- Volumes declined in February, as the VIX average daily close increased 11.36% m/m (+11.55% y/y), to 25.81.
- Equity ADV dipped 1.69% m/m (-20.46% y/y), to 12.16 billion.
- Year-to-date equity ADV is down 20.51% from the same period last year, but up 7.59% vs. full-year 2021.
- The top 20 most-active equities accounted for 11.99% (-143 bps m/m) of volume and 20.69% (+535 bps m/m) of value traded, with off-exchange market share of 45.15% (+277 bps m/m).
- NYSE (+23 bps m/m) gained the most equity market share; Cboe EDGX (-22 bps m/m) lost the most.
- 40.69% (-91 bps m/m) of off-exchange volume traded at the NBBO, compared with 18.00% (+64 bps m/m) done at the midpoint.
- Block market share dropped 18 bps m/m, to 6.47% of total equities volume.
- Closing prints accounted for 6.05% of equities volume, up 37 bps m/m; 24.47% of closing volume occurred off-exchange, up 243 bps m/m.
- ETP ADV fell 9.24% m/m (+72.46% y/y), to 2.66 bn, accounting for 21.89% of total equity ADV (-182 bps m/m).
- Equity-options ADV dropped 5.23% m/m (-3.81% y/y), to 39.8 million contracts.
- Year-to-date, equity options ADV is down 1.97% from the same period last year, but 10.09% higher than full-year 2021.
- In equity options, NYSE Arca (+93 bps m/m) gained the most market share, while Nasdaq ISE (-48 bps m/m) lost the most.
- Index-options ADV declined 6.11% m/m (+23.38% y/y), to 2.42 million.
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