STRASMORE/EXPLORE 2,170 QUERIES

US stock venues: public exchanges vs off-exchange reporting facilities

Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-22, from How Do Market Makers Make Money? The Spread.

as of ranking 2×3read in context →
US stock venues: public exchanges vs off-exchange reporting facilities — 2 rows by 3 columns, computed from US exchange, SIP and OPRA data.
venue_typevenuesvenue_names
public exchange1824X National Exchange LLC | Cboe BYX | Cboe BZX | Cboe EDGA | Cboe EDGX | Investors Exchange | Long-Term Stock Exchange | MIAX Pearl | Members Exchange | NYSE American, LLC | NYSE Arca, Inc. | NYSE National, Inc. | NYSE Texas, Inc. | Nasdaq | Nasdaq Philadelphia Exchange LLC | Nasdaq Texas, Inc. | New York Stock Exchange | Texas Stock Exchange LLC
off-exchange reporting facility (TRF)6Cboe Stock Exchange | FINRA Alternative Display Facility | FINRA NYSE TRF | FINRA Nasdaq TRF Carteret | FINRA Nasdaq TRF Chicago | International Securities Exchange, LLC - Stocks
Rows × columns
2 × 3
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for US stock venues: public exchanges vs off-exchange reporting facilities, derived from the stored result.
ColumnTypeRangeNotes
venue_type text 2 distinct values
venues number 6 to 18
venue_names text 2 distinct values

Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.

the exact SQL behind every number 
SELECT
  if(type = 'TRF', 'off-exchange reporting facility (TRF)', 'public exchange') AS venue_type,
  count() AS venues,
  arrayStringConcat(arraySort(groupArray(name)), ' | ') AS venue_names
FROM global_markets.stocks_exchanges
WHERE asset_class = 'stocks' AND locale = 'us' AND type IN ('exchange', 'TRF')
GROUP BY venue_type
ORDER BY venues DESC

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