- Our special year-in-review section, starting on page 14, examines the trends of 2023.
- Volumes increased across the board in December as the VIX average daily close declined 9.65% m/m (-41.62% y/y), to 12.72.
- Equity ADV jumped 17.29% m/m (+14.77% y/y), to 12.39 billion.
- The top 20 most-active equities accounted for 19.32% (+723 bps m/m) of volume and 18.15% (-468 bps m/m) of value traded, with off-exchange market share of 51.81% (+351 bps m/m).
- NYSE Arca (+86 bps m/m) and Cboe EDGX (+62 bps m/m) gained the most equity market share; IEX (-34 bps m/m) lost the most.
- Stocks with sub-dollar share prices generated 17.60% of consolidated volume, up 772 bps m/m (+622 bps y/y), and the highest level since we started tracking in February 2021; Nearly 10% of total volume occurred in just four sub-dollar issues: BETS, GMBL, MKLA and MULN.
- 45.53% (+417 bps m/m) of off-exchange volume traded at the NBBO, compared with 15.95% (-192 bps m/m) done at the midpoint.
- Block market share dropped 13 bps m/m, to 6.04%.
- Closing prints accounted for 8.81% of equities volume, up 82 bps m/m; 19.85% of closing volume occurred off-exchange, down 43 bps m/m.
- ETP ADV rose 2.46% m/m (3.87% y/y), to 2.29 bn, comprising 18.51% of equity ADV (-268 bps m/m).
- Equity-options ADV climbed 6.55% m/m (9.48% y/y), to 41.6 million contracts.
- In equity options, NYSE Arca (+80 bps m/m) and MIAX Emerald (+71 bps m/m) gained the most market share; Cboe BZX (-120 bps m/m) and BOX (-58 bps m/m) lost the most.
- Index-options ADV inched up 0.49% m/m (+24.40% y/y), to 4.04 million.
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