43.16% of US equity volume traded off-exchange in July, a 4th straight record. The top 20 names by volume avg'd 49.18% off-board. 11 of these saw 50%+ OTC share and 7 of them traded 60%+ OTC. Clients can read more in our monthly volumes report here: https://bit.ly/2XsCIY0
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Hard to say for sure but I think retail is the biggest driver. Depending on what's happening in markets we also see significant institutional activity OTC, but more episodic. Surprisingly strong in March, as folks positioned for new environment. But blocks way down in July.
Thanks for the color. Normally you would expect on-exchange market share to be higher with the amount of industry volume we're seeing.