- Volumes rose in January despite volatility, measured by the VIX average daily close, falling 7.00% m/m (+26.68% y/y), to 20.26.
- Equity ADV increased 4.96% m/m (-8.44% y/y), to 11.33 billion.
- January equity ADV is down 8.44% from January 2022, and off 4.60% compared with full-year 2022.
- The top 20 most-active equities accounted for 14.85% (+270 bps m/m) of volume and 17.97% (-40 bps m/m) of value traded, with off-exchange market share of 59.79% (+356 bps m/m).
- Off-exchange venues (+253 bps m/m) gained the most equity market share; NYSE (-146 bps m/m) and Nasdaq (-125 m/m) lost the most.
- 43.03% (+122 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.50% (-78 bps m/m) done at the midpoint.
- Block market share climbed 70 bps m/m, to 7.06%.
- Closing prints accounted for 6.33% of equities volume, down 266 bps m/m; 22.94% of closing volume occurred off-exchange, down 25 bps m/m.
- ETP ADV rose 1.60% m/m (+23.54% y/y), to 2.24 bn, accounting for 19.80% of total equity ADV (-66 bps m/m).
- Equity-options ADV jumped 12.10% m/m (+1.37% y/y), to 42.6 million contracts.
- January equity options ADV is up 1.37% from January 2022, and 11.52% higher than full-year 2022.
- In equity options, MIAX Pearl (+99 bps m/m) and NYSE American (+85 bps m/m) gained the most share, while Cboe (-114 bps m/m) and Nasdaq PHLX (-71 bps m/m) lost the most.
- Index-options ADV climbed 5.00% m/m (+32.03% y/y), to 3.41 million.
View the report
