- Volumes rose in September as the VIX average daily close fell 7.99% m/m (+21.81% y/y), to 19.31.
- Equity ADV increased 3.38% m/m (+14.66% y/y), to 16.59 billion.
- Year-to-date equity ADV is up 6.22% from the same period last year, and up 5.80% vs. full-year 2023.
- The top 20 most-active equities accounted for 14.86% (+99 bps m/m) of volume and 20.12% (-22 bps m/m) of value traded, with off-exchange market share of 53.57% (+96 bps m/m).
- Off-exchange market share (+52 bps m/m) set a new monthly record at 47.47%, while NYSE (+107 bps m/m) gained the most market share; NYSE Arca (-84 bps m/m) lost the most.
- Stocks with sub-dollar share prices generated 9.47% of consolidated volume, down 101 bps m/m (-288 bps y/y).
- 37.43% (-136 bps m/m) of off-exchange volume traded at the NBBO, compared with 20.38% (+73 bps m/m) done at the midpoint.
- Block market share increased 7 bps m/m to 6.26%.
- Closing prints jumped 263 bps m/m, to 10.24% of equity volume, driven by a triple witching day on the 20th; 18.96% of closing volume occurred off-exchange, down 112 bps m/m.
- ETP ADV rose 5.43% m/m (+39.59% y/y), to 2.63 bn, comprising 22.20% of equity ADV (+43 bp m/m).
- Equity-options ADV ticked up 0.48% m/m (+15.20% y/y) to 44.0 million contracts.
- Year-to-date, equity options ADV is up 7.05% from the same period last year, and 7.21% higher than full-year 2023.
- In equity options, Nasdaq MRX (+35 bps m/m) reached a new all-time high of 3.74%, while MIAX Sapphire (+101 bps m/m) gained the most market share in its first full month of operation; Nasdaq NOM (-65 bps m/m) and NYSE Arca (-57 bps m/m) lost the most.
- Index-options ADV fell 6.13% m/m (+4.63% y/y), to 4.18 million.
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