ATS Intelligence Report

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// SAPINOVER INSTITUTIONAL INTELLIGENCE

FINRA ATS Intelligence Report

Year-to-Date 2026 | Venue Clustering | Gradient Boost Analysis

Data period: Mar 02, 2026 - Aug 24, 2026 | Generated: 10/1/2026

#1 ATS

INCR leads the period with 16.1% market share: 1.3x UBSA

54.1B shares, Institutional Core

GBoost R²

Prior-week volume explains 96% of weekly ATS flow variance (R²=0.997): institutional flow persistence confirmed

26 weeks of data, 35 venues

Overnight

3 extended-hours venues (BLUE, BOSS, MOON) combined for 16.9B over the period, high CV signals session-constrained flow

Avg CV: 0.96

3 Clusters

K-means separates 35 ATSs into 3 structural archetypes (silhouette=0.602): institutional core, algo/mid-touch, block/OTC, and overnight/niche

Institutional Core: 23 · Overnight: 8 · Block: 4

// REPORT ARCHIVE

Mar-Aug 202626w / 335BCURRENT Jan 05, 2026 - Feb 23, 20268w / 96B

TOTAL ATS VOLUME

335.0B

TOTAL TRADES

4286M

ACTIVE VENUES

WEEKS COVERED

#1 VENUE

INCR 16.1%

0. Executive Summary

Across 26 reporting weeks (Mar-Aug 2026), the U.S. equity ATS landscape processed 335.0 billion shares across 35 registered venues. Intelligent Cross (INCR) commanded the largest single-venue market share at 16.1%, outpacing UBS ATS (12.5%) and LeveL Markets ATS (8.3%).

K-means cluster analysis reveals four structurally distinct venue archetypes. Gradient Boost modeling of weekly volume identifies prior-week volume as the dominant predictor (R² = 0.997), consistent with institutional flow persistence dynamics.

1. Market Share: Top 10 Venues

// ATS MARKET SHARE BY VENUE (%)

// TOP 10 BY SHARES

#	MPID	SHARES	SHARE%	AVG SIZE	CLUSTER
1	INCR	54.1B	16.14%	78	INSTITUTIONAL
2	UBSA	41.8B	12.49%	76	INSTITUTIONAL
3	EBXL	27.9B	8.33%	41	INSTITUTIONAL
4	SGMT	24.0B	7.17%	60	INSTITUTIONAL
5	MLIX	20.1B	6.01%	101	INSTITUTIONAL
6	MSTX	19.1B	5.69%	41	INSTITUTIONAL
7	MSPL	16.8B	5.01%	190	INSTITUTIONAL
8	CGXS	14.6B	4.36%	100	INSTITUTIONAL
9	BLUE	14.5B	4.33%	124	OVERNIGHT
10	BIDS	14.4B	4.30%	589	INSTITUTIONAL

2. Venue Cluster Analysis: Silhouette 0.602

// VENUE CLUSTER MAP: log(avg trade size) vs market share

Institutional Core

High aggregate volume, medium avg trade sizes (70-120 shares). Dominant consistent institutional order flow.

INCR, UBSA, EBXL, SGMT, MLIX, MSTX ...

Algo / Mid-Touch

Small avg trade sizes (<55 shares), high trade counts. Optimized for algo-driven, high-frequency crossing.

Block / OTC Negotiated

Very large avg trade sizes (500-110,000+ shares), low trade counts. Classic block crossing and negotiation.

DLTA, BLKX, LQNT, LMNX

Overnight / Niche

High week-over-week CV (0.7-1.0+). Volume concentrated in overnight or extended-hours sessions.

BLUE, BOSS, MOON, IEOS, CODA, STFX ...

3. Gradient Boost: R² = 0.997

// FEATURE IMPORTANCE: PREDICTING WEEKLY ATS VOLUME

Gradient Boost regression trained on all active ATS venues using weekly volume data across 26 reporting periods.

Prior-week volume dominates feature importance at 95.8%, confirming institutional flow persistence: large venues attract large volumes via a self-reinforcing mechanism.

Prior Week Volume95.8%

Venue2.3%

Avg Trade Size1.1%

Week of Year0.9%

4. Ticker Venue Breakdown: 3-Month ATS Share

// NVDA — NVIDIA — TOP ATSs BY VOLUME %

// VENUE BREAKDOWN

ATS	SHARES	% VOL	TRADES
UBSA	277M	13.1%	4538K
INCR	250M	11.8%	3377K
IATS	181M	8.5%	1602K
EBXL	162M	7.6%	4240K
SGMT	150M	7.1%	2272K
BIDS	119M	5.6%	288K
MLIX	116M	5.5%	1099K
PURE	96M	4.5%	1511K

5. Overnight Venue Spotlight

3 venues operate exclusively in extended-hours sessions, with combined volume of 16.9B shares over the period, about 5.0% of total ATS volume. High week-over-week CV indicates session-constrained activity.

