With August behind us, let's do a YTD recap of the US equities landscape. CHART THREAD:
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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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you know, I haven't followed tape revenue as much lately. It used to be Tape B paid a lot more per trade than A or C. I am not sure if that is the same today given all of the ETP trading. That said, it still could be.
End of conversation
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Phew, thank goodness for the rebates. Has anyone seen the quality of execution for investors trying to save money, like percentage of trades receiving price improvement and percentage of volume occurring within 2 milliseconds of a quote change (adverse selection)?
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