- Our special year-in-review section, starting on page 14, examines the trends of 2024.
- Volumes were mixed as the VIX average daily close dipped 1.58% m/m (+24.75% y/y), to 15.87.
- Equity ADV increased 0.73% m/m (+18.74% y/y), to 14.71 bn, the fourth-highest month on record.
- The top 20 most-active equities accounted for 15.99% (+141 bps m/m) of consolidated volume and 12.69% (+161 bps m/m) of value traded, with off-exchange market share of 65.43% (+215 bps m/m).
- Sub-dollar market share fell 200 bps m/m (-377 y/y), to 13.56%.
- Off-exchange venues gained the most market share market share (+79 bps m/m), hitting a fourth straight record high, at 51.37%, Nasdaq gained 50 bps m/m; Cboe BZX lost 25 bps m/m, a new record low for the exchange.
- 37.39% (-119 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.06% (-95 bps m/m) done at the midpoint.
- Block market share slipped 30 bps m/m, to 5.50%.
- Closing market share climbed 182 bps m/m, to 9.13% of consolidated equity volume; 23.97% of closing volume occurred off-exchange, up 84 bps m/m.
- ETP ADV rose 9.24% m/m (+19.91% y/y), to 2.83 bn, comprising 19.22% of equity ADV (+150 bps m/m).
- Equity-options ADV declined 4.66% m/m (+15.92% y/y) to 48.2 mn contracts.
- BOX (+72 bps m/m) gained the most equity-options share, while NYSE Arca (-79 bps m/m) lost the most.
- Index-options ADV fell 2.78% m/m (+1.05% y/y), to 4.17 million.
View the report