BLUECV: 0.94

Blue Ocean ATS

14.5B

4.33% market share

VOLATILITY (CV)

BOSSCV: 0.91

Bruce ATS

1.7B

0.52% market share

VOLATILITY (CV)

MOONCV: 1.03

Moon ATS

638M

0.19% market share

VOLATILITY (CV)

Explore the Full Dataset on Sapinover

This report is derived from 20M+ rows of FINRA ATS issue-level data, 35 venue profiles with 150+ attributes, SEC ATS-N filing analysis, and 100+ days of proprietary overnight session data across three venue partners.

Venue Registry Volume Intelligence Affiliate Graph Issue-Level Data

A. Full Venue Registry: Active in Period (35 venues)

MPID	VENUE	SHARES	MKT%	AVG SIZE	CV	CLUSTER
INCR	Intelligent Cross	54.1B	16.14%	78	0.15	Institutional Core
UBSA	UBS ATS	41.8B	12.49%	76	0.16	Institutional Core
EBXL	LeveL Markets ATS	27.9B	8.33%	41	0.15	Institutional Core
SGMT	Goldman Sachs SIGMA X2	24.0B	7.17%	60	0.16	Institutional Core
MLIX	Instinct X	20.1B	6.01%	101	0.10	Institutional Core
MSTX	MS TRAJECTORY CROSS (ATS-1)	19.1B	5.69%	41	0.13	Institutional Core
MSPL	MS POOL (ATS-4)	16.8B	5.01%	190	0.10	Institutional Core
CGXS	OneChronos	14.6B	4.36%	100	0.20	Institutional Core
BLUE	Blue Ocean ATS	14.5B	4.33%	124	0.94	Overnight / Niche
BIDS	BIDS ATS	14.4B	4.30%	589	0.13	Institutional Core
IATS	IBKR ATS	10.1B	3.01%	138	0.30	Institutional Core
PURE	PureStream	10.0B	2.98%	34	0.29	Institutional Core
JPMX	JPM-X	9.3B	2.79%	92	0.19	Institutional Core
KCGM	Virtu MatchIt ATS	9.2B	2.74%	118	0.20	Institutional Core
LATS	The Barclays ATS	7.6B	2.27%	110	0.16	Institutional Core
JPBX	JPB-X	7.5B	2.23%	82	0.20	Institutional Core
ITGP	POSIT	6.8B	2.04%	291	0.14	Institutional Core
XSTM	CrossStream	6.1B	1.83%	284	0.19	Institutional Core
ICBX	CBX	5.0B	1.48%	87	0.17	Institutional Core
BNPX	BNPP CORTEX ATS	3.0B	0.91%	97	0.26	Institutional Core
ONEC	Citi-ONE ATS	2.6B	0.78%	112	0.19	Institutional Core
LQNA	Liquidnet H2O ATS	2.0B	0.59%	490	0.16	Institutional Core
MSRP	MS RPOOL (ATS-6)	2.0B	0.58%	81	0.40	Institutional Core
BOSS	Bruce ATS	1.7B	0.52%	105	0.91	Overnight / Niche
DLTA	DealerWeb	1.3B	0.40%	114,163	0.53	Block / OTC Negotiated
BLKX	Instinet BlockCross	997M	0.30%	4,096	0.16	Block / OTC Negotiated
MOON	Moon ATS	638M	0.19%	109	1.03	Overnight / Niche
ALPX	TMX Alpha US ATS	633M	0.19%	100	0.23	Institutional Core
LQNT	Liquidnet Negotiation ATS	510M	0.15%	27,340	0.24	Block / OTC Negotiated
IEOS	IBKR EOS ATS	386M	0.12%	122	0.83	Overnight / Niche
CODA	CODA Markets ATS	52M	0.02%	144	0.41	Overnight / Niche
STFX	Stifel X	36M	0.01%	97	0.53	Overnight / Niche
LMNX	Luminex ATS (LMNX)	35M	0.01%	31,012	0.39	Block / OTC Negotiated
CODX	CODA Markets ATS (CODX)	8M	0.00%	112	1.02	Overnight / Niche
MOAT	Mosaic ATS	5M	0.00%	130	1.12	Overnight / Niche