Equity notional value traded hits 12-month high
Mar 15, 2024
Higher Notional Value Traded; MEMX Options Completes Symbol Rollout
Highlights & Recent Developments
- MEMX notional value traded was $15.6 billion in February, a new twelve-month high
- The most active retail stocks on MEMX were NVDA, TSLA, SMCI, AMD, META
- MEMX Options completed the symbol rollout on February 27th and is averaging 909,986 average daily contracts in March
- MEMX Options market share in SPY was 4.9% of total volume and 6.7% of regular electronic volume on March 6th
- MEMX’s comment letter on the SEC’s consolidated market data plan recommends changes for more timely implementation
Equities Exchange Highlights
MEMX exchange market share was 5.1% in February. Average daily notional value traded on MEMX reached a twelve-month high in February, rising to $15.6 billion. Average daily notional activity increased further to $16.9 billion month-to-date through March 6th.
The most active retail stocks on MEMX by notional traded were NVDA, TSLA, SMCI, AMD and META.
Options Exchange Highlights
On February 27th, MEMX Options completed the full symbol rollout. So far in March, MEMX Options is averaging 909,986 average daily contracts, up 30% from February.
Figure 4 shows MEMX Options market share in symbols traded on March 6th. SPY was the most active symbol on MEMX, with a total volume of 471,737 contracts traded, total market share of 4.9%, and regular electronic market share of 6.7%.
Market Structure
MEMX recently submitted a comment letter on the NMS plan regarding consolidated equity market data. We recommended the SEC approve the plan with the following changes to ensure the timely implementation of the reforms:
- Allow one of the Administrators for the existing Equity Data Plans to be appointed as interim Administrator to the Plan to allow the Plan to become operative while the Operating Committee selects and onboards a new independent Administrator.
- Change the voting threshold to require a simple majority vote for most Plan actions, thereby streamlining the Plan’s decision-making process in a manner that would reduce the significant practical risk of the delay in implementing the Plan.
- Require that the Plan comply with the effective provisions of Regulation NMS, as amended by the infrastructure rule, that define consolidated market data to include certain odd-lot, depth-of-book, and auction information.