UPDATE:Nasdaq Share Of NYSE-Listed Matched Volume Down In Dec
January 15 2009 - 2:53PM
Dow Jones News
(Updates with additional details and data)
Nasdaq OMX Group Inc. (NDAQ) said Thursday its matched-volume
market share of NYSE-listed equities slipped again in December from
the previous month.
Nasdaq's matched-volume market share - trades executed at the
same level as the market's opening reference price - of NYSE-listed
stocks was 20%, compared with 22.3% in November and 18.3% a year
earlier. Overall volume was 21.6 billion shares.
Average daily matched volume of Nasdaq-listed securities was 762
million shares, down 21% from November.
Trading has increasingly moved away from the Nasdaq and NYSE to
alternative venues as electronic trading continues to
proliferate.
Nasdaq's matched share of all U.S. equities was 27.2% in
December, down 2.3% from the previous month as NYSE Euronext (NYX)
reclaimed trading lost earlier in 2008, and alternative trading
venues like Bats Trading and DirectEdge posted their own volume
gains.
NYSE Euronext reported last week that its U.S. average equity
volume rose 30% during December, while its European stock business
was "stable" and the Liffe derivatives arm was off 19%.
Bats, which has converted to an exchange, reported last week
that its own U.S. market share grew to 10.46% in December. Direct
Edge claimed 12.26% of U.S. equities trading in December, pulling
ahead of Bats in terms of volume.
With competition among equity exchanges intensifying on both
sides of the Atlantic, the surge in U.S. stock trading has helped
alleviate weakness in Nasdaq OMX's European stock and derivatives
operations.
Trading in equity and fixed-income derivatives products rose 5%
on a month-to-month basis in December, with a major gain in
long-term interest-rate products.
However, both product lines are down from the year-ago period,
tracking broad declines in derivatives trading seen at CME Group
Inc. (CME) and Deutsche Boerse's (DB1.XE) Eurex unit.
The exchange group's share of U.S. options trading inched upward
to 19.8% of the total market, but overall options trading activity
fell 17% from November.
Nasdaq's shares were recently $20.71, down about 0.2% for the
day.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com; and Jacob Bunge, Dow Jones Newswires;
312-750-4117; jacob.bunge@dowjones.com
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