Delta and vega exposure trading in stock and option markets

► We examine the composition of trading activity in stock and option markets. ► We evaluate whether traders use option markets for delta or vega exposure. ► Additionally, we evaluate traders' preferences on trading venue by exposure type. ► We find that vega trading is a larger component of option market activity than is delta trading. ► Lastly, delta traders prefer stocks over options, while both trader types prefer calls over puts.