- Volumes rose in January, as the VIX average daily close increased 8.55% m/m (-6.94% y/y), to 23.18.
- Equity ADV climbed 14.07% m/m (-20.59% y/y), to 12.37 billion.
- Year-to-date equity ADV is down 20.59% from the same period last year, but up 8.48% vs. full-year 2021.
- The top 20 most-active equities accounted for 13.42% (+128 bps m/m) of volume and 15.34% (+2 bps m/m) of value traded, with off-exchange market share of 42.38% (-364 bps m/m).
- Cboe BZX (+85 bps m/m) and NYSE Arca (+57 bps m/m) gained the most equity market share; Off-exchange venues (-120 bps m/m) and NYSE (-92 bps m/m) lost the most.
- 41.60% (+42 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.34% (+29 bps m/m) done at the midpoint (see chart, top of page 4)
- Block market share grew 62 bps m/m, to 6.65% of total equities volume.
- Closing prints accounted for 5.68% of equities volume, down 281 bps m/m; 22.03% of closing volume occurred off-exchange, down 100 bps m/m.
- ETP ADV increased 40.50% m/m (+65.84% y/y), to 2.93 bn, accounting for 23.72% of total equity ADV (+446 bps m/m), both the highest levels since March 2020.
- Equity-options ADV jumped 16.27% m/m (-0.30% y/y), to 42.0 million contracts.
- Year-to-date, equity options ADV is down 0.30% from the same period last year, but 12.97% higher than full-year 2021.
- In equity options, Cboe BZX (+64 bps m/m) gained the most market share, while MIAX Emerald (-98 bps m/m), Cboe (-89 bps m/m) and Nasdaq PHLX (-53 bps m/m) lost the most.
- Index-options ADV climbed 11.73% m/m (+28.67% y/y), to 2.58 million
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