{"slug":"how-do-market-makers-make-money","qid":"trades_by_venue","label":"AAPL trades by venue, latest session: off-exchange first","post_title":"How Do Market Makers Make Money? The Spread","post_url":"/blog/how-do-market-makers-make-money#q-trades_by_venue","columns":["venue","venue_type","trades_thousands","pct_of_trades"],"rows":[{"venue":"FINRA Alternative Display Facility","venue_type":"TRF","trades_thousands":418.6,"pct_of_trades":58.8},{"venue":"Nasdaq","venue_type":"exchange","trades_thousands":122.5,"pct_of_trades":17.2},{"venue":"NYSE Arca, Inc.","venue_type":"exchange","trades_thousands":61.7,"pct_of_trades":8.7},{"venue":"Cboe BZX","venue_type":"exchange","trades_thousands":35.8,"pct_of_trades":5},{"venue":"Investors Exchange","venue_type":"exchange","trades_thousands":25,"pct_of_trades":3.5},{"venue":"Cboe EDGX","venue_type":"exchange","trades_thousands":19.8,"pct_of_trades":2.8},{"venue":"Members Exchange","venue_type":"exchange","trades_thousands":8.9,"pct_of_trades":1.2},{"venue":"New York Stock Exchange","venue_type":"exchange","trades_thousands":7.3,"pct_of_trades":1},{"venue":"Cboe EDGA","venue_type":"exchange","trades_thousands":3.6,"pct_of_trades":0.5},{"venue":"Cboe BYX","venue_type":"exchange","trades_thousands":1.9,"pct_of_trades":0.3},{"venue":"NYSE American, LLC","venue_type":"exchange","trades_thousands":1.5,"pct_of_trades":0.2},{"venue":"Nasdaq Philadelphia Exchange LLC","venue_type":"exchange","trades_thousands":1.2,"pct_of_trades":0.2},{"venue":"MIAX Pearl","venue_type":"exchange","trades_thousands":1.2,"pct_of_trades":0.2},{"venue":"Nasdaq Texas, Inc.","venue_type":"exchange","trades_thousands":1.1,"pct_of_trades":0.2},{"venue":"NYSE Texas, Inc.","venue_type":"exchange","trades_thousands":0.9,"pct_of_trades":0.1},{"venue":"NYSE National, Inc.","venue_type":"exchange","trades_thousands":0.4,"pct_of_trades":0.1},{"venue":"24X National Exchange LLC","venue_type":"exchange","trades_thousands":0.4,"pct_of_trades":0.1},{"venue":"Texas Stock Exchange LLC","venue_type":"exchange","trades_thousands":0.1,"pct_of_trades":0},{"venue":"Long-Term Stock Exchange","venue_type":"exchange","trades_thousands":0,"pct_of_trades":0}],"shape":"ranking","sql":"WITH (\n  SELECT max(toDate(sip_timestamp))\n  FROM global_markets.stocks_trades\n  WHERE ticker = 'AAPL' AND sip_timestamp >= now() - INTERVAL 7 DAY\n) AS last_session\nSELECT\n  if(x.name = '', concat('Unmapped venue ', toString(t.exchange)), x.name) AS venue,\n  multiIf(x.type = 'TRF', 'TRF', x.type = '', 'unmapped', x.type)          AS venue_type,\n  round(count() / 1000, 1)                                                 AS trades_thousands,\n  round(100 * count() / sum(count()) OVER (), 1)                           AS pct_of_trades\nFROM global_markets.stocks_trades AS t\nLEFT JOIN (\n  SELECT id, name, type FROM global_markets.stocks_exchanges\n  WHERE asset_class = 'stocks' AND locale = 'us'\n) AS x ON t.exchange = x.id\nWHERE t.ticker = 'AAPL'\n  AND t.sip_timestamp >= now() - INTERVAL 7 DAY\n  AND toDate(t.sip_timestamp) = last_session\nGROUP BY venue, venue_type\nORDER BY venue_type = 'TRF' DESC, trades_thousands DESC","computed_at":"2026-08-22T04:13:28.247951+00:00","elapsed":0.526213878}