VENUE INTELLIGENCE

Underneath the tape sits the venue layer.

A registry of every reporting alternative trading system, with its operator, its archetype and its filings. Thirty seven venues have reported into it. Thirty four currently report NMS equity, and two report OTC equity only. That second distinction is one most summaries get wrong.

Fee Finder prices a single execution at any exchange or ATS, by tier, with the regulatory fees loaded in. Pick a venue, a size and a price, and it returns what the fill actually costs, maker and taker.

The Execution Codes Explorer holds 965 codes. Cboe fee codes, MEMO values, ATS codes, each decoded and sourced back to the document it came out of.

The affiliate graph shows who owns whom, which matters more every quarter as exchanges buy pools. And the filings monitor sweeps EDGAR weekly for new Form ATS-N submissions, so a venue changing its matching logic surfaces here, not six months later in somebody's newsletter.