October 2025 Monthly Aggregate Trading Data

Spread Execution Metrics

At Bid/Ask32.62%
Inside NBBO excluding Midpoint11.45%
At Midpoint*55.94%

Average Executed Notional Block Data

>$200K6.33%
$100K – $200K3.70%

Platform Latency

p-ValueMicroseconds
p0 12
p25 18
p50 19
p75 23
p90 31
p95 43
p99 298

Conditional Order Statistics

  • Median response time: 0.951 milliseconds
  • Average firm-up rate (orders): 87.63%
  • Conditional percentage of ADV: 3.66

VWAP/Trajectory Cross Order Statistics

  • VWAP Block ADV (shares): 92,270,511
  • VWAP Block Unique Symbols Traded: 4,978
  • VWAP Slice ADV (shares): 34,882,412
  • VWAP Slice Unique Symbols Traded: 3,642

Odd Lot Statistics

Odd Lot percentage of ADV 21.69%

Average Trade Size

  • 50 shares

VWAP Order Time Percentage

1 min – 2 max45..26%
1 min – 1 max25.23%
5 min – 5 max12.62%
1 min – 5 max11.60%
Other5.30%

VWAP Executed Volume By Market Cap

Large Cap56.16%
Mid Cap29.35%
Small Cap14.50%

VWAP Executed Symbols by Market Cap

Large Cap1,066
Mid Cap1,250
Small Cap2,700

VWAP Breakdown

Open to Counterparty47.50%
Open Only to Self-Match52.50%
Contra Matched12.15%
Self-Matched87.50%

Executions by Trade Size

Trade BasketAvg Trade SizeVolume
1 – 4993364.62%
500 – 99963810.45%
1,000 – 1,9991,2808.03%
2,000 – 4,9992,8856.78%
5,000 – 9,9996,6343.67%
≥ 10,00021,0426.45%
Trade BasketAvg Trade SizeVolume
All50100.00%
≥ 5001,36835.38%
≥ 1,0002,62924.93%
≥ 2,0005,26716.90%
≥ 5,00011,77010.13%
≥ 10,00021,0426.45%

Archives

November 2025 Aggregate Trade Data

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October 2025 Aggregate Trade Data

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September 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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