- Volumes set multiple new record highs for a second consecutive month, as the VIX average daily close climbed 14.55% m/m (-9.39% y/y), to 18.09.
- Equity (regular hours) ADV jumped 14.68% m/m (+79.99% y/y) to a record 21.00 bn, while ADVT increased 4.60% m/m (+72.11%) to a record $953.86 billion.
- Year-to-date equity ADV is up 51.23% from the same period last year and 45.19% vs. full-year 2024.
- The top 20 most-active equities accounted for 14.28% (+191 bps m/m) of consolidated volume and 5.38% (-353 bps m/m) of value traded, with off-exchange market share of 63.20% (+296 bps m/m).
- Sub-dollar market share rose 239 bps m/m (-96 y/y), to 10.92%.
- Pre-market ADV of 1.32 billion and post-market ADV of 0.92 billion accounted for 10.68% (+11 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.
- Off-exchange venues (+130 bps m/m) gained the most market share, reaching a new all-time high of 52.27%, followed by NYSE Arca (+78 bps m/m); NYSE (-148 bps m/m) lost the most, dropping to a new record low of 6.94%, followed by Nasdaq (-101 bps m/m).
- 38.50% (+246 bps m/m) of off-board volume traded at the NBBO, compared with 17.63% (-149 bps m/m) at the midpoint.
- Block market share decreased 7 bps m/m, to 5.56% of consolidated volume.
- Closing market share fell 269 bps m/m, to 5.19% of total equity volume; 21.52% of closing volume occurred off-exchange, up 107 bps m/m.
- ETP ADV rose 18.34% m/m (+72.71% y/y), to 3.96 bn, comprising 18.87% of equity ADV (+58 bps m/m).
- Equity-options ADV climbed 9.61% m/m (+51.60% y/y) to a new all-time high of 67.2 mn contracts.
- Year-to-date, equity options ADV is up 27.77% vs. YTD 2024 and 24.98% vs. full-year 2024.
- Several equity-option exchanges reached new record market share highs, including MIAX (9.71%; +104 bps m/m), Nasdaq MRX (4.49%; +70 bps m/m), MEMX (4.35%; +64 bps m/m) and MIAX Saphire (3.60%; +71 bps m/m) at 3.60%. NYSE Arca (+76 bps m/m) and CBOE (+68 bps m/m) also saw significant gains, while Nasdaq PHLX (-192 bps), Cboe EDGX (-118 bps) and Cboe BZX (-69 bps m/m) lost the most.
- Index-options ADV increased 4.96% m/m (+39.40% y/y) to a record 5.62 mn contracts.
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