{"slug":"micro-e-mini-vs-e-mini-futures","qid":"quarterly_settlement_volume","label":"quarterly_settlement_volume","post_title":"micro-e-mini-vs-e-mini-futures","post_url":"/blog/micro-e-mini-vs-e-mini-futures#q-quarterly_settlement_volume","columns":["settlement_date","volume_millions","volume_vs_20day_avg"],"rows":[{"settlement_date":"2023-06-16","volume_millions":114.2,"volume_vs_20day_avg":1.35},{"settlement_date":"2023-09-15","volume_millions":111.8,"volume_vs_20day_avg":1.54},{"settlement_date":"2023-12-15","volume_millions":141.6,"volume_vs_20day_avg":2.01},{"settlement_date":"2024-03-15","volume_millions":107.6,"volume_vs_20day_avg":1.58},{"settlement_date":"2024-06-21","volume_millions":63.4,"volume_vs_20day_avg":1.33},{"settlement_date":"2024-09-20","volume_millions":77.5,"volume_vs_20day_avg":1.55},{"settlement_date":"2024-12-20","volume_millions":124.7,"volume_vs_20day_avg":2.9},{"settlement_date":"2025-03-21","volume_millions":83.8,"volume_vs_20day_avg":1.16},{"settlement_date":"2025-06-20","volume_millions":94.1,"volume_vs_20day_avg":1.28},{"settlement_date":"2025-09-19","volume_millions":97.9,"volume_vs_20day_avg":1.4},{"settlement_date":"2025-12-19","volume_millions":103.5,"volume_vs_20day_avg":1.2},{"settlement_date":"2026-03-20","volume_millions":165.6,"volume_vs_20day_avg":1.86},{"settlement_date":"2026-09-18","volume_millions":65.4,"volume_vs_20day_avg":1.64}],"shape":"series","sql":"WITH daily AS\n(\n    SELECT\n        date,\n        toFloat64(volume) AS day_volume,\n        avg(toFloat64(volume)) OVER (ORDER BY date ROWS BETWEEN 20 PRECEDING AND 1 PRECEDING) AS avg_prior_20\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'SPY'\n      AND date >= '2023-06-01'\n      AND date <= '2026-09-25'\n)\nSELECT\n    toString(date)                      AS settlement_date,\n    round(day_volume / 1e6, 1)          AS volume_millions,\n    round(day_volume / avg_prior_20, 2) AS volume_vs_20day_avg\nFROM daily\nWHERE toMonth(date) IN (3, 6, 9, 12)\n  AND toDayOfWeek(date) = 5\n  AND toDayOfMonth(date) BETWEEN 15 AND 21\n  AND avg_prior_20 > 0\nORDER BY date","computed_at":"2026-09-28T15:20:52.220535+00:00","elapsed":0.021191032}