- Volumes were mixed in November, as the VIX average daily close climbed 10.05% m/m (+23.47% y/y), to 19.90.
- Equity (regular hours) ADV fell 10.49% m/m (+28.72% y/y) to 18.79 bn, while ADVT increased 2.19% m/m (+43.81%) to $974.76 billion), a third consecutive record high.
- Year-to-date equity ADV is up 48.81% from the same period last year and 45.97% vs. full-year 2024.
- The top 20 most-active equities accounted for 11.98% (-230 bps m/m) of consolidated volume and 15.68% (+1,030 bps m/m) of value traded, with 56.20% of volume off-board (-700 bps m/m). Three symbols alone — NVDA, TSLA and SPY — accounted for 12.53% of total value traded.
- Sub-dollar market share dropped 331 bps m/m (-795 y/y), to 7.61%.
- Pre-market ADV of 1.12 billion and post-market ADV of 0.80 billion accounted for 9.26% (-38 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 (+133 bps m/m), NYSE +122 bps m/m) and IEX (+48 bps m/m) gained the most market share, with IEX (3.42%) reaching a new all-time high; off-exchange venues (-266 bps m/m) lost the most.
- 36.59% (-191 bps m/m) of off-board volume traded at the NBBO, compared with 19.43% (+180 bps m/m) at the midpoint.
- Block market share fell 135 bps m/m, to a record-low 4.21% of consolidated volume.
- Closing market share climbed 150 bps m/m, to 6.68% of total equity volume; 20.80% of closing volume occurred off-exchange, down 73 bps m/m.
- ETP ADV rose 7.34% m/m (+64.69% y/y), to 4.26 bn, comprising 22.68% of equity ADV (+381 bps m/m).
- Equity-options ADV dropped 7.53% m/m (+22.92% y/y) to 67.2 mn contracts.
- Year-to-date, equity options ADV is up 27.24% vs. YTD 2024 and 26.24% vs. full-year 2024.
- Among equity option exchanges, Nasdaq PHLX (+287 bps m/m) and NYSE Arca (+58 bps m/m) gained the most market share, while Nasdaq MRX (+2 bps m/m) reached a new all-time high of 4.51%; MIAX (-143 bps m/m) and Cboe EDGX (-57 bps m/m) lost the most.
- Index-options ADV increased 5.99% m/m (+41.95% y/y) setting a new record, 5.96 mn contracts, for a third consecutive month.
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