{"slug":"how-to-read-the-equity-trade-tape","qid":"participant_by_year","label":"Share of prints with a placeholder participant timestamp, one March session per year (IBM and MSFT)","post_title":"How to Read the US Equity Trade Tape","post_url":"/blog/how-to-read-the-equity-trade-tape#q-participant_by_year","columns":["year","prints","placeholder_pct","sip_ms_or_coarser_pct"],"rows":[{"year":2003,"prints":78621,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2004,"prints":99531,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2005,"prints":88879,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2006,"prints":72715,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2007,"prints":99735,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2008,"prints":288305,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2009,"prints":245324,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2010,"prints":130635,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2011,"prints":260419,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2012,"prints":140140,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2013,"prints":153987,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2014,"prints":149212,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2015,"prints":174191,"placeholder_pct":100,"sip_ms_or_coarser_pct":100},{"year":2016,"prints":147044,"placeholder_pct":0,"sip_ms_or_coarser_pct":0.1},{"year":2017,"prints":133469,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2018,"prints":199336,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2019,"prints":243962,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2020,"prints":956966,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2021,"prints":376936,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2022,"prints":560138,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2023,"prints":688726,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2024,"prints":568043,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2025,"prints":405296,"placeholder_pct":0,"sip_ms_or_coarser_pct":0},{"year":2026,"prints":733388,"placeholder_pct":0,"sip_ms_or_coarser_pct":0}],"shape":"ranking","sql":"SELECT\n    toYear(sip_timestamp)                                                                   AS year,\n    count()                                                                                 AS prints,\n    round(100 * countIf(toUnixTimestamp64Nano(participant_timestamp) = 0) / count(), 1)     AS placeholder_pct,\n    round(100 * countIf(toUnixTimestamp64Nano(sip_timestamp) % 1000000 = 0) / count(), 1)   AS sip_ms_or_coarser_pct\nFROM global_markets.stocks_trades\nWHERE ticker IN ('IBM', 'MSFT')\n  AND toYYYYMMDD(sip_timestamp) IN [20030910,20040315,20050315,20060315,20070315,20080314,20090316,20100315,20110315,20120315,20130315,20140314,20150316,20160315,20170315,20180315,20190315,20200316,20210315,20220315,20230315,20240315,20250314,20260316]\nGROUP BY year\nORDER BY year","computed_at":"2026-09-15T01:15:13.402247+00:00","elapsed":0.002036512}