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.
| symbol | off_exchange_sub_penny_pct | on_exchange_sub_penny_pct |
|---|---|---|
| KO | 86.1 | 11.7 |
| NVDA | 82.7 | 6.2 |
| AAPL | 75.1 | 6.7 |
| MSFT | 62.5 | 3.3 |
| SPY | 61.9 | 3.6 |
| BLK | 53.4 | 3.5 |
- Rows × columns
- 6 × 3
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
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.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
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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