- Volumes rose despite the VIX average daily close falling 19.24% m/m (+14.52% y/y), to 16.12.
- Equity ADV jumped 25.17% m/m (+38.25% y/y), to 14.60 bn, the fourth-highest month on record.
- Year-to-date equity ADV is up 9.25% from the same period last year and up 8.08% vs. full-year 2023.
- The top 20 most-active equities accounted for 14.58% (+261 bps m/m) of consolidated volume and 11.08% (-69 bps m/m) of value traded, with off-exchange market share of 63.28% (+961 bps m/m).
- Sub-dollar market share increased 368 bps, to 15.56%.
- Off-exchange market share (+178 bps m/m) hit a third straight record high, at 50.58%; LTSE continued to gain market share (+19 bps m/m) after its recent re-platforming, reaching a record high (0.36%).
- NYSE (-66 bps m/m) lost the most market share, falling to an all-time low of 7.76%, followed by Nasdaq (-57 bps m/m); Cboe BZX also sank (-32 bps m/m) to a record-low market share of 3.63%.
- 38.58% (+24 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.01% (-46 bps m/m) done at the midpoint.
- Block market share decreased 58 bps m/m to 5.81%.
- Closing market share fell 4 bps m/m, to 7.31% of consolidated equity volume; 23.13% of closing volume occurred off-exchange, up 112 bps m/m.
- ETP ADV rose 12.81% m/m (+13.02% y/y), to 2.59 bn, comprising 17.72% of equity ADV (-194 bp m/m).
- Equity-options ADV increased 14.05% m/m (+29.55% y/y) to 50.5 mn contracts, eclipsing the previous record of 45.6 mn set in July.
- Year-to-date, equity options ADV is up 9.31% from the same period in 2023 and 9.03% vs. full-year 2023.
- MIAX (+73 bps m/m) and Nasdaq PHLX (+67 bps m/m) gained the most equity-options market share; MIAX Sapphire (+14 bps m/m), which launched in August, hit a new high of 1.83%; Cboe BZX (-88 bps m/m) lost the most market share.
- Index-options ADV gained 4.08% m/m (+4.45% y/y), to 4.17 million.
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