The VIX is almost back to pre-COVID levels. What this means for exchanges: 1) OI should recover as vol slowly subsides. 2) Cash equities will be hurt from lower industry volumes AND higher dark pool share. 3) tighter spreads mean less capture for market makers (like Virtu).pic.twitter.com/G6XUVnPejE
8:51 AM - 18 Aug 2020
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