- Volumes were mixed, as the VIX average daily close increased 5.32% m/m (-33.88% y/y), to 13.40.
- Equity ADV fell 6.73% m/m (+1.99% y/y), to 11.55 billion.
- The top 20 most-active equities accounted for 15.02% (-430 bps m/m) of volume and 16.69% (-146 bps m/m) of value traded, with off-exchange market share of 52.21% (-40 bps m/m).
- Off-exchange (+43 bps m/m) gained the most equity market share; NYSE (-54 bps m/m) lost the most.
- Stocks with sub-dollar share prices generated 12.70% of consolidated volume, down 463 bps m/m (+1 bp y/y) (see table, page 8).
- 42.43% (-310 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.90% (+95 bps m/m) done at the midpoint (see chart, top of page 4).
- Block market share increased 13 bps m/m, to 6.13% (see chart, page 6).
- Closing prints accounted for 7.41% of equities volume, down 140 bps m/m; 21.58% of closing volume occurred off-exchange, up 173 bps m/m.
- ETP ADV fell 3.27% m/m (-1.11% y/y), to 2.22 bn, comprising 19.20% of equity ADV (+69 bps m/m).
- Equity-options ADV rose 2.17% m/m (-0.21% y/y), to 42.5 million contracts, their highest level since the record high in February 2023.
- In equity options, MEMX (+110 bps m/m), which launched in December, gained the most market share; Nasdaq NOM (-20 bps m/m), lost the most.
- Index-options ADV climbed up 3.40% m/m (+22.66% y/y), to 4.17 million.
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