State of ATS Markets
Q1 2026
Sapinover's venue-intelligence platform tracks 4.8 million FINRA issue-level records across 30 weeks and 36 registered NMS-equity ATSs. This report is the Q1 2026 extract, covering 13 weeks from December 29, 2025, through March 23, 2026. Every figure is sourced from FINRA Rule 4552 weekly transparency data. Rankings use NMS Tier 1 + Tier 2 share volume only (OTC equity excluded).
01 / Platform Scale
02 / Q1 2026 NMS ATS Rankings
13 weeks ending March 23, 2026. All 13 weeks with complete Tier 1 + Tier 2 coverage. 169.9 billion NMS shares. 1.98 billion trades. 33 NMS-equity venues ranked (2 OTC-equity-only venues, OTCN and OTCX, excluded from NMS ranking).
Blue Ocean ATS highlighted at #9 with 3.57% NMS market share.
| # | ATS | MPID | T1 Shares | T2 Shares | Total | Share % |
|---|---|---|---|---|---|---|
| 1 | Intelligent Cross | INCR | 15.52B | 14.14B | 29.66B | 17.46% |
| 2 | UBS ATS | UBSA | 12.17B | 9.58B | 21.75B | 12.80% |
| 3 | Level ATS | EBXL | 7.69B | 6.12B | 13.81B | 8.13% |
| 4 | Sigma X2 | SGMT | 6.74B | 5.27B | 12.01B | 7.07% |
| 5 | Instinct X | MLIX | 5.37B | 5.02B | 10.40B | 6.12% |
| 6 | MS Trajectory Cross (ATS-1) | MSTX | 5.03B | 4.14B | 9.18B | 5.40% |
| 7 | MS Pool (ATS-4) | MSPL | 4.06B | 4.09B | 8.15B | 4.80% |
| 8 | BIDS ATS | BIDS | 4.20B | 3.29B | 7.49B | 4.41% |
| 9 | Blue Ocean ATS | BLUE | 0.80B | 5.27B | 6.06B | 3.57% |
| 10 | PureStream | PURE | 3.71B | 2.33B | 6.04B | 3.55% |
| 11 | OneChronos | CGXS | 3.49B | 2.49B | 5.98B | 3.52% |
| 12 | Virtu MatchIt | KCGM | 2.59B | 2.77B | 5.36B | 3.16% |
| 13 | JPM-X | JPMX | 3.00B | 2.23B | 5.23B | 3.08% |
| 14 | IBKR ATS | IATS | 1.79B | 3.25B | 5.05B | 2.97% |
| 15 | Barclays ATS | LATS | 2.37B | 1.88B | 4.25B | 2.50% |
| 16 | JPB-X | JPBX | 2.06B | 1.40B | 3.46B | 2.03% |
| 17 | POSIT | ITGP | 1.63B | 1.69B | 3.33B | 1.96% |
| 18 | CrossStream | XSTM | 1.16B | 1.67B | 2.83B | 1.67% |
| 19 | CBX | ICBX | 1.09B | 1.11B | 2.20B | 1.30% |
| 20 | Citi-ONE ATS | ONEC | 0.83B | 0.76B | 1.59B | 0.94% |
Source: FINRA Rule 4552 weekly ATS transparency data, Sapinover analysis. Q1 2026, 13 weeks ending Mar 23. NMS Tier 1 + Tier 2 only. T1 = S&P 500 / Russell 1000 constituents. T2 = remaining NMS stocks. Market share = venue NMS shares / NMS universe total. 36 registered ATSs; 2 OTC-equity-only (OTCN, OTCX) excluded from NMS ranking.
