- Volumes climbed across the board as volatility, measured by the VIX average daily close, spiked 23.93% m/m (-37.05% y/y), to 18.89.
- Equity ADV increased 2.88% m/m (-7.39% y/y), to 10.64 billion.
- Year-to-date equity ADV is off 9.07% from the same period last year and down 7.75% from full-year 2022.
- The top 20 most-active equities accounted for 12.38% (-252 bps m/m) of volume and 23.82% (-501 bps m/m) of value traded, with off-exchange market share of 46.93% (+1,232 bps m/m).
- NYSE Arca (+64 bps m/m) and MIAX (+57 bps m/m) gained the most equity market share; Off-exchange venues (-116 bps m/m) and NYSE (-66 bps m/m) lost the most.
- 41.16% (+106 bps m/m) of off-exchange volume traded at the NBBO, compared with 17.50% (+95 bps m/m) done at the midpoint.
- Block market share increased 71 bps m/m, to 6.81%.
- Closing prints accounted for 7.08% of equities volume, down 262 bps m/m; 19.82% of closing volume occurred off-exchange, up 91 bps m/m.
- ETP ADV jumped 31.81% m/m (-7.15% y/y), to 2.43 bn, comprising 22.86% of equity ADV (+502 bps m/m).
- Equity-options ADV climbed 4.97% m/m (+3.73% y/y), to 40.1 million contracts.
- Year-to-date, equity options ADV is up 6.40% from the same period last year and 5.82% higher than full-year 2022.
- In equity options, BOX (+78 bps m/m), NYSE Arca (+72 bps m/m) and Cboe BZX (+58 bps m/m) gained the most market share; Nasdaq BX (-123 bps m/m) and NYSE American (-87 bps m/m) lost the most.
- Index-options ADV increased 14.60% m/m (+26.49% y/y), to a record 4.58 million.
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