- Volumes declined in July as volatility, measured by the VIX average daily close, slipped 0.44% m/m (-44.26% y/y), to 13.93.
- Equity ADV fell 11.75% m/m (-7.38% y/y), to 9.95 billion.
- Year-to-date equity ADV is off 11.06% from the same period last year and 6.70% from full-year 2022.
- The top 20 most-active equities accounted for 17.26% (+262 bps m/m) of volume and 19.90% (+23 bps m/m) of value traded, with off-exchange market share of 55.71% (+138 bps m/m).
- Off-exchange venues (+188 bps m/m) gained the most equity market share; NYSE (150 bps m/m) and Nasdaq (-142 bps m/m) lost the most.
- 43.11% (+107 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.29% (-22 bps m/m) done at the midpoint.
- Block market share increased 7 bps m/m, to 6.11%.
- Closing prints accounted for 7.09% of equities volume, down 373 bps m/m; 21.37% of closing volume occurred off-exchange, up 111 bps m/m.
- ETP ADV fell 6.39% m/m (-12.12% y/y), to 1.88 bn, comprising 18.86% of equity ADV (+108 bps m/m).
- Equity-options ADV dropped 8.16% m/m (+11.71% y/y), to 38.3 million contracts.
- Year-to-date, equity options ADV is up 6.49% from the same period last year and 6.99% higher than full-year 2022.
- In equity options, Nasdaq BX (+122 bps m/m) and NYSE American (+52 bps m/m) gained the most market share, while NYSE Arca (-73 bps m/m) lost the most.
- Index-options ADV slid 16.10% m/m (+25.51% y/y), to 3.32 million.
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