March 18, 2019 Options LiquidityMatrix™ The Options LiquidityMatrix™is a monthly analysis of options market activity published by TABB Group with analysis and statistics from Hanweck. The report includes options trading volumes and statistics on execution metrics for each US listed options exchange and the industry, using data sourced from the OCC and Hanweck. The Options LiquidityMatrix™ includes data and analysis separately for penny options classes and all options trades. Charts and data tables in the report include: Options volume by exchange on year-to-date and monthly basis. Options market share by exchange for all 15 exchanges operated by Cboe Global Markets, Nasdaq, NYSE, MIAX, and BOX. Options market quality for penny options classes and all options trades, including Average bid/ask spread Average bid/offer size Number of series traded Average trade size (contracts) Average trade value Percentage executed at bid/ask Percentage of time at best bid/offer Percentage of time at best bid/offer and greatest size Options Market Share Continues Shift Amid Light Volumes in January The first month of 2019 lacked volatility, which in turn resulted in light volumes for the US options industry. Year-over-year volume was down about 11% in January, to 416 million contracts traded. But the drop in volume should not be seen as a red flag for the industry, as average monthly volume in 2018 was around 428 million contracts, less than 3% higher than in January 2019. A persistent trend in 2018 that continued in January was the shift in volume from the Cboe and Nasdaq exchange groups to the NYSE and MIAX exchanges. Cboe lost 3.5% share and Nasdaq lost 0.7% in the first month of 2019. Meanwhile, NYSE’s market share rose, from 15.8% to 17.5%, and MIAX gained 2.6% market share, a reflection of a huge volume increase at the MIAX Pearl exchange. Data Source: OCC and TABB Group calculations For more details on US options market activity, check out TABB Group’s exclusive Options LiquidityMatrix, below, which includes options trading volumes and statistics on execution metrics for each US listed options exchange as well as the industry as a whole. DownloadDisclaimer Options LiquidityMatrix Historical Downloads You can download archived LiquidityMatrix data as a PDF file. Use the drop-down to select year and month. Don't miss our Equities LiquidityMatrix! About Hanweck Associates: Hanweck is the leading provider of real-time risk analytics on global derivatives markets focusing on the large-scale risk problems of banks, broker/dealers, hedge funds, central counterparties and exchanges -- where the number of instruments and positions number in the millions. Hanweck delivers its risk analytics as a real-time service -- usually in the form of a data feed -- thereby dramatically simplifying integration with its customers' risk architecture. For more information, visit www.hanweck.com. TabbFORUM is an open community that provides a platform for capital markets professionals to share their ideas and thought leadership with their peers. The views and opinions expressed are solely those of the author(s). They do not necessarily reflect the opinions of TABB Group, its analysts, TabbFORUM and its editors, or their employees, affiliates and partners.