- Volumes gained as the VIX average daily close increased 1.88% m/m (+22.295% y/y), to 17.05.
- Equity ADV edged up 1.16% m/m (+33.09% y/y), to 15.62 bn, the second-highest month on record, barely short of March 2020’s 15.65 bn.
- Year-to-date equity ADV is up 33.36% from the same period last year and 27.69% vs. full-year 2024.
- The top 20 most-active equities accounted for 13.68% (+74 bps m/m) of consolidated volume and 12.04% (+108 bps m/m) of value traded, with off-exchange market share of 57.50% (-382 bps m/m).
- Sub-dollar market share fell 116 bps m/m (+289 y/y), to 12.66%.
- NYSE (+63 bps m/m) gained the most market share; Off-exchange venues (-66 bps m/m) lost the most.
- 38.03% (-100 bps m/m) of off-exchange volume traded at the NBBO, compared with 18.43% (+164 bps m/m) at the midpoint.
- Block market share inched up 14 bps m/m, to 5.88% of consolidated volume.
- Closing market share climbed 34 bps m/m, to 7.07% of total equity volume; 22.87% of closing volume occurred off-exchange, down 62 bps m/m.
- ETP ADV rose 5.40% m/m (+15.95% y/y), to 2.62 bn, comprising 16.75% of equity ADV (+67 bps m/m).
- Equity-options ADV increased 2.69% m/m (+22.78% y/y) to 54.6 mn contracts, a new record high.
- Year-to-date, equity options ADV is up 23.94% vs. YTD 2024 and 21.35% vs. full-year 2024.
- Nasdaq GEMX (+134 bps m/m) and Nasdaq MRX (+58 bps m/m) gained the most equity-options share, while NYSE Arca (-102 bps m/m) and MIAX Emerald (-57 bps m/m) lost the most.
- Index-options ADV declined 1.39% m/m (+9.62% y/y).
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