In 2019, NYSE Group successfully completed migrating its five equity exchanges to the NYSE Pillar technology platform. This migration improved efficiency and reduced complexity for exchange stakeholders by introducing a single specification across all equity exchanges. To reflect the functional alignment across exchanges, we have updated and expanded our monthly order type usage report.
The new NYSE Group Order Type Usage Report consolidates usage across all equity exchanges into a single file:
|MPL (Midpoint) ALO||0.0%||0.0%||0.0%||0.0%||0.0%|
The above table shows the increase of midpoint on NYSE National. The full report can be downloaded at NYSE National Order Type Usage Report. Additionally, for further reading on the benefits of midpoint growth, see our earlier post on NYSE National Quote Stability.
Following the record-setting 40.1 million average daily volume (ADV) in the 1st quarter of this year, Q2 2021 options volume was the 2nd highest of all-time with 37.6 million contracts traded per day. Robust volume was driven in part by market anticipation of a potential earlier rise in interest rates and Fed tapering, as well as increased volume in options on new issues and continued activity in retail-focused stocks.
After-hours trading has been a larger piece of the total trading volume since the onset of the pandemic, with retail presence growing stronger and earnings announcements becoming less of a factor. In this post, we examine the impact of these shifting dynamics on after-hours price discovery and order behavior.
The surge in market volatility and trading volumes since the onset of the pandemic in March 2020 has impacted numerous aspects of equity market trading. One less-studied area has been after-hours trading. After-hours has also seen changes in order flow trends and influences, and here we examine trends and shifts occurring in these sessions.