July 2026 Monthly Aggregate Trading Data

Spread Execution Metrics

At Bid/Ask27.16%
Inside NBBO excluding Midpoint12.89%
At Midpoint*59.95%

Average Executed Notional Block Data

>$200K8.61%
$100K – $200K4.28%

Platform Latency

p-ValueMicroseconds
p0 12
p25 19
p50 22
p75 26
p90 32
p95 40
p99 162

Conditional Order Statistics

  • Median response time: 0.786 milliseconds
  • Average firm-up rate (orders): 75.86%
  • Conditional percentage of ADV: 3.46

VWAP/Trajectory Cross Order Statistics

  • VWAP Block ADV (shares): 124,267,669
  • VWAP Block Unique Symbols Traded: 5,312
  • VWAP Slice ADV (shares): 47,696,802
  • VWAP Slice Unique Symbols Traded: 3,787

Odd Lot Statistics

Odd Lot percentage of ADV 26.13%

Average Trade Size

  • 40 shares

VWAP Order Time Percentage

1 min – 2 max47.21%
1 min – 1 max23.68%
5 min – 5 max14.44%
1 min – 5 max9.86%
Other4.80%

VWAP Executed Volume By Market Cap

Large Cap55.75%
Mid Cap29.72%
Small Cap14.53%

VWAP Executed Symbols by Market Cap

Large Cap1,187
Mid Cap1,329
Small Cap2,796

VWAP Breakdown

Open to Counterparty48.66%
Open Only to Self-Match51..34%
Contra Matched12.92%
Self-Matched87.08%

Executions by Trade Size

Trade BasketAvg Trade SizeVolume
1 – 4992664.65%
500 – 9996549.83%
1,000 – 1,9991,2937.83%
2,000 – 4,9992,9156.60%
5,000 – 9,9996,7483.69%
≥ 10,00022,8157.14%
Trade BasketAvg Trade SizeVolume
All40100.00%
≥ 5001,46035.35%
≥ 1,0002,77825.52%
≥ 2,0005,64317.70%
≥ 5,00012,73511.10%
≥ 10,00022,8157.14%

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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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