• Volumes were mixed as the VIX average daily close increased 5.49% m/m (+24.95% y/y), to 16.74.
• Equity ADV rose 4.97% m/m (+33.63% y/y), to 15.44 bn, the third-highest month on record.
• Year-to-date equity ADV is up 33.63% from the same period last year and up 26.97% vs. full-year 2024.
• The top 20 most-active equities accounted for 12.94% (-305 bps m/m) of consolidated volume and 10.96% (-173 bps m/m) of value traded, with off-exchange market share of 61.32% (-411 bps m/m). Of these top 20, eight had a VWAP below $1.00 in January.
• Sub-dollar market share ticked up 27 bps m/m (+113 y/y), to 13.82%.
• Off-exchange market share grew 14 bps m/m, hitting a fifth straight record high at 51.51%. NYSE fell 78 bps m/m to a record low 7.41%. NYSE Arca (+26 bps m/m) gained the most.
• 39.03% (+164 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.79% (+73 bps m/m) done at the midpoint.
• Block market share edged up 25 bps m/m, to 5.75% of consolidated volume.
• Closing market share dropped 239 bps m/m, to 6.74% of total equity volume; 23.49% of closing volume occurred off-exchange, down 47 bps m/m.
• ETP ADV fell 12.21% m/m (+6.85% y/y), to 2.48 bn, comprising 16.07% of equity ADV (-315 bps m/m).
• Equity-options ADV climbed 10.26% m/m (+25.10% y/y) to 53.1 mn contracts, a new record high.
• Year-to-date, equity options ADV is up 25.10% vs. YTD 2024 and 19.78% vs. full-year 2024.
• MIAX (+70 bps m/m), NYSE Arca (+66 bps m/m) and Cboe BZX (+61 bps m/m) gained the most equity-options share, while Nasdaq PHLX (-83 bps m/m) and MIAX Emerald (-53 bps m/m) lost the most.
• Index-options ADV rose 12.83% m/m (+10.37% y/y), to a new record high of 4.60 million.
