2 February 2017

Co-Authors

Alex Kemmsies

Vice President    

Justin Schack

Managing Director    

Rosenblatt Securities Inc.    
New York +1 212 607 3100    

TRADING TALK
January US Securities Volumes


• Volumes were mixed in January as the VIX average daily close fell 6.93% m/m (-51.06% y/y) to 11.61, its lowest level since June 2014.
• Equities ADV fell 1.98% m/m (-27.44% y/y), to 6.75bn shares.
• Block market share was 9.62%, its highest level since September 2014.
• Exchange-traded-product ADV dropped 4.62% m/m (-38.12% y/y) to 1.37bn shares, accounting for 20.21% of total equity ADV (-56 bps m/m).
• Equity-options ADV rose 5.38% m/m (-15.07% y/y) to 14.6mn. Index-options ADV increased 5.28% m/m (-8.56% y/y), to 1.8mn contracts.
• In equity options, NOM, PHLX and ISE Gemini gained 150 bps, 104 bps and 100 bps of market share, respectively. Gemini and C2 hit record market shares of 5.91% and 3.50%, respectively. ARCA and Amex lost 187 bps and 115 bps respectively.

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