{"slug":"maker-taker-fees-and-rebates","qid":"venue_share","label":"Where one liquid name's shares printed, by venue (Jul 15, 2026)","post_title":"Maker-Taker Fees and Rebates Explained","post_url":"/blog/maker-taker-fees-and-rebates#q-venue_share","columns":["venue","pct_of_shares","avg_trade_size"],"rows":[{"venue":"Nasdaq","pct_of_shares":37.15,"avg_trade_size":149},{"venue":"FINRA Alternative Display Facility","pct_of_shares":31.55,"avg_trade_size":45},{"venue":"NYSE Arca, Inc.","pct_of_shares":17.32,"avg_trade_size":124},{"venue":"Cboe BZX","pct_of_shares":3.23,"avg_trade_size":54},{"venue":"NYSE Texas, Inc.","pct_of_shares":2.74,"avg_trade_size":875},{"venue":"Cboe EDGX","pct_of_shares":2.61,"avg_trade_size":56},{"venue":"Investors Exchange","pct_of_shares":2.16,"avg_trade_size":52},{"venue":"Members Exchange","pct_of_shares":1.4,"avg_trade_size":43},{"venue":"New York Stock Exchange","pct_of_shares":0.87,"avg_trade_size":47},{"venue":"Cboe EDGA","pct_of_shares":0.28,"avg_trade_size":27},{"venue":"Cboe BYX","pct_of_shares":0.17,"avg_trade_size":40},{"venue":"MIAX Pearl","pct_of_shares":0.14,"avg_trade_size":49}],"shape":"ranking","sql":"WITH\n    by_venue AS\n    (\n        SELECT\n            toInt32(exchange) AS venue_code,\n            sum(size)         AS shares,\n            count()           AS prints\n        FROM global_markets.stocks_trades\n        WHERE ticker = 'AAPL'\n          AND sip_timestamp >= '2026-07-15 04:00:00'\n          AND sip_timestamp <  '2026-07-16 04:00:00'\n        GROUP BY venue_code\n    ),\n    venue_names AS\n    (\n        SELECT\n            toInt32(id) AS venue_code,\n            any(name)   AS venue_name\n        FROM global_markets.stocks_exchanges\n        WHERE asset_class = 'stocks'\n        GROUP BY venue_code\n    )\nSELECT\n    if(empty(n.venue_name), concat('Participant ', toString(v.venue_code)), n.venue_name) AS venue,\n    round(100 * v.shares / sum(v.shares) OVER (), 2)                                     AS pct_of_shares,\n    toUInt32(round(v.shares / v.prints))                                                 AS avg_trade_size\nFROM by_venue AS v\nLEFT JOIN venue_names AS n USING (venue_code)\nORDER BY v.shares DESC\nLIMIT 12","computed_at":"2026-08-09T15:18:31.525141+00:00","elapsed":0.00379537}