December 2025 Monthly Aggregate Trading Data

Spread Execution Metrics

At Bid/Ask31.44%
Inside NBBO excluding Midpoint10.17%
At Midpoint*58.39%

Average Executed Notional Block Data

>$200K7.08%
$100K – $200K3.78%

Platform Latency

p-ValueMicroseconds
p0 12
p25 19
p50 21
p75 24
p90 31
p95 44
p99 215

Conditional Order Statistics

  • Median response time: 0.906 milliseconds
  • Average firm-up rate (orders): 88.06%
  • Conditional percentage of ADV: 2.94

VWAP/Trajectory Cross Order Statistics

  • VWAP Block ADV (shares): 81,602,593
  • VWAP Block Unique Symbols Traded: 4,803
  • VWAP Slice ADV (shares): 34,368,152
  • VWAP Slice Unique Symbols Traded: 3,719

Odd Lot Statistics

Odd Lot percentage of ADV 24.92%

Average Trade Size

  • 46 shares

VWAP Order Time Percentage

1 min – 2 max46.63%
1 min – 1 max25.66%
5 min – 5 max15.50%
1 min – 5 max6.57%
Other5.65%

VWAP Executed Volume By Market Cap

Large Cap57.31%
Mid Cap27.34%
Small Cap15.34%

VWAP Executed Symbols by Market Cap

Large Cap1,078
Mid Cap1,223
Small Cap2,553

VWAP Breakdown

Open to Counterparty41.85%
Open Only to Self-Match58.15%
Contra Matched9.97%
Self-Matched90.03%

Executions by Trade Size

Trade BasketAvg Trade SizeVolume
1 – 4993167.65%
500 – 9996559.06%
1,000 – 1,9991,2977.31%
2,000 – 4,9992,9096.38%
5,000 – 9,9996,6803.41%
≥ 10,00022,3616.19%
Trade BasketAvg Trade SizeVolume
All46100.00%
≥ 5001,44232.35%
≥ 1,0002,70323.29%
≥ 2,0005,36415.98%
≥ 5,00012,1959.61%
≥ 10,00022,3616.19%

Archives

November 2025 Aggregate Trade Data

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September 2025 Aggregate Trade Data

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August 2025 Aggregate Trade Data

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July 2025 Aggregate Trade Data

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June 2025 Aggregate Trade Data

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*VWAP Volume not included in Midpoint Volume Calculation
Figures may not total to 100% due to rounding
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