{"slug":"mbo-vs-mbp-order-book-data","qid":"quote_to_trade_ratio","label":"Top-of-book messages against prints, 10:00 to 10:30 a.m. ET, June 16, 2026","post_title":"MBO vs MBP Order Book Data Explained","post_url":"/blog/mbo-vs-mbp-order-book-data#q-quote_to_trade_ratio","columns":["ticker","quote_messages_thousands","trades_thousands","quotes_per_trade_ratio"],"rows":[{"ticker":"SPY","quote_messages_thousands":510,"trades_thousands":53.4,"quotes_per_trade_ratio":9.6},{"ticker":"KO","quote_messages_thousands":66.5,"trades_thousands":28.03,"quotes_per_trade_ratio":2.4},{"ticker":"AAPL","quote_messages_thousands":114.8,"trades_thousands":75.98,"quotes_per_trade_ratio":1.5},{"ticker":"NVDA","quote_messages_thousands":345.8,"trades_thousands":246.46,"quotes_per_trade_ratio":1.4},{"ticker":"MSFT","quote_messages_thousands":48.2,"trades_thousands":73.27,"quotes_per_trade_ratio":0.7}],"shape":"ranking","sql":"WITH\n    quote_load AS\n    (\n        SELECT ticker, count() AS quote_messages\n        FROM global_markets.cache_stocks_quotes\n        WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')\n          AND sip_timestamp >= '2026-06-16 14:00:00'\n          AND sip_timestamp <  '2026-06-16 14:30:00'\n        GROUP BY ticker\n    ),\n    trade_load AS\n    (\n        SELECT ticker, count() AS trades\n        FROM global_markets.stocks_trades\n        WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')\n          AND sip_timestamp >= '2026-06-16 14:00:00'\n          AND sip_timestamp <  '2026-06-16 14:30:00'\n        GROUP BY ticker\n    )\nSELECT\n    q.ticker                              AS ticker,\n    round(q.quote_messages / 1000, 1)     AS quote_messages_thousands,\n    round(t.trades / 1000, 2)             AS trades_thousands,\n    round(q.quote_messages / t.trades, 1) AS quotes_per_trade_ratio\nFROM quote_load AS q\nINNER JOIN trade_load AS t ON t.ticker = q.ticker\nORDER BY quotes_per_trade_ratio DESC","computed_at":"2026-08-12T15:20:10.205261+00:00","elapsed":0.002556107}