{"slug":"how-do-market-makers-make-money","qid":"venues","label":"US stock venues: public exchanges vs off-exchange reporting facilities","post_title":"How Do Market Makers Make Money? The Spread","post_url":"/blog/how-do-market-makers-make-money#q-venues","columns":["venue_type","venues","venue_names"],"rows":[{"venue_type":"public exchange","venues":18,"venue_names":"24X 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"},{"venue_type":"off-exchange reporting facility (TRF)","venues":6,"venue_names":"Cboe Stock Exchange | FINRA Alternative Display Facility | FINRA NYSE TRF | FINRA Nasdaq TRF Carteret | FINRA Nasdaq TRF Chicago | International Securities Exchange, LLC - Stocks"}],"shape":"ranking","sql":"SELECT\n  if(type = 'TRF', 'off-exchange reporting facility (TRF)', 'public exchange') AS venue_type,\n  count() AS venues,\n  arrayStringConcat(arraySort(groupArray(name)), ' | ') AS venue_names\nFROM global_markets.stocks_exchanges\nWHERE asset_class = 'stocks' AND locale = 'us' AND type IN ('exchange', 'TRF')\nGROUP BY venue_type\nORDER BY venues DESC","computed_at":"2026-08-22T04:13:27.633175+00:00","elapsed":0.014868202}