With August behind us, let's do a YTD recap of the US equities landscape. CHART THREAD:
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INDUSTRY VOLUMES: We're finally getting back to a normal-ish pace - August volumes were only +2% YoY (still +20% above pre-COVID levels).pic.twitter.com/HJDeArlXU6
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OFF-EXCHANGE SHARE: While down from historic highs in early 2021, off-exchange trading is still extremely elevated. Strong retail activity is persisting which leads to more off-exchange internalization.pic.twitter.com/PtJOIGQFE5
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NYSE: Market share has slid every month in 2021 and continues a slow, steady loss of share since 2017. Off-exchange trading & new competitors are likely the reason.pic.twitter.com/IRtJobWe8k
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NASDAQ: Share gains from 2017-2019 reversed rapidly during COVID and are still near 5 year lows.pic.twitter.com/LSAxsgZamI
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CBOE: We round out the Big Three legacy exchanges with a similar story - sliding share despite high volumes since COVID. No wonder CBOE's buying off-exchange venues to retake share!pic.twitter.com/q54XnkkEMv
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IEX: Yawn. IEX has been floating between ~2%-3% share since 2017. Nothing impactful of note here, IEX has been the shy introvert at the US equities party for quite some time now.pic.twitter.com/ethiu6ZMPW
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MEMX: Boom. Market share has grown nearly every month since inception. Keep in mind MEMX is dominating low-price stock volume so notional market share is smaller, but the trend is worth watching closely & isn't slowing down.pic.twitter.com/mNSLo9nvmN
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MIAX: While small, MIAX share has marched higher throughout 2021. Their impressive options success may give them a growing advantage in wrangling equities share as well down the road.pic.twitter.com/vqtl30VGrb
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