- Volumes increased in May as the VIX average daily close fell 12.83% m/m (-15.58% y/y), to 17.27.
- Equity (regular hours) ADV rose 8.89% m/m (+10.30% y/y) to 19.40 bn, while ADVT jumped 16.23% m/m (+44.85%) to $1.08 trillion.
- Year-to-date equity ADV is up 15.40% from the same period last year and 10.45% vs. full-year 2025.
- The top 20 most-active equities accounted for 15.31% (+313 bps m/m) of consolidated volume and 8.00% (-114 bps m/m) of value traded, with 54.95% of volume executed off-board (+74 bps m/m).
- Sub-dollar market share dropped 219 bps m/m (-856 y/y) to 8.11%.
- Pre-market ADV of 1.34 billion and post-market ADV of 0.93 billion accounted for 10.50% (-7 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.
- Nasdaq (+40 bps m/m) gained the most market share, followed by IEX (+20 bps m/m) which reached a new high of 3.97%; MEMX (-30 bps m/m) lost the most.
- 37.49% (-123 bps m/m) of off-board volume traded at the NBBO, compared with 22.67% (+39 bps m/m) at the midpoint.
- Intraday block market share climbed 108 bps m/m to 6.01% of consolidated volume.
- Closing market share increased 53 bps m/m, to 7.54% of total equity volume; 18.10% of closing volume occurred off-exchange, down 72 bps m/m.
- ETP ADV jumped 32.48% m/m (+104.08% y/y) to a new all-time high of 5.99 bn, accounting for a record 30.87% of equity ADV (+550 bps m/m).
- Equity-options ADV rose 7.50% m/m (+30.83% y/y) to 67.186 mn contracts, just shy of October’s record 67.193 mn contracts.
- Year-to-date, equity options ADV is up 18.71% vs. YTD 2025 and 13.81% vs. full-year 2025.
- Cboe (+64 bps m/m) gained the most equity-options share. NYSE American (-83 bps m/m) lost the most.
- Index-options ADV dipped 3.64% m/m (+39.46% y/y) to 6.13 mn contracts.
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