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Number one correlation is trading volumes, which could stay higher for a while with zero commissions, work from home, more online on-ramps, etc. But VIX is still a big number two correlation as it impacts spreads, both per book and between related products.

one would have expected a largish increase when vix was 80 and remained around 30 for months, but it never happened. i don’t think there’s a meaningful correlation, especially due to how thin equities spreads are

Not even sure what the breakdown within the “US equities” bucket is, in terms of straight up stock trading vs index arb and other strategies. When I was a MM, spreads always blew up with volatility. Even if talking about capturing 20 mills vs say 10 on average.

$VIRT is the common equity of a real business & it shouldn't be traded against market metrics as if it is a synthetic vol proxy. find me another public MM... soon you probably won't be able to find any

did not even know flowtraders was public which is pretty embarrassing but thanks for sharing. most of my virt thesis is valuation driven so i look foward to taking a look at flowtraders... will report back

true. i will also note that neither firm are big in options MMing (correct me if im wrong) & both have stated they'd like to/have plans to ramp up a biz in the space. so there's that tailwind at the least