- Volumes declined in April as the VIX average daily close slid 22.60% m/m (-38.02% y/y), to 19.81.
- Equity (regular hours) ADV fell 12.97% m/m (-7.78% y/y) to 17.81 bn, while ADVT dropped 15.45% m/m (+7.75%) to $931.59 billion.
- Year-to-date equity ADV is up 16.80% from the same period last year and 10.49% vs. full-year 2025.
- The top 20 most-active equities accounted for 12.18% (+166 bps m/m) of consolidated volume and 9.24% (-548 bps m/m) of value traded, with 55.69% of volume executed off-board (+336 bps m/m).
- Sub-dollar market share rose 17 bps m/m (-266 y/y) to 10.30%.
- Pre-market ADV of 1.27 billion and post-market ADV of 0.84 billion accounted for 10.57% (+130 bps m/m) of total volume when including the extended-hours sessions in the denominator. This includes overnight trading on ATSs, which currently gets reported with pre-market activity.
- Off-exchange (+232 bps m/m) gained the most market share, while NYSE (-112 bps m/m), Nasdaq (-76 bps m/m) and Cboe BZX (-55 bps m/m) lost the most.
- 38.72% (+112 bps m/m) of off-board volume traded at the NBBO, compared with 22.28% (+67 bps m/m) at the midpoint.
- Intraday block market share declined 132 bps m/m to 4.92% of consolidated volume.
- Closing market share declined 121 bps m/m, to 7.01% of total equity volume; 18.82% of closing volume occurred off-exchange, down 113 bps m/m.
- ETP ADV fell 21.62% m/m (-9.20% y/y) to 4.52 bn, accounting for 25.37% of equity ADV (-280 bps m/m).
- Equity-options ADV increased 1.17% m/m (+12.93% y/y) to 62.5 mn contracts.
- Year-to-date, equity options ADV is up 15.83% vs. YTD 2024 and 12.21% vs. full-year 2025.
- NYSE American (+133 bps m/m), MIAX (+84 bps m/m) and Cboe BZX (+84 bps m/m) gained the most equity options market share. MIAX Emerald (-114 bps m/m), BOX (-106 bps m/m) and MIAX Pearl (-82 bps m/m) lost the most.
- Index-options ADV fell 8.90% m/m (+23.82% y/y) to 6.36 mn contracts.
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