{"slug":"midpoint-peg-orders-explained","qid":"venue_split","label":"Sub-penny print share by reporting route, off exchange against lit exchange","post_title":"Midpoint Peg Orders Explained: Half-Cent Fills","post_url":"/blog/midpoint-peg-orders-explained#q-venue_split","columns":["symbol","off_exchange_sub_penny_pct","on_exchange_sub_penny_pct"],"rows":[{"symbol":"KO","off_exchange_sub_penny_pct":86.1,"on_exchange_sub_penny_pct":11.7},{"symbol":"NVDA","off_exchange_sub_penny_pct":82.7,"on_exchange_sub_penny_pct":6.2},{"symbol":"AAPL","off_exchange_sub_penny_pct":75.1,"on_exchange_sub_penny_pct":6.7},{"symbol":"MSFT","off_exchange_sub_penny_pct":62.5,"on_exchange_sub_penny_pct":3.3},{"symbol":"SPY","off_exchange_sub_penny_pct":61.9,"on_exchange_sub_penny_pct":3.6},{"symbol":"BLK","off_exchange_sub_penny_pct":53.4,"on_exchange_sub_penny_pct":3.5}],"shape":"ranking","sql":"WITH\n    (\n        SELECT groupArray(toString(id))\n        FROM global_markets.stocks_exchanges\n        WHERE lower(asset_class) = 'stocks'\n          AND (lower(type) = 'trf' OR positionCaseInsensitive(name, 'FINRA') > 0)\n    ) AS trf_venue_ids\nSELECT\n    ticker AS symbol,\n    round(countIf(has(trf_venue_ids, toString(exchange))\n                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)\n          / countIf(has(trf_venue_ids, toString(exchange))) * 100, 1)      AS off_exchange_sub_penny_pct,\n    round(countIf(NOT has(trf_venue_ids, toString(exchange))\n                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)\n          / countIf(NOT has(trf_venue_ids, toString(exchange))) * 100, 1)  AS on_exchange_sub_penny_pct\nFROM global_markets.stocks_trades\nWHERE ticker IN ('SPY', 'KO', 'AAPL', 'MSFT', 'NVDA', 'BLK')\n  AND sip_timestamp >= '2026-06-17 14:00:00'\n  AND sip_timestamp <  '2026-06-17 15:00:00'\n  AND price > 0\nGROUP BY ticker\nHAVING countIf(has(trf_venue_ids, toString(exchange))) > 0\n   AND countIf(NOT has(trf_venue_ids, toString(exchange))) > 0\nORDER BY off_exchange_sub_penny_pct DESC","computed_at":"2026-08-09T15:29:20.477717+00:00","elapsed":0.005028288}