- Volumes were mixed as the VIX average daily close fell 18.76% m/m (-25.70% y/y), to 13.11.
- Equity ADV rose 13.65% m/m (+17.14% y/y), to 12.46 billion.
- The top 20 most-active equities accounted for 17.36% (+588 bps m/m) of volume and 6.95% (-1,678 bps m/m) of value traded, with off-exchange market share of 60.97% (+1,038 bps m/m).
- Off-exchange venues (+245 bps m/m) and NYSE Arca (+79 bps m/m) gained the most equity market share; Nasdaq (-93 bps m/m), NYSE (-85 bps m/m) and Cboe BZX (-55 bps m/m) lost the most.
- Stocks with sub-dollar share prices generated 22.06% of consolidated volume, up 1,162 bps m/m (+1,297 bps y/y) and the highest level we have on record through February 2021.
- 46.10% (+515 bps m/m) of off-exchange volume traded at the NBBO, compared with 15.46% (-315 bps m/m) done at the midpoint.
- Block market share fell 126 bps m/m to 4.79%, the lowest level we have on record through 2014.
- Closing prints accounted for 7.12% of equities volume, down 50 bps m/m; 19.86% of closing volume occurred off-exchange, down 101 bps m/m.
- ETP ADV fell 23.47% m/m (-12.00% y/y), to 1.77 bn, comprising 14.18% of equity ADV (-688 bp m/m).
- Equity-options ADV slid 3.80% m/m (+2.80% y/y) to 40.4 million contracts.
- Among equity option exchanges, NYSE Arca (+63 bps m/m) and Nasdaq PHLX (+54 bps m/m) gained the most market share; MIAX Pearl (-56 bps) lost the most.
- Index-options ADV dropped 13.10% m/m (+4.89% y/y), to 4.40 million.
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