- Volumes fell in April as volatility, measured by the VIX average daily close, declined 17.68% m/m (-17.68% y/y), to 17.82.
- Equity ADV dropped 17.37% m/m (-12.12% y/y), to 10.32 billion.
- Year-to-date equity ADV is off 9.22% from the same period last year and 3.64% lower than full-year 2022.
- The top 20 most-active equities accounted for 16.44% (+20 bps m/m) of volume and 20.95% (-164 bps m/m) of value traded, with off-exchange market share of 56.49% (+461 bps m/m).
- Off-exchange venues (+310 bps m/m) gained the most equity market share; NYSE (-131 bps m/m) and Nasdaq (-101 bps m/m) lost the most.
- 44.28% (+90 bps m/m) of off-exchange volume traded at the NBBO, compared with 15.61% (-41 bps m/m) done at the midpoint (see chart, top of page 4).
- Block market share slid 71 bps m/m, to 5.81% (see chart, page 5).
- Closing prints accounted for 6.57% of equities volume, down 128 bps m/m; 21.84% of closing volume occurred off-exchange, up 216 bps m/m.
- ETP ADV dropped 29.25% m/m (-25.11% y/y), to 1.94 bn, accounting for 18.79% of equity ADV (-316 bps m/m).
- Equity-options ADV fell 12.85% m/m (-0.19% y/y), to 36.5 million contracts.
- Year-to-date, equity options ADV is up 4.74% from the same period last year, and 17.52% higher than full-year 2022.
- In equity options, Cboe (+95 bps m/m) and BOX (+54 bps m/m) gained the most market share, while Nasdaq NOM (-87 bps m/m) and Nasdaq GEMX (-61 bps m/m) lost the most.
- Index-options ADV declined 9.14% m/m (+50.73% y/y), to 3.54 million.
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