- Volumes slipped in May as the VIX average daily close fell 36.00% m/m (+56.04% y/y), to 20.46.
- Equity ADV dropped 8.96% m/m (+41.17% y/y) to 17.59 bn.
- Year-to-date equity ADV is up 45.67% from the same period last year and 43.80% vs. full-year 2024.
- The top 20 most-active equities accounted for 13.96% (-489 bps m/m) of consolidated volume and 11.41% (-724 bps m/m) of value traded, with off-exchange market share of 59.85% (+463 bps m/m).
- Sub-dollar market share rose 371 bps m/m (-540 y/y), to 16.67%.
- Off-exchange venues (+205 bps m/m) gained the most market share; Nasdaq (-111 bps), lost the most, falling to its lowest monthly level (13.03%) in our records, which date to 2009.
- 40.56% (-31 bps m/m) of off-exchange volume traded at the NBBO, compared with 18.37% (-67 bps m/m) at the midpoint.
- Block market share slid 75 bps m/m, to 5.14% of consolidated volume.
- Closing market share increased 35 bps m/m, to 6.53% of total equity volume; 20.75% of closing volume occurred off-exchange, up 6 bps m/m.
- ETP ADV fell 41.06% m/m (+66.08% y/y), to 2.93 bn, comprising 16.69% of equity ADV (-909 bps m/m).
- Equity-options ADV declined 7.21% m/m (+27.15% y/y) to 51.4 mn contracts.
- Year-to-date, equity options ADV is up 26.12% vs. YTD 2024 and 20.60% vs. full-year 2024.
- MIAX (+126 bps m/m) gained the most equity-options market share, reaching a new record-high 8.27%, followed by Cboe (+86 bps). MIAX Sapphire (+14 bps) also reached an all-time high, at 3.31%. Nasdaq NOM (-72 bps), Nasdaq GEMX (-63 bps) and BOX (-51 bps) lost the most market share.
- Index-options ADV fell 14.45% m/m (+14.95% y/y) to 4.40 mn contracts.
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