{"slug":"market-data-timestamps-explained","qid":"trf_reporting_delay","label":"Off exchange AAPL prints by reporting delay, 10 June 2026","post_title":"Market Data Timestamps: SIP vs Exchange Clocks","post_url":"/blog/market-data-timestamps-explained#q-trf_reporting_delay","columns":["reporting_delay","print_count","share_pct"],"rows":[{"reporting_delay":"under 1 ms","print_count":14449,"share_pct":24.8},{"reporting_delay":"1 to 10 ms","print_count":11243,"share_pct":19.3},{"reporting_delay":"10 to 100 ms","print_count":6668,"share_pct":11.44},{"reporting_delay":"100 ms to 1 s","print_count":25831,"share_pct":44.33},{"reporting_delay":"1 s to 10 s","print_count":74,"share_pct":0.13}],"shape":"ranking","sql":"WITH off_exchange AS\n(\n    SELECT\n        (toUnixTimestamp64Nano(sip_timestamp)\n       - toUnixTimestamp64Nano(participant_timestamp)) / 1000000.0 AS delay_ms\n    FROM global_markets.stocks_trades\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-06-10 14:30:00'\n      AND sip_timestamp <  '2026-06-10 15:00:00'\n      AND ifNull(toUnixTimestamp64Nano(trf_timestamp), 0) > 0\n)\nSELECT\n    multiIf(delay_ms <     1, 'under 1 ms',\n            delay_ms <    10, '1 to 10 ms',\n            delay_ms <   100, '10 to 100 ms',\n            delay_ms <  1000, '100 ms to 1 s',\n            delay_ms < 10000, '1 s to 10 s',\n                              'over 10 s')                       AS reporting_delay,\n    count()                                                      AS print_count,\n    round(100 * count() / (SELECT count() FROM off_exchange), 2) AS share_pct\nFROM off_exchange\nGROUP BY reporting_delay\nORDER BY min(delay_ms) ASC","computed_at":"2026-08-14T15:54:51.580512+00:00","elapsed":0.002468558}