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US Securities Volumes: February 2023

US Securities Volumes: February 2023
  • Volumes rose in February as volatility, measured by the VIX average daily close, slid 0.98% m/m (-22.28% y/y), to 20.06.
  • Equity ADV increased 0.68% m/m (-6.22% y/y), to 11.40 billion.
  • Year-to-date equity ADV is off 7.37% from the same period last year and 4.28% lower than full-year 2022.
  • The top 20 most-active equities accounted for 15.17% (+86 bps m/m) of volume and 24.88% (+691 bps m/m) of value traded, with off-exchange market share of 55.98% (+381 bps m/m).
  • NYSE (+58 bps m/m) and Nasdaq (+50 Bps m/m) gained the most equity market share; Off-Exchange venues (-168 bps m/m) lost the most.
  • 41.17% (-186 bps m/m) of off-exchange volume traded at the NBBO, compared with 15.88% (-62 bps m/m) done at the midpoint.
  • Block market share dropped 61 bps m/m, to 6.46%.
  • Closing prints accounted for 6.54% of equities volume, up 21 bps m/m; 23.86% of closing volume occurred off-exchange, up 93 bps m/m.
  • ETP ADV rose 1.93% m/m (-14.13% y/y), to 2.29 bn, accounting for 20.05% of equity ADV (+24 bps m/m).
  • Equity-options ADV increased 0.92% m/m (+7.94% y/y), to a record 43.0 million contracts.
  • Year-to-date, equity options ADV is up 4.48% from the same period last year, and 12.01% higher than full-year 2022.
  • In equity options, Nasdaq NOM (+63 bps m/m) and MIAX Emerald (+62 bps m/m) gained the most share, while BOX (-127 bps m/m), Cboe (-86 bps m/m) and Nasdaq PHLX (-67 bps m/m) lost the most.
  • Index-options ADV climbed 2.84% m/m (+45.69% y/y), to 3.53 million.


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