03 / Reg ATS-N Filing Activity: Q1 2026
SEC Form ATS-N filings tracked in Q1 2026. Filing types: UA (updating amendment), MA (material amendment), OFA (order flow attribution), CA (correcting amendment). 15 venues filed a total of 40+ amendments during the quarter.
| Venue | Filings | Types Filed | Notable |
|---|---|---|---|
| Liquidnet Negotiation ATS | 7 | CA, MA, UA | Most active filer in Q1 |
| JPM-X | 6 | CA, MA, UA | Multiple correcting amendments |
| Blue Ocean ATS | 6 | CA, MA, OFA, UA | Continued monthly OFA cycle |
| Intelligent Cross | 4 | MA, OFA, UA | OFA filed Mar 5 |
| Level ATS | 3 | CA, MA, UA | Material amendment Feb 20 |
| Admiral ATS | 2 | UA | New/emerging venue, 2 updates |
| ALPHAX US | 2 | MA, UA | Material amendment Feb 20 |
| Bruce ATS | 2 | CA | Correcting amendments only |
| IBKR ATS | 2 | MA, UA | Material + updating amendments |
| OTC Link ATS | 2 | MA, UA | |
| CODA | 1 | UA | Final filing before Mar 20 cessation |
| BIDS ATS | 1 | MA | Material amendment Mar 12 |
| OneChronos | 1 | MA | Material amendment Feb 13 |
| POSIT | 1 | UA | Updating amendment Feb 11 |
| Goldman Sachs SIGMA X2 | 1 | MA | Material amendment |
Source: SEC EDGAR filing_registry via Sapinover venue-intelligence platform. Q1 2026. ATS-N/UA = updating amendment, ATS-N/MA = material amendment, ATS-N/OFA = order flow attribution, ATS-N/CA = correcting amendment.
Material Amendments (MA)
Material amendments indicate substantive operational changes: modifications to order types, subscriber categories, fee structures, or matching methodology. JPM-X, OneChronos, BIDS ATS, and Level ATS all filed material amendments in Q1, signaling active venue evolution. Blue Ocean filed both MA and OFA amendments.
CODA Cessation
CODA Markets filed a final UA on Feb 6 before its ATS-N-C cessation notice effective March 20, 2026. CODA operated as a regular-hours size-discovery and block-auction ATS, not as an overnight venue. Its exit leaves the block/call-auction segment of the ATS landscape with fewer options; the overnight ATS universe (Blue Ocean, Bruce, Moon) is unaffected.
04 / Tier Composition
Most ATSs run 52-56% Tier 1 because institutional flow concentrates in large-cap names. Three venues break this pattern entirely, running 77-87% Tier 2.
| ATS | T1 % | T2 % | T2 Shares | Pattern |
|---|---|---|---|---|
| Intelligent Cross (#1) | 52% | 48% | 14.14B | Balanced |
| UBS ATS (#2) | 56% | 44% | 9.58B | T1-leaning |
| BIDS ATS (#8) | 56% | 44% | 3.29B | T1-leaning |
| CrossStream (#18) | 41% | 59% | 1.67B | T2-leaning |
| Blue Ocean ATS (#9) | 13% | 87% | 5.27B | T2-dominant |
| Bruce ATS (#26) | 23% | 77% | 285M | T2-dominant |
| Moon ATS (#28) | 14% | 86% | 276M | T2-dominant |
Source: FINRA Rule 4552. Q1 2026, 13 weeks, NMS Tier 1 + Tier 2 only. All three overnight-session venues show T2-dominant composition, reflecting smaller-cap and non-index name activity outside regular trading hours.
05 / Overnight Venues
Three registered ATSs operate a continuous overnight session in US equities: Blue Ocean, Bruce Markets, and Moon ATS (OTC Link). CODA Markets, listed elsewhere in this report, operated as a regular-hours size-discovery and block-auction venue and did not participate in overnight trading.
| Venue | MPID | Q1 NMS Shares | Q1 Trades | NMS Share % | Rank |
|---|---|---|---|---|---|
| Blue Ocean ATS | BLUE | 6.06B | 46.2M | 3.57% | #9 |
| Bruce ATS | BOSS | 374M | 4.4M | 0.22% | #26 |
| Moon ATS | MOON | 324M | 3.2M | 0.19% | #28 |
Source: FINRA Rule 4552, 13-week Q1 window, NMS T1+T2 only. Combined 3-venue share: ~3.98% of total Q1 NMS ATS volume. Blue Ocean commands ~90% of 3-venue overnight NMS share.
