• Equity, ETP and equity-option volumes set new record highs as the VIX average daily close jumped 46.36% m/m (+98.08% y/y), to 31.97.
• Equity ADV rose 20.68% m/m (+76.24% y/y), to 19.32 bn, a second consecutive record high.
• Year-to-date equity ADV is up 43.98% from the same period last year and 36.80% vs. full-year 2024.
• The top 20 most-active equities accounted for 18.85% (+424 bps m/m) of consolidated volume and 18.65% (+512 bps m/m) of value traded, with off-exchange market share of 55.22% (+143 bps m/m).
• Sub-dollar market share rose 383 bps m/m (+252 y/y), to 12.96%.
• NYSE Arca (+173 bps m/m) and Cboe EDGX (+56 bps m/m) gained the most market share; NYSE (-167 bps m/m), Nasdaq (-72 bps m/m) and off-exchange venues (-614 bps m/m) lost the most.
• 40.88% (+474 bps m/m) of off-exchange volume traded at the NBBO, compared with 19.04% (-50 bps m/m) at the midpoint.
• Block market share dipped 21 bps m/m, to 5.89% of consolidated volume.
• Closing market share fell 314 bps m/m, to 6.18% of total equity volume; 20.69% of closing volume occurred off-exchange, down 56 bps m/m.
• ETP ADV leaped 29.63% m/m (+115.66% y/y), to 4.98 bn, smashing March 2020’s previous record high of 4.14 bn and comprising 25.77% of equity ADV (+178 bps m/m).
• Equity-options ADV rose 4.06% m/m (+31.82% y/y) to 53.3 mn contracts, a new record high.
• Year-to-date, equity options ADV is up 25.83% vs. YTD 2024 and 21.85% vs. full-year 2024.
• MIAX Sapphire (+107 bps m/m) gained the most equity-options market share, reaching a record-high 3.17%; NYSE Arca gained 86 bps m/m; Cboe (-73 bps m/m) and Cboe EDGX (-55 bps m/m) lost the most.
• Index-options ADV declined 3.70% m/m (+16.76% y/y) to 5.14 mn contracts.
