- Volumes were mixed as the VIX average daily close fell 10.34% m/m (+12.80% y/y), to 16.33.
- Equity (regular hours) ADV dipped 1.16% m/m (+60.80% y/y) to 18.03 bn, as ADVT slipped 1.89% m/m (+33.24%) to $782.58 billion.
- Year-to-date equity ADV is up 47.34% from the same period last year and 41.54% vs. full-year 2024.
- The top 20 most-active equities accounted for 15.91% (-63 bps m/m) of consolidated volume and 8.51% (-203 bps m/m) of value traded, with off-exchange market share of 65.47% (+119 bps m/m).
- Sub-dollar market share fell 110 bps m/m (+204 y/y), to 13.26%.
- Pre-market ADV of 1.13 billion and post-market ADV of 0.73 billion accounted for 10.32% (-157 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.
- Off-exchange market share (+43 bps m/m) set a new record high of 51.83%; NYSE (-77 bps) lost the most market share.
- 38.48% (-74 bps m/m) of off-board volume traded at the NBBO, compared with 18.14% (-54 bps m/m) at the midpoint.
- Block market share increased 15 bps m/m, to 5.07% of consolidated volume.
- Closing market share dropped 266 bps m/m, to 5.89% of total equity volume; 20.66% of closing volume occurred off-exchange, down 181 bps m/m.
- ETP ADV rose 0.67% m/m (+18.53% y/y), to 3.04 bn, comprising 16.83% of equity ADV (+31bps m/m).
- Equity-options ADV climbed 1.86% m/m (+12.96% y/y) to 51.5 mn contracts.
- Year-to-date, equity options ADV is up 22.43% vs. YTD 2024 and 19.00% vs. full-year 2024.
- NYSE American (+122 bps m/m) gained the most equity-options market share, while MEMX (+20 bps m/m) and MIAX Sapphire (+18 bps m/m) reached new record highs of 4.00% and 3.38%, respectively. BOX (-71 bps) and Nasdaq PHLX (-64 bps) lost the most market share.
- Index-options ADV dropped 2.33% m/m (+8.37% y/y) to 4.55 mn contracts.
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