06 / Q1 Data Completeness
FINRA publishes Tier 1 data approximately 2 weeks after trade date and Tier 2 approximately 4 weeks after. All 13 Q1 2026 weeks now have complete dual-tier NMS coverage. Two additional OTC-equity venues (OTCN, OTCX) report in the OTC Equity tier only and are excluded from NMS rankings above.
| Week Starting | T1 Venues | T2 Venues | OTC Venues | Status |
|---|---|---|---|---|
| Dec 29, 2025 | 33 | 32 | 2 | Complete |
| Jan 5, 2026 | 33 | 32 | 2 | Complete |
| Jan 12 | 33 | 32 | 2 | Complete |
| Jan 19 | 33 | 32 | 2 | Complete |
| Jan 26 | 33 | 32 | 2 | Complete |
| Feb 2 | 33 | 32 | 2 | Complete |
| Feb 9 | 33 | 32 | 2 | Complete |
| Feb 16 | 33 | 32 | 2 | Complete |
| Feb 23 | 33 | 32 | 2 | Complete |
| Mar 2 | 33 | 32 | 2 | Complete |
| Mar 9 | 33 | 32 | 2 | Complete |
| Mar 16 | 33 | 32 | 2 | Complete |
| Mar 23 | 32 | 31 | 2 | Complete |
Source: FINRA Rule 4552. All 13 weeks fully published. T1 venue count varies slightly as some venues start/stop reporting mid-quarter (e.g. CODA ceased Mar 20, 2026).
07 / The Full Field: NMS Venues 21-33
The long tail includes block negotiation venues, overnight ATSs, and specialty platforms. Two OTC-equity-only venues (OTCN, OTCX) are excluded from this NMS ranking. CODA ceased operations March 20, 2026 (14 of 30 window weeks active).
| # | ATS | MPID | Q1 NMS Shares | NMS Share % |
|---|---|---|---|---|
| 21 | BNPP Cortex ATS | BNPX | 1.23B | 0.72% |
| 22 | Liquidnet H2O | LQNA | 1.00B | 0.59% |
| 23 | Dealerweb | DLTA | 0.69B | 0.41% |
| 24 | MS RPool (ATS-6) | MSRP | 0.67B | 0.39% |
| 25 | Instinet BlockCross | BLKX | 0.56B | 0.33% |
| 26 | Bruce ATS | BOSS | 374M | 0.22% |
| 27 | AlphaX US | ALPX | 327M | 0.19% |
| 28 | Moon ATS | MOON | 324M | 0.19% |
| 29 | CODA (ceased Mar 20) | CODA | 303M | 0.18% |
| 30 | Liquidnet Negotiation | LQNT | 270M | 0.16% |
| 31 | IBKR EOS | IEOS | 143M | 0.08% |
| 32 | Luminex | LMNX | 137M | 0.08% |
| 33 | Stifel X | STFX | 30M | 0.02% |
Source: FINRA Rule 4552. Q1 2026, 13 weeks, NMS T1+T2 only. Combined tail (venues 21-33) = ~3.56% of NMS ATS volume. OTCN and OTCX excluded (OTC equity only, no NMS volume).
08 / Methodology
Data Source
All data in this report is sourced from FINRA Rule 4552 weekly ATS transparency statistics. FINRA requires each ATS to report weekly share volume and trade count by NMS tier for every symbol traded. Sapinover ingests this data programmatically and maintains a continuous historical record spanning March 2024 to present.
Rankings
Market share is calculated as each venue's NMS (Tier 1 + Tier 2) shares divided by the NMS universe total for the stated period. Q1 2026 rankings use all 13 available weeks (Dec 29 2025 through Mar 23 2026). Rankings are by NMS share volume. Two OTC-equity-only venues (OTCN, OTCX) are excluded from NMS rankings. The full 36-MPID universe was corrected July 2026 to include 9 previously missing venues.
NMS Tiers
Tier 1 (T1) covers S&P 500 and Russell 1000 constituents. Tier 2 (T2) covers remaining NMS stocks. Most institutional ATSs run 60-65% T1. Overnight venues show the inverse pattern (70-84% T2), reflecting the overnight session's role in non-index name activity driven by earnings, catalysts, and global events.
Disclaimer
This report is produced by Sapinover LLC for informational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any investment product. All figures are derived from FINRA's public ATS transparency data. No figures are estimated or extrapolated.
4.8 Million Records. 30 Weeks. 36 Venues.
Access live ATS rankings, T1/T2 trend analysis, and per-symbol venue breakdowns on the Sapinover platform.