- Volumes set multiple new records, despite the VIX average daily close edging up just 0.25% m/m (-11.14% y/y), to 15.79.
- Equity (regular hours) ADV leaped 17.36% m/m (+62.13% y/y) to 19.22 bn, the second-highest level ever, while ADVT jumped 21.25% m/m (+60.17%) to a record $957.50 billion.
- Year-to-date equity ADV is up 48.47% from the same period last year and 42.56% vs. full-year 2024.
- The top 20 most-active equities accounted for 12.37% (+53 bps m/m) of consolidated volume and 8.91% (-600 bps m/m) of value traded, with off-exchange market share of 61.24% (+220 bps m/m).
- Sub-dollar market share fell 4 bps m/m (-94 y/y), to 8.53%.
- Pre-market ADV of 1.03 billion and post-market ADV of 0.90 billion accounted for 10.07% (+10 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 (+41 bps m/m) gained the most market share; NYSE Arca (-40 bps m/m) lost the most.
- 36.04% (+43 bps m/m) of off-board volume traded at the NBBO, compared with 19.12% (-27 bps m/m) at the midpoint.
- Block market share increased 19 bps m/m, to 5.63% of consolidated volume.
- Closing market share rose 107 bps m/m, to 7.87% of total equity volume; 20.46% of closing volume occurred off-exchange, down 162 bps m/m.
- ETP ADV rose 12.43% m/m (+33.54% y/y), to 3.51 bn, comprising 18.28% of equity ADV (-80 bps m/m).
- Equity-options ADV jumped 17.22% m/m (+46.43% y/y) to a new all-time high of 64.4 mn contracts, blowing past April’s previous record of 55.3 mn contracts.
- Year-to-date, equity options ADV is up 25.42% vs. YTD 2024 and 22.36% vs. full-year 2024.
- Nasdaq PHLX (+99 bps m/m) and MIAX Pearl (+60 bps m/m) gained the most equity-options market share, while Nasdaq MRX (+12 bps m/m) reached a new record high of 3.79%; Cboe (-84 bps), BOX (-71 bps) and NYSE Arca (-54 bps m/m) lost the most market share.
- Index-options ADV increased 12.75% m/m (+34.48% y/y) to a record 5.62 mn contracts.
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