion.
- Year-to-date equity ADV is down 8.30% from the same period last year, but up 17.81% vs. full-year 2021.
- The top 20 most-active equities accounted for 12.65% (-23 bps m/m) of volume and 19.82% (+363 bps m/m) of value traded, with off-exchange market share of 48.53% (-320 bps m/m).
- Off-exchange venues (+124 bps m/m) gained the most equity market share; NYSE (-53 bps m/m) lost the most.
- 41.23% (-73 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.65% (+36 bps m/m) done at the midpoint (see chart, top of page 4).
- Block market share dropped 6 bps m/m, to 5.70% of total equities volume.
- Closing prints accounted for 5.55% of equities volume, down 113 bps m/m; 19.10% of closing volume occurred off-exchange, down 77 bps m/m.
- ETP ADV declined 4.34% m/m (+70.95% y/y), to 2.59 bn, accounting for 22.04% of total equity ADV (+259 bps m/m).
- Equity-options ADV slipped 5.04% m/m (+13.91% y/y), to 36.6 million contracts.
- Year-to-date, equity options ADV is up 3.07% from the same period last year, and 5.41% higher than full-year 2021.
- In equity options, NYSE American (+101 bps m/m) gained the most market share, while BOX (-93 bps m/m) and NYSE Arca (-62 bps m/m) lost the most.
- Index-options ADV increased 1.07% m/m (+32.64% y/y), to 2.32 million.
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