- Volumes were up in February, as the VIX average daily close rose 17.95% m/m (12.02% y/y), to 16.20.
- Equity (regular hours) ADV increased 2.89% m/m (+28.05% y/y) to 20.00 bn, the second-highest month ever, while ADVT increased 7.46% m/m (+53.80%) to $1.12 trillion, a second consecutive record.
- The top 20 most-active equities accounted for 12.90% (+23 bps m/m) of consolidated volume and 10.56% (-7 bps bps m/m) of value traded, with 55.26% of volume off-board (-155 bps m/m).
- Sub-dollar market share dropped 157 bps m/m (-578 y/y) to 6.89%, the lowest level since May 2022.
- Pre-market ADV of 0.93 billion and post-market ADV of 0.82 billion accounted for 8.03% (-44 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 (+65 bps m/m), NYSE (+62 bps m/m) and IEX (+33 bps m/m) gained the most market share, with IEX reaching another new all-time high of 3.89%; Off-exchange (-194 bps m/m) lost the most.
- 35.95% (+204 bps m/m) of off-board volume traded at the NBBO, compared with 21.51% (+153 bps m/m) at the midpoint.
- Intraday block market share fell 42 bps m/m to 6.22% of consolidated volume.
- Closing market share increased 8 bps m/m, to 6.74% of total equity volume; 19.55% of closing volume occurred off-exchange, down 158 bps m/m.
- ETP ADV climbed 16.73% m/m (+119.93% y/y) to a record 5.75 bn, accounting for an all-time high 28.76% of equity ADV (+341 bps m/m).
- Equity-options ADV rose 0.38% m/m (+15.95% y/y) to 63.3 mn contracts, the second-highest level ever.
- BOX (+61 bps m/m) gained the most options market share. Cboe EDGX (-67 bps m/m) and MIAX Emerald (-66 bps m/m) lost the most market share.
- Index-options ADV rose 8.70% m/m (+33.94% y/y) to a record 6.08 mn contracts.
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