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// CHAPTER 4 · 2:57

EVERY ATS, EVERY WEEK

Not three overnight venues. The whole alternative trading system universe.

This chapter begins at 2:57 and runs to 3:45.

Now the structure underneath the prices, around the clock. Every alternative trading system in the United States, every ATS, reports its volume to FINRA every week, stock by stock. We hold 138 weeks of it across thirty seven venues: more than fifteen million rows.

Volume Intelligence ranks every venue by its share of total ATS volume and shows how that share is moving, over four weeks, thirteen, twenty six or fifty two. Thirty four of those venues report NMS equity and two report OTC equity only, a distinction most summaries get wrong.

The ATS Intelligence Report takes the same data further: market share, venue clusters, and how persistent institutional flow really is from one week to the next.

Go see it