- Volumes mostly declined as volatility, measured by the VIX average daily close, fell 1.75% m/m (-9.29% y/y), to 15.24.
- Equity ADV slipped 1.75% m/m (-9.29% y/y), to 10.34 billion.
- Year-to-date equity ADV is off 7.44% from the same period last year and down 9.23% from full-year 2022.
- The top 20 most-active equities accounted for 14.90% (-150 bps m/m) of volume and 18.81% (-530 bps m/m) of value traded, with off-exchange market share of 59.25% (+173 bps m/m).
- NYSE (+154 bps m/m) and Nasdaq (+76 bps m/m) gained the most equity market share; Off-exchange venues (-131 bps m/m) lost the most.
- 42.22% (-82 bps m/m) of off-exchange volume traded at the NBBO, compared with 16.55% (+30 bps m/m) done at the midpoint.
- Block market share increased 12 bps m/m, to 6.04%.
- Closing prints accounted for 9.70% of equities volume, up 322 bps m/m; 18.92% of closing volume occurred off-exchange, down 15 bps m/m.
- ETP ADV fell 5.59% m/m (-25.94% y/y), to 1.85 bn, comprising 17.84% of equity ADV (-73 bps m/m).
- Equity-options ADV dropped 5.54% m/m (-4.28% y/y), to 38.2 million contracts.
- Year-to-date, equity options ADV is up 4.92% from the same period last year and 6.71% higher than full-year 2022.
- In equity options, Nasdaq PHLX (+51 bps m/m) gained the most market share, while Nasdaq BX (-147 bps m/m) and Cboe (-55 bps m/m) lost the most.
- Index-options ADV increased 3.18% m/m (+14.72% y/y), to 4.00 million.
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