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Market Data

FINRA collects certain market data as part of its role in overseeing trading and providing transparency services. Following are select tables drawn from that data.


Table 3.1 National Market Systems (NMS) Stocks Trading Summary, 2015—2019

 

 

Year Total Consolidated Volume Total OTC1 Percent OTC
2015 1,741,532,712,604 615,827,618,345 35.4
2016 1,848,725,192,622 678,857,487,044 36.7
2017 1,642,696,484,455 616,183,840,401 37.5
2018 1,841,855,556,392 668,455,710,212 36.3
2019 1,771,096,807,512 659,344,146,179 37.2

Source: UTP Trade Data Feed and Consolidated Tape System. Data as of June 5, 2020.

1OTC includes all FINRA facilities (the FINRA/Nasdaq TRF, the FINRA/NYSE TRF and the FINRA Alternative Display Facility). Differences in historical series reflect changes in underlying data over time.

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Table 3.2 National Market Systems (NMS) Stocks Trading by Venue Type, 2017—2019

 

 

 

  2017 2018 2019
Avg. Daily
Transactions
Exchange 23,753,772 28,495,951 28,318,018
Alternative Trading Systems 4,092,067 4,467,009 4,421,323
Non-Alternative Trading Systems OTC 2,981,842 3,647,186 3,638,728
Total 30,827,681 36,610,146 36,378,069
Avg. Daily Volume
(in $ billions)
Exchange 176.0 235.4 209.1
Alternative Trading Systems 36.3 43.9 39.8
Non-Alternative Trading Systems OTC 59.8 79.3 74.3
Total 272.1 358.7 323.2

Source: Financial Industry Regulatory Authority. Data as of June 26, 2020.

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Figure 3.1 Monthly National Market Systems (NMS) Stocks Trading by Venue Type

(January 2, 2020 − May 29, 2020; Percent of Total)

 

Monthly National Market Systems (NMS) Equities Trading by Venue Type

Source: Financial Industry Regulatory Authority. Data as of July 1, 2020.

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Figure 3.2 Monthly National Market Systems (NMS) Stocks Trading During Non-Exchange Hours

(January 2, 2020 − May 29, 2020; Percent of Total NMS Trading)

 

Equity Trading During Non-Exchange Hours

Source: Financial Industry Regulatory Authority. Data as of July 1, 2020.

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Table 3.3 Order Audit Trail System (OATS) Activity―Total OATS Events, 2015—20191

 

 

Year OATS Messages2 Trade Executions Number of Shares Value of Executions ($)
2015 753,589,404,714 3,083,950,634 3,066,698,357,202 $36,471,141,990,007
2016 727,812,241,098 3,961,320,427 3,656,985,412,829 $42,781,770,202,084
2017 531,866,067,552 3,527,221,666 6,525,698,297,889 $42,078,647,880,622
2018 729,720,486,018 3,973,693,014 5,725,806,866,105 $52,733,733,403,793
2019 709,261,663,217 3,981,521,453 4,418,448,611,423 $50,295,154,729,577

Source: Financial Industry Regulatory Authority. Data as of May 30, 2020.

1OATS events are aggregated using the date on which they were processed.

2OATS messages include orders, order cancellations, order modifications, new order routes and trade executions.

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Table 3.4 Order Audit Trail System (OATS) Activity―Daily Average OATS Events, 2015—20191

 

 

Year Number of
Business Days
OATS Messages2 Trade Executions Number of Sales Value of Executions ($)
2015 252 2,990,434,146 12,237,899 12,169,437,925 $144,726,753,929
2016 252 2,888,143,814 15,719,526 14,511,846,876 $169,768,929,373
2017 251 2,118,988,317 14,052,676 25,998,798,000 $167,644,015,461
2018 252 2,895,716,214 15,768,623 22,721,455,818 $209,260,846,840
2019 252 2,814,530,410 15,799,688 17,533,526,236 $199,583,947,340

Source: Financial Industry Regulatory Authority. Data as of May 30, 2020.

1OATS events are aggregated using the date on which they were processed.

2OATS messages include orders, order cancellations, order modifications, new order routes and trade executions.

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Table 3.5 OTC Equities Market Statistics, 2015—20191

 

 

Year Average Daily OTC
Equities Share Volume
Average Daily OTC
Equities Dollar Volume ($)
Average Daily OTC
Equities Transactions
2015 5,683,043,047 $959,847,789 108,523
2016 4,982,665,580 $939,131,734 122,877
2017 11,153,543,340 $1,145,674,537 163,211
2018 8,588,236,117 $1,511,620,564 209,107
2019 6,027,099,196 $1,326,702,184 180,380

Source: FINRA OTCE Market Statistics. Data as of June 1, 2020.

1Differences in historical series reflect changes in underlying data over time.

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Figure 3.3 Monthly OTC Equities Trading by Venue Type

(January 2, 2020 − June 30, 2020)

 

Monthly OTC Equities Trading by Venue Type

Source: Financial Industry Regulatory Authority. Data as of July 1, 2020.

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Table 3.6 TRACE Reported Fixed Income Activity by Product Type and Venue Type, 2017—20191

 

 

 

Corporate and Agency 2017 2018 2019
Avg. Daily
Transactions
Alternative Trading Systems 11,671 13,440 13,884
OTC 46,774 51,154 55,324
Total 58,445 64,594 69,208
Avg. Daily Volume
(in $ billions)
Alternative Trading Systems 1.6 1.7 2.1
OTC 34.8 34.5 37.7
Total 36.4 36.2 39.8
Securitized Products 2017 2018 2019
Avg. Daily
Transactions
Alternative Trading Systems 3,225 3,511 4,744
OTC 9,741 9,361 9,508
Total 12,966 12,872 14,252
Avg. Daily Volume
(in $ billions)
Alternative Trading Systems 40.6 46.2 69.0
OTC 187.8 192.1 198.8
Total 228.4 238.3 267.8

Source: Financial Industry Regulatory Authority. Data as of June 26, 2020.

1The Trade Reporting and Compliance Engine (TRACE) facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities. Differences in historical series reflect changes in underlying data.

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Figure 3.4 TRACE Reported Fixed Income Monthly Summary Activity By Product Type and Venue Type1

(January 2, 2020 − June 30, 2020)

 

TRACE Reported Fixed Income Monthly Summary Activity By Product Type and Venue Type

Source: Financial Industry Regulatory Authority. Data as of July 1, 2020.

1The Trade Reporting and Compliance Engine (TRACE) facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities.

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