- Volumes declined in July as volatility, measured by the VIX average daily close, slid 11.47% m/m (+41.99% y/y), to 25.00.
- Equity ADV fell 15.81% m/m (+10.26% y/y), to 10.74 billion.
- Year-to-date equity ADV is up 2.42% from the same period last year and up 9.23% vs. full-year 2021.
- The top 20 most-active equities accounted for 13.27% (+185 bps m/m) of volume and 18.14% (+129 bps m/m) of value traded, with off-exchange market share of 54.55% (+101 bps m/m).
- Off-exchange venues (+272 bps m/m) gained the most equity market share; Nasdaq (-146 bps m/m) and NYSE (-141 bps m/m) lost the most.
- 42.58% (+85 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.34% (-85 bps m/m) done at the midpoint.
- Block market share increased 44 bps m/m, to 6.43% of total equities volume.
- Closing prints accounted for 6.26% of equities volume, down 340 bps m/m; 19.71% of closing volume occurred off-exchange, up 247 bps m/m.
- ETP ADV dropped 13.46% m/m (+43.39% y/y), to 2.13 bn, accounting for 19.88% of total equity ADV (+54 bps m/m).
- Equity-options ADV slipped 2.96% m/m (-3.93% y/y), to 34.3 million contracts.
- Year-to-date, equity options ADV is up 2.00% from the same period last year, and 1.64% higher than full-year 2021.
- In equity options, Nasdaq BX (+89 bps m/m) gained the most market share, while NYSE Arca (-94 bps m/m) and Cboe BZX (-51 bps m/m) lost the most.
- Index-options ADV fell 7.68% m/m (+35.46% y/y), to 2.65 million.
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