Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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April 1, 2013

Index Up, Volume Down

By Editorial Staff

The Dow Jones Industrial Average may be up 1,343.15, or 10.2 percent, for the year and at an all-time record.

But overall trading in equities is down.

Average daily volume on all equities trading exchanges, venues and systems in February was 6.6 billion shares, according to Nasdaq OMX Group. That is down 5.3 percent 6.9 billion in both January and February of 2012.

Volume did gain 2.3 percent from the 6.4 billion shares traded on an average day in the first month of this year, according to Nasdaq.

The Nasdaq Stock Market had the greatest share of overall trading, at 15.8 percent of all matched volume, according to BATS Global Markets statistics. The New York Stock Exchange and its all-electronic relative NYSE Arca had 11.0 percent and 10.9 percent, respectively.

BATS' handled 727 million shares per day in February; Direct Edge handled 789 million shares.

The one-time American Stock Exchange, now NYSE MKT, had the smallest share of any exchange. It accounted for three-tenths of a percent of all matched volume.

 

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