- Volumes jumped in May amid the market tumult; the VIX average daily close jumped 20.97% m/m (+49.21% y/y), to 29.48.
- Equity ADV climbed 12.44% m/m (+24.19% y/y), to 13.21 billion.
- Year-to-date equity ADV is down 1.23% from the same period last year, but up 11.61% vs. full-year 2021.
- The top 20 most-active equities accounted for 12.40% (-25 bps m/m) of volume and 20.23% (+41 bps m/m) of value traded, with off-exchange market share of 45.66% (-287 bps m/m).
- Nasdaq (+75 bps m/m) and NYSE (+58 bps m/m) gained the most equity market share; off-exchange venues (-202 bps m/m) lost the most.
- 41.06% (-17 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.91% (+26 bps m/m) done at the midpoint (see chart, top of page 4).
- Block market share dropped 41 bps m/m, to 5.29% of total equities volume.
- Closing prints accounted for 5.56% of equities volume, up 1 bp m/m; 18.98% of closing volume occurred off-exchange, down 13 bps m/m.
- ETP ADV increased 17.30% m/m (+72.94% y/y), to 3.04 bn, accounting for 23.00% of total equity ADV (+95 bps m/m).
- Equity-options ADV grew 4.26% m/m (+12.50% y/y), to 38.1 million contracts.
- Year-to-date, equity options ADV is up 4.73% from the same period last year, and 4.83% higher than full-year 2021.
- In equity options, NYSE American (+53 bps m/m) gained the most market share, while MIAX Emerald (-58 bps m/m) lost the most.
- Index-options ADV spiked 22.80% m/m (+42.32% y/y), to 2.88 million.
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