Equities LiquidityMatrix July 2016

Every month, TABB Group’s Equities LiquidityMatrix™ provides the industry with metrics from 25 ATS/SDPs, including stock capitalization distribution, block and demi-block % (shares & notional), midpoint %, and inside NBBO %, as well as a breakdown of exchange market share. Off-exchange market share in July 2016 increased 2% month-over-month to 38.3%, the highest off-exchange market share since April 2010. During the same period, the VIX average close decreased 17.8 to 13.2, the lowest in 2 years. Month-over-month, industry average daily volume decreased 13% in July 2016 while TABB-reported ATS/SDP volume decreased 8%.