- Volumes edged higher in May despite volatility, measured by the VIX average daily close, slipping 0.98% m/m (-40.16% y/y), to 17.64.
- Equity ADV climbed 3.01% m/m (-19.49% y/y), to 10.63 billion.
- Year-to-date equity ADV is off 11.46% from the same period last year and 5.09% from full-year 2022.
- The top 20 most-active equities accounted for 13.26% (+318 bps m/m) of volume and 19.27% (-168 bps m/m) of value traded, with off-exchange market share of 54.49% (-202 bps m/m).
- Nasdaq (+91 bps m/m) and NYSE (+71 bps m/m) gained the most equity market share; Off-exchange venues (-178 bps m/m) lost the most.
- 41.04% (-324 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.52% (+191 bps m/m) done at the midpoint.
- Block market share slid 59 bps m/m, to 6.40%.
- Closing prints accounted for 7.31% of equities volume, up 74 bps m/m; 20.82% of closing volume occurred off-exchange, down 103 bps m/m.
- ETP ADV rose 2.14% m/m (-34.79% y/y), to 1.98 bn, comprising 18.63% of equity ADV (-16 bps m/m).
- Equity-options ADV increased 7.63% m/m (+3.04% y/y), to 39.3 million contracts.
- Year-to-date, equity options ADV is up 6.54% from the same period last year, and 4.36% higher than full-year 2022.
- In equity options, Nasdaq GEMX (+76 bps m/m) and Cboe BZX (+59 bps m/m) gained the most market share, while Cboe C2 (-57 bps m/m) and BOX (-50 bps m/m) lost the most.
- Index-options ADV inched up 3.03% m/m (+26.46% y/y), to 3.65 million.
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