November 2025 Monthly Aggregate Trading Data

Spread Execution Metrics

At Bid/Ask30.93%
Inside NBBO excluding Midpoint11.90%
At Midpoint*57.16%

Average Executed Notional Block Data

>$200K6.68%
$100K – $200K3.52%

Platform Latency

p-ValueMicroseconds
p0 12
p25 19
p50 22
p75 26
p90 37
p95 65
p99 455

Conditional Order Statistics

  • Median response time: 0.945 milliseconds
  • Average firm-up rate (orders): 86.06%
  • Conditional percentage of ADV: 3.05

VWAP/Trajectory Cross Order Statistics

  • VWAP Block ADV (shares): 105,684,357
  • VWAP Block Unique Symbols Traded: 4,770
  • VWAP Slice ADV (shares): 33,850,251
  • VWAP Slice Unique Symbols Traded: 3,610

Odd Lot Statistics

Odd Lot percentage of ADV 24.59%

Average Trade Size

  • 48 shares

VWAP Order Time Percentage

1 min – 2 max50.28%
1 min – 1 max25.98%
5 min – 5 max11.09%
1 min – 5 max7.57%
Other5.07%

VWAP Executed Volume By Market Cap

Large Cap55.62%
Mid Cap27.99%
Small Cap16.39%

VWAP Executed Symbols by Market Cap

Large Cap1,077
Mid Cap1,210
Small Cap2,524

VWAP Breakdown

Open to Counterparty49.50%
Open Only to Self-Match50.50%
Contra Matched9.06%
Self-Matched90.94%

Executions by Trade Size

Trade BasketAvg Trade SizeVolume
1 – 4993367.43%
500 – 9996559.08%
1,000 – 1,9991,2887.36%
2,000 – 4,9992,9046.34%
5,000 – 9,9996,6273.56%
≥ 10,00021,6386.22%
Trade BasketAvg Trade SizeVolume
All48100.00%
≥ 5001,44232.57%
≥ 1,0002,69323.49%
≥ 2,0005,36216.12%
≥ 5,00011,8609.79%
≥ 10,00021,6386.22%

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November 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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