• Volumes were mixed as the VIX average daily close fell 10.96% m/m (+43.58% y/y), to 18.22.
• Equity (regular hours) ADV rose 3.75% m/m (+53.60% y/y) to 18.25 bn, as ADVT climbed 6.71% m/m (+31.44%) to $797.69 billion.
• Year-to-date equity ADV is up 45.04% from the same period last year and 45.30% vs. full-year 2024.
• The top 20 most-active equities accounted for 16.55% (+259 bps m/m) of consolidated volume and 10.54% (+54 bps m/m) of value traded, with off-exchange market share of 64.28% (+443 bps m/m).
• Sub-dollar market share fell 231 bps m/m (+21 y/y), to 14.36%.
• Pre-market ADV of 1.14 billion and post-market ADV of 1.03 billion accounted for 10.63% 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 (see new chart, page 3).
• Off-exchange venues (+101 bps m/m) and NYSE (+71 bps m/m) gained the most market share; NYSE Arca (-80 bps) and Cboe EDGX (-58 bps m/m) lost the most. Cboe BZX (-16 bps m/m) fell to a record low.
• 39.22% (+134 bps m/m) of off-board volume traded at the NBBO, compared with 18.68% (-31 bps m/m) at the midpoint.
• Block market share slid 22 bps m/m, to 4.92% of consolidated volume, near May 2024’s record low.
• Closing market share increased 203 bps m/m, to 8.55% of total equity volume; 22.47% of closing volume occurred off-exchange, up 172 bps m/m.
• ETP ADV rose 2.75% m/m (+67.02% y/y), to 3.02 bn, comprising 16.53% of equity ADV (-16 bps m/m).
• Equity-options ADV declined 1.51% m/m (+14.72% y/y) to 50.6 mn contracts.
• Year-to-date, equity options ADV is up 24.24% vs. YTD 2024 and 19.52% vs. full-year 2024.
• NYSE American (+160 bps m/m), Nasdaq PHLX (+76 bps m/m), Nasdaq GEMX (+57 bps m/m) and NYSE Arcs (+55 bps m/m) gained the most equity-options market share, while MEMX (+25 bps m/m) reached a new record high of 3.80%. Nasdaq NOM (-155 bps), MIAX (-105 bps) and Cboe EDGX (-98 bps) lost the most market share.
• Index-options ADV rose 7.13% m/m (+18.74% y/y) to 4.71 mn contracts.