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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, 2016–2020

 

 

Year Total Consolidated Volume Total OTC1 Percent OTC
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
2020 2,773,109,114,496 1,150,323,435,489 41.5

Source: UTP Trade Data Feed and Consolidated Tape System. Data as of March 2021.

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, 2017–2020

 

 

 

  2017 2018 2019 2020
Avg. Daily
Transactions
Exchange 23,753,772 28,495,951 28,318,018 43,086,738
Alternative Trading Systems 4,092,067 4,467,009 4,421,323 6,283,268
Non-Alternative Trading Systems OTC 2,981,842 3,647,186 3,638,728 9,282,650
Total 30,827,681 36,610,146 36,378,069 58,652,656
Avg. Daily Volume
(in $ billions)
Exchange 176.0 235.4 209.1 296.3
Alternative Trading Systems 36.3 43.9 39.8 54.4
Non-Alternative Trading Systems OTC 59.8 79.3 74.3 130.4
Total 272.1 358.7 323.2 481.0

Source: Financial Industry Regulatory Authority. Data as of March 2021.

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

(January 2, 2020 − December 31, 2020)

 

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

Source: Financial Industry Regulatory Authority. Data as of March 2021.

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

(January 2, 2020 − December 31, 2020)

 

Equity Trading During Non-Exchange Hours

Source: Financial Industry Regulatory Authority. Data as of March 2021.

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Table 3.3 Order Audit Trail System (OATS) Activity – Total OATS Events, 2016–20201

 

 

Year OATS Messages2 Trade Executions Number of Shares Value of Executions ($)
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
2020 1,165,005,274,005 7,742,534,063 8,543,001,368,752 $79,121,035,610,193

Source: Financial Industry Regulatory Authority. Data as of March 2021.

1OATS events are aggregated using the event date.

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, 2016–20201

 

 

Year Number of
Business Days
OATS Messages2 Trade Executions Number of Sales Value of Executions ($)
2016 252 2,888,153,572 15,700,538 14,288,571,416 $229,150,816,535
2017 251 2,116,668,839 14,049,409 25,994,025,949 $167,638,810,372
2018 251 2,906,930,789 15,833,795 22,810,045,740 $210,082,567,583
2019 252 2,814,333,738 15,751,589 17,803,201,168 $197,800,786,367
2020 253 4,604,124,690 30,602,130 33,766,539,722 $312,712,074,022

Source: Financial Industry Regulatory Authority. Data as of March 2021.

1OATS events are aggregated using the event date.

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

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Table 3.5 Over-the-Counter (OTC) Equities Market Statistics, 2016–20201

 

 

Year Average Daily OTC
Equities Share Volume
Average Daily OTC
Equities Dollar Volume ($)
Average Daily OTC
Equities Transactions
2016 4,982,665,567 $939,131,722 122,877
2017 11,107,884,572 $1,141,485,511 162,649
2018 8,588,230,489 $1,511,608,769 209,102
2019 6,027,132,766 $1,327,157,208 180,381
2020 11,559,398,293 $1,793,254,116 319,598

Source: FINRA OTCE Market Statistics. Data as of March 2021.

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 − December 31, 2020)

 

Monthly OTC Equities Trading by Venue Type

Source: FINRA OTCE Market Statistics. Data as of March 2021.

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Table 3.6 TRACE Reported Fixed Income Activity by Product Type and Venue Type, 2017–20201

 

 

 

Corporate and Agency 2017 2018 2019 2020
Avg. Daily
Transactions
Alternative Trading Systems 11,649 13,494 13,884 12,427
OTC 46,810 51,388 55,338 57,556
Total 58,459 64,882 69,222 69,983
Avg. Daily Volume
(in $ billions)
Alternative Trading Systems 1.4 1.7 2.1 2.9
OTC 35.0 34.7 37.7 43.4
Total 36.3 36.3 39.8 46.4
Securitized Products 2017 2018 2019 2020
Avg. Daily
Transactions
Alternative Trading Systems 3,199 3,525 4,744 3,960
OTC 9,770 9,403 9,513 9,785
Total 12,969 12,928 14,256 13,745
Avg. Daily Volume
(in $ billions)
Alternative Trading Systems 39.4 46.4 69.0 67.9
OTC 189.1 192.9 198.9 247.0
Total 228.5 239.3 267.9 314.9

Source: Financial Industry Regulatory Authority. Data as of March 2021.

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 − December 31, 2020)

 

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

Source: Financial Industry Regulatory Authority. Data as of March 2021.

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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Figure 3.5 Monthly U.S. Treasuries Dollar Volumes by Participant and Product Type, 20201,2

(January 2, 2020 − December 31, 2020; In trillions of USD)

 

Monthly U.S. Treasuries Dollar Volumes by Participant and Product Type

Source: Financial Industry Regulatory Authority. Data as of March 2021.

1The "ATS and Interdealer" category includes the sell side of a trade data when (1) a trade is executed on an ATS (including ATS sales to non-members or non-member affiliates) or (2) a trade is executed between FINRA members outside of an ATS (i.e. dealer-to-dealer trades). The category excludes a FINRA member sell to an ATS. This approach takes into account multiple reporting of trades where a trade involves an ATS or both sides are FINRA members.

2The "Dealer-to-Customer" category includes all trades (buys and sells) reported by a FINRA member against non-members or non-member affiliates. The category excludes ATS transactions with non-members and non-member affiliates (those trades are represented in the "ATS and Interdealer" category as noted above).

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Figure 3.6 U.S. Treasuries Dollar Volumes by Product Type and Participant, 20201,2

(In percent of product type)

 

Figure 3.6 Share of U.s. Treasuries Dollar Volumes by Product Type and Participant, 2020

Source: Financial Industry Regulatory Authority. Data as of March 2021.

1The "ATS and Interdealer" category includes the sell side of a trade data when (1) a trade is executed on an ATS (including ATS sales to non-members or non-member affiliates) or (2) a trade is executed between FINRA members outside of an ATS (i.e. dealer-to-dealer trades). The category excludes a FINRA member sell to an ATS. This approach takes into account multiple reporting of trades where a trade involves an ATS or both sides are FINRA members.

2The "Dealer-to-Customer" category includes all trades (buys and sells) reported by a FINRA member against non-members or non-member affiliates. The category excludes ATS transactions with non-members and non-member affiliates (those trades are represented in the "ATS and Interdealer" category as noted above).

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