STRASMORE/EXPLORE 2,170 QUERIES

Sub-penny print share by reporting route, off exchange against lit exchange

Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-09, from Midpoint Peg Orders Explained: Half-Cent Fills.

as of ranking 6×3read in context →
Sub-penny print share by reporting route, off exchange against lit exchange — 6 rows by 3 columns, computed from US exchange, SIP and OPRA data.
symboloff_exchange_sub_penny_pcton_exchange_sub_penny_pct
KO86.111.7
NVDA82.76.2
AAPL75.16.7
MSFT62.53.3
SPY61.93.6
BLK53.43.5
Rows × columns
6 × 3
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for Sub-penny print share by reporting route, off exchange against lit exchange, derived from the stored result.
ColumnTypeRangeNotes
symbol text 6 distinct values (AAPL, BLK, KO…)
off_exchange_sub_penny_pct number 53.4 to 86.1 percent
on_exchange_sub_penny_pct number 3.3 to 11.7 percent

Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.

the exact SQL behind every number 
WITH
    (
        SELECT groupArray(toString(id))
        FROM global_markets.stocks_exchanges
        WHERE lower(asset_class) = 'stocks'
          AND (lower(type) = 'trf' OR positionCaseInsensitive(name, 'FINRA') > 0)
    ) AS trf_venue_ids
SELECT
    ticker AS symbol,
    round(countIf(has(trf_venue_ids, toString(exchange))
                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)
          / countIf(has(trf_venue_ids, toString(exchange))) * 100, 1)      AS off_exchange_sub_penny_pct,
    round(countIf(NOT has(trf_venue_ids, toString(exchange))
                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)
          / countIf(NOT has(trf_venue_ids, toString(exchange))) * 100, 1)  AS on_exchange_sub_penny_pct
FROM global_markets.stocks_trades
WHERE ticker IN ('SPY', 'KO', 'AAPL', 'MSFT', 'NVDA', 'BLK')
  AND sip_timestamp >= '2026-06-17 14:00:00'
  AND sip_timestamp <  '2026-06-17 15:00:00'
  AND price > 0
GROUP BY ticker
HAVING countIf(has(trf_venue_ids, toString(exchange))) > 0
   AND countIf(NOT has(trf_venue_ids, toString(exchange))) > 0
ORDER BY off_exchange_sub_penny_pct DESC

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