1. Options Liquidity MatrixTM March 2017
Options Volume by Exchange
Source: OCC/TABB Group
Options Market Share by Exchange
Source: OCC/TABB Group
© 2017 The TABB Group LLC. All rights reserved. May not be reproduced by any means without the express written consent of TABB Group and Hanweck.

2. Options Liquidity MatrixTM Options Market Quality
March 2017
Options Market Quality
All Options Trades
Source: Hanweck/TABB Group
Source: Hanweck/TABB Group
© 2017 The TABB Group LLC. All rights reserved. May not be reproduced by any means without the express written consent of TABB Group and Hanweck. 2

3. Options Liquidity MatrixTM Penny Options Market Quality
March 2017
Penny Options Volume
Source: Hanweck/TABB Group
Penny Options Market Quality
Source: Hanweck/TABB Group
© 2017 The TABB Group LLC. All rights reserved. May not be reproduced by any means without the express written consent of TABB Group and Hanweck. 3

4. Options Liquidity MatrixTM
March 2017
About the Options Liquidity MatrixTM:
The Options Liquidity Matrix is a monthly analysis of options market activity published by TABB Group and Hanweck. The report includes options trading volumes and statistics on execution metrics for each US listed options exchange and the industry using proprietary statistics and methodologies from Hanweck and data from the OCC.* Hanweck offers over 2 petabytes of historical data as a managed service, including full OPRA data, all quotes and trades from all exchanges, level-one data, implied volatilities and Greeks and full corporate actions.
*All statistics are derived from direct OPRA data feeds and include all trade activity reported by OPRA for each day. Quote statistics include trading activity during normal trading hours.
About MIAX Options:
MIAX Options is a fully electronic options trading exchange that addresses the needs of the retail customer and trading community by offering a low cost operating structure, superior customer service and outstanding technology. The trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX Options now lists and trades options on over 2,300 multi-listed classes. MIAX Options’ unparalleled system throughput is approximately 38 million quotes per second. The average latency for a single quote on MIAX Options is approximately microseconds for a full round trip. At the 99th percentile, the latency on MIAX Options is approximately microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately microseconds. For more information, please visit
About Hanweck:
Hanweck is the leading provider of real-time risk analytics on global derivatives markets focusing on the large-scale risk problems of banks, broker/dealers, hedge funds, central counterparties and exchanges -- where the number of instruments and positions number in the millions.  Hanweck delivers its risk analytics as a real-time service -- usually in the form of a data feed -- thereby dramatically simplifying integration with its customers' risk architecture. For more information, visit
 About TABB Group:
TABB Group is the financial markets industry’s only research and strategic advisory firm focused exclusively on capital markets. Founded in 2003 and based on the proven interview-based research methodology of “first-person knowledge” developed by founder Larry Tabb. For more information, visit In January 2010, TABB launched TabbFORUM, the online global capital markets community covering opinions and analyses on current industry issues, tracked daily by more than 30,000 industry professionals.
Definitions and methodology:
Average Bid/Offer Size: Average of the sum of the bid and the offer size across all quotes.
Average Bid/Offer Spread: Weighted average of the bid/offer spread across all quotes, where weights are the sum of bid and offer size for each quote.
Average Trade Size: For all reported trades, the total number of contracts executed divided by total number of trades.
Average Trade Value: For all reported trades, the execution price multiplied by the number of contracts divided by the total number of trades reported.
% Executed at Bid/Offer: Percentage of reported trades executed at the best prevailing bid/offer.
% of Best Bid/Offer: Sum of time the exchange is both best bid and best offer (across only symbols quoted by the exchange) divided by the sum of time those symbols have a best bid/offer during the trading day.
% of Best Bid/Offer with Greatest Size: Sum of time the exchange is both best bid and best offer and the quote has both greatest bid size and greatest offer size (across only symbols quoted by the exchange) divided by the sum of time those symbols have a best bid/offer during the trading day.
Penny Options Statistics: Includes options in underlying symbols in the Penny Pilot program.
Securities Traded: The number of individual unique option symbols traded during the period.
© 2017 The TABB Group LLC. All rights reserved. May not be reproduced by any means without the express written consent of TABB Group and Hanweck. 4