2 November 2012

Co-Authors

Justin Schack

Managing Director

Alex Kemmsies

Associate

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
October US Securities Volumes

Overview

Equity volume remains near multi-year lows, with ADV of 6.1bn off 6.45% m/m and down -29.4% from October 11, which was inflated by volatility related to the European sovereign debt crisis and US fiscal cliff. Year-to-date, equity ADV of 6.5bn is off 18.73% y/y. ETF activity in October decreased by 5.75% m/m, a little less than the decline in overall equities volumes. ETFs were 12.5% of equities ADV in September, up 10bps m/m. Equity options ADV declined more than equities, dropping 10.55% m/m (-17.24% y/y), to 14.2mn contracts. Year-to-date equity options ADV is 14.8mn contracts, down 13.99% y/y.

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