4 December 2012

Co-Authors

Justin Schack

Managing Director

Alex Kemmsies

Associates

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
November US Securities Volumes

Overview

Securities volumes ticked up slightly in November, but remain near multi-year lows. Equity ADV of 6.2bn, increased 1.34% m/m, but fell 15.70% from. November 2011, when volatility related to the European sovereign debt crisis and US fiscal cliff stimulated volumes. Year-to-date ADV of 6.5bn is off 18.47% from the first 11 months of last year. ETF trading drove the m/m equity volume gain, jumping 12.00% m/m (-31.15% y/y) and accounting for 13.82% of total equity volume, up 132bps m/m. Equity options ADV increased 2.10% m/m (-4.17% y/y), to 14.5mn contracts. Year-to-date through November, equity options ADV is 14.8mn contracts, down 13.19% y/y.

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