TABB Equity Digest: Q1-2019

U.S. equity average daily volume (ADV), after increasing to a monthly average of 9.1 billion shares in December 2018, settled back down to an average of 7.1 billion shares in May 2019 and averaged 7.2 billion shares from January through May 2019. Quarterly net exchange revenues of the three large equity exchanges (ICE, NASDAQ, and Cboe) fell from highs of $2.2 billion for the fourth quarter of 2018 to $2 billion for the first quarter of 2019. Net transactional revenues were off 13%, while data revenues dropped 3.7%.

TABB Group’s exclusive quarterly equity digest combines data from the SEC market structure website, SEC Rule 605 and Rule 606 disclosures, FINRA Rule 4552, self-reported Single-Dealer Platforms, exchange order type information, and the SIP.