- Volumes were mixed in March, as the VIX average daily close rose 4.47% m/m (+23.47% y/y), to 26.97.
- Equity ADV climbed 14.43% m/m (+4.21% y/y), to 13.92 billion.
- Year-to-date equity ADV is down 12.08% from the same period last year, but up 12.95% vs. full-year 2021.
- The top 20 most-active equities accounted for 12.88% (+89 bps m/m) of volume and 16.19% (-450 bps m/m) of value traded, with off-exchange market share of 51.73% (+658 bps m/m).
- Off-exchange venues (+126 bps m/m) gained the most equity market share; Nasdaq (-45 bps m/m) lost the most.
- 41.96% (+127 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.29% (-31 bps m/m) done at the midpoint.
- Block market share dropped 70 bps m/m, to 5.76% of total equities volume.
- Closing prints accounted for 6.68% of equities volume, up 64 bps m/m; 19.87% of closing volume occurred off-exchange, down 459 bps m/m.
- ETP ADV increased 1.67% m/m (+41.05% y/y), to 2.71 bn, accounting for 19.45% of total equity ADV (-244 bps m/m).
- Equity-options ADV slipped 3.23% m/m (+3.36% y/y), to 38.5 million contracts.
- Year-to-date, equity options ADV is down 0.07% from the same period last year, but 7.68% higher than full-year 2021.
- In equity options, Cboe EDGX (+383 bps m/m) gained the most market share, while MIAX Pearl (-54 bps m/m) lost the most.
- Index-options ADV declined 4.10% m/m (+28.04% y/y), to 2.32 million.
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