- Volumes were up in January, as the VIX average daily close climbed 4.16% m/m (-3.24% y/y), to 16.20.
- Equity (regular hours) ADV jumped 22.40% m/m (+25.90% y/y) to 19.44 bn, while ADVT increased 21.79% m/m (+50.40%) to a record $1.04 trillion.
- The top 20 most-active equities accounted for 9.93% (-186 bps m/m) of consolidated volume and 8.21% (-708 bps bps m/m) of value traded, with 57.60% of volume off-board (-31 bps m/m).
- Sub-dollar market share dipped 24 bps m/m (-536 y/y), to 8.46%.
- Pre-market ADV of 0.99 billion and post-market ADV of 0.81 billion accounted for 8.47% (-119 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.
- NYSE Arca (+62 bps m/m) gained the most market share, while NYSE (-97 bps m/m) lost the most. IEX (+21 bps m/m) reached a new all-time high of 3.57%.
- 37.99% (+75 bps m/m) of off-board volume traded at the NBBO, compared with 19.98% (+93 bps m/m) at the midpoint.
- Intraday block market share rose 80 bps m/m to 6.64% of consolidated volume.
- Closing market share fell 308 bps m/m, to 6.66% of total equity volume; 21.13% of closing volume occurred off-exchange, down 168 bps m/m.
- ETP ADV rose 2.11% m/m (+47.90% y/y), to 3.67 bn, comprising 18.88% of equity ADV (-375 bps m/m).
- Equity-options ADV increased 17.36% m/m (+18.61% y/y) to 63.0 mn contracts.
- Cboe (+92 bps m/m) and NYSE Arca (+58 bps m/m) gained the most options market share. Nasdaq PHLX (-181 bps m/m) lost the most market share.
- Index-options ADV climbed 8.85% m/m (+21.51% y/y) to 5.59 mn contracts.
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