- Volumes were mixed in March alongside higher market volatility, as the VIX average daily close jumped 34.00% m/m (17.19% y/y), to 25.60.
- Equity (regular hours) ADV increased 2.36% m/m (+27.88% y/y) to 20.47 bn, the second-highest month ever; ADVT fell 1.59% m/m (+41.62%) from February’s record, to $1.10 trillion.
- The top 20 most-active equities accounted for 10.52% (-238 bps m/m) of consolidated volume and 14.72% (+416 bps m/m) of value traded, with 52.33% of volume executed off-board (-293 bps m/m).
- Sub-dollar market share rose 172 bps m/m (-52 y/y) to 8.61%.
- Pre-market ADV of 1.22 billion and post-market ADV of 0.99 billion accounted for 9.72% (+169 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.
- NYSE (+53 bps m/m) gained the most market share, while off-exchange (-131 bps m/m) lost the most.
- 37.60% (+165 bps m/m) of off-board volume traded at the NBBO, compared with 21.61% (+10 bps m/m) at the midpoint.
- Intraday block market share fell 2 bps m/m to 6.24% of consolidated volume.
- Closing market share climbed 147 bps m/m, to 8.21% of total equity volume; 19.95% of closing volume occurred off-exchange, up 40 bps m/m.
- ETP ADV inched up 0.26% m/m (+50.16% y/y) to a record 5.77 bn, accounting for 28.17% of equity ADV (-59 bps m/m).
- Equity-options ADV fell 2.36% m/m (+15.95% y/y) to 61.8 mn contracts.
- MIAX Emerald (+144 bps m/m), Cboe EDGX (+119 bps m/m) and NYSE American (+53 bps m/m) gained the most equity options market share. Nasdaq PHLX (-142 bps m/m), Nasdaq MRX (-87 bps m/m) and MIAX Pearl (-82 bps m/m) lost the most.
- Index-options ADV jumped 14.93% m/m (+30.89% y/y) to a record 6.99 mn contracts.
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