- Volumes were mixed, as the VIX average daily close declined 3.56% m/m (-18.45% y/y), to 15.75.
- Equity (regular hours) ADV fell 9.17% m/m (+42.81% y/y) to 16.38 bn, as ADVT ticked up just 0.91% m/m (+37.67%) to $789.67 billion.
- Year-to-date equity ADV is up 46.78% from the same period last year and 40.68% vs. full-year 2024.
- The top 20 most-active equities accounted for 11.84% (-407 bps m/m) of consolidated volume and 14.91% (+640 bps m/m) of value traded, with off-exchange market share of 59.04% (-643 bps m/m).
- Sub-dollar market share fell 469 bps m/m (-191 y/y), to 8.57%.
- Pre-market ADV of 0.91 billion and post-market ADV of 0.72 billion accounted for 9.97% (-35 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.
- Nasdaq (+81 bps m/m) gained the most market share; off-exchange (-114 bps m/m) lost the most.
- 35.61% (+287 bps m/m) of off-board volume traded at the NBBO, compared with 19.39% (+125 bps m/m) at the midpoint.
- Block market share increased 37 bps m/m, to 5.44% of consolidated volume.
- Closing market share rose 91 bps m/m, to 6.81% of total equity volume; 22.08% of closing volume occurred off-exchange, up 143 bps m/m.
- ETP ADV rose 2.99% m/m (+25.23% y/y), to 3.13 bn, comprising 19.09% of equity ADV (+225bps m/m).
- Equity-options ADV climbed 6.59% m/m (+25.52% y/y) to 54.9 mn contracts.
- Year-to-date, equity options ADV is up 22.82% vs. YTD 2024 and 19.61% vs. full-year 2024.
- MIAX (+131 bps m/m) gained the most equity-options market share, reaching a new record high of 8.73%, followed by Cboe EDGX (+91 bps m/m) and BZX (+75 bps m/m); NYSE Arca (-208 bps), Nasdaq GEMX (-103 bps) and MEMX (-81 bps m/m) lost the most market share.
- Index-options ADV increased 9.48% m/m (+11.97% y/y) to 4.99 mn contracts.
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