- Volumes were mixed as the VIX average daily close jumped 33.39% m/m (+21.81% y/y), to 19.31.
- Equity ADV increased 2.28% m/m (+8.97% y/y), to 11.47 billion.
- Year-to-date equity ADV is up 5.28% from the same period last year, and up 5.60% vs. full-year 2023.
- The top 20 most-active equities accounted for 13.87% (-309 bps m/m) of volume and 20.34% (+21 bps m/m) of value traded, with off-exchange market share of 52.61% (-475 bps m/m).
- IEX (+54 bps m/m) gained the most market share, while off-board venues (-47 bps m/m) lost the most.
- Stocks with sub-dollar share prices generated 10.48% of consolidated volume, down 74 bps m/m (-366 bps y/y).
- 38.79% (-81 bps m/m) of off-exchange volume traded at the NBBO, compared with 19.65% (+107 bps m/m) done at the midpoint.
- Block market share increased 15 bps m/m to 6.19%.
- Closing prints accounted for 7.72% of equities volume, down 12 bps m/m; 20.08% of closing volume occurred off-exchange, down 35 bps m/m.
- ETP ADV fell 2.51% m/m (+27.79% y/y), to 2.50 bn, comprising 21.77% of equity ADV (-107 bp m/m).
- Equity-options ADV dropped 4.08% m/m (+8.29% y/y) to 43.7 million contracts.
- Year-to-date, equity options ADV is up 6.14% from the same period last year, and 7.01% higher than full-year 2023.
- In equity options, Nasdaq MRX (+77 bps m/m) and MEMX (+2 bps m/m) both reached new record highs.
- NYSE American (-70 bps m/m) lost the most market share among options exchanges.
- Index-options ADV rose 5.96% m/m (+15.01% y/y), to 4.45 million.
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