{"slug":"microstructure-2026-06-29","qid":"volume_forensics","label":"Raw vs SIP-counted volume, applying the derived exclusion set","post_title":"Microstructure Deep-Dive: June 29, 2026","post_url":"/blog/microstructure-2026-06-29#q-volume_forensics","columns":["raw_shares_bn","matched_shares_bn","excluded_shares_bn","excluded_prints"],"rows":[{"raw_shares_bn":24.79,"matched_shares_bn":20.66,"excluded_shares_bn":4.13,"excluded_prints":91175}],"shape":"scalar","sql":"SELECT\n    round(toFloat64(sum(size)) / 1e9, 2) AS raw_shares_bn,\n    round(toFloat64(sumIf(size, NOT hasAny(conditions, [15, 16, 38]))) / 1e9, 2) AS matched_shares_bn,\n    round(toFloat64(sumIf(size, hasAny(conditions, [15, 16, 38]))) / 1e9, 2) AS excluded_shares_bn,\n    countIf(hasAny(conditions, [15, 16, 38])) AS excluded_prints\nFROM global_markets.stocks_trades\nWHERE sip_timestamp >= '2026-06-29 00:00:00' AND sip_timestamp < '2026-06-30 00:00:00'","computed_at":"2026-07-26T06:08:08.179638+00:00","elapsed":20.434860709}