- Volumes were mixed as the VIX average daily close jumped 28.09% m/m (+58.415% y/y), to 21.84.
- Equity ADV increased 2.50% m/m (+33.15% y/y), to a record-high 16.01 bn, eclipsing the 15.65 bn set during the onset of the Covid-19 pandemic in March 2020.
- Year-to-date equity ADV is up 33.38% from the same period last year and 29.08% vs. full-year 2024.
- The top 20 most-active equities accounted for 14.61% (+93 bps m/m) of consolidated volume and 13.53% (+149 bps m/m) of value traded, with off-exchange market share of 53.79% (-371 bps m/m).
- Sub-dollar market share fell 354 bps m/m (-92 y/y), to 9.12%.
- NYSE (+151 bps m/m) and Nasdaq (+91 bps m/m) gained the most market share; Off-exchange venues (-192 bps m/m) and Cboe EDGX (-74 bps m/m) lost the most.
- IEX also gained market share (+19 bps m/m), reaching a record high of 3.09%.
- 36.14% (-189 bps m/m) of off-exchange volume traded at the NBBO, compared with 19.54% (+111 bps m/m) at the midpoint.
- Block market share inched up 22 bps m/m, to 6.11% of consolidated volume.
- Closing market share climbed 224 bps m/m, to 9.31% of total equity volume; 21.26% of closing volume occurred off-exchange, down 162 bps m/m.
- ETP ADV surged 46.85% m/m (+71.86% y/y), to 3.84 bn, the second-highest level on record behind March 2020’s 4.14 bn, and comprising 23.99% of equity ADV (+725 bps m/m).
- Equity-options ADV decreased 2.53% m/m (+23.50% y/y) to 53.2 mn contracts.
- Year-to-date, equity options ADV is up 23.77% vs. YTD 2024 and 20.84% vs. full-year 2024.
- Nasdaq GEMX (+59 bps m/m) gained the most equity-options share, while NYSE Arca (-79 bps m/m) and Nasdaq ISE (-57 bps m/m) lost the most, with PHLX (-39 bps m/m) falling to a record low 8.74%.
- Index-options ADV rose 17.60% m/m (+29.82% y/y) to 5.34 mn contracts, smashing the previous record of 4.58 mn set in October 2023.
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