{"slug":"rule-605-and-606-execution-reports","qid":"nbbo_clock","label":"AAPL quoted spread across the trading clock, June 17, 2026","post_title":"Rule 605 vs 606: Execution Quality Reports","post_url":"/blog/rule-605-and-606-execution-reports#q-nbbo_clock","columns":["et_time","avg_spread_cents","avg_spread_bps"],"rows":[{"et_time":"07:00","avg_spread_cents":16.95,"avg_spread_bps":5.67},{"et_time":"07:30","avg_spread_cents":21.5,"avg_spread_bps":7.19},{"et_time":"08:00","avg_spread_cents":18.1,"avg_spread_bps":6.06},{"et_time":"08:30","avg_spread_cents":12.79,"avg_spread_bps":4.28},{"et_time":"09:00","avg_spread_cents":19.73,"avg_spread_bps":6.57},{"et_time":"09:30","avg_spread_cents":5.45,"avg_spread_bps":1.81},{"et_time":"10:00","avg_spread_cents":3.65,"avg_spread_bps":1.22},{"et_time":"10:30","avg_spread_cents":3.96,"avg_spread_bps":1.32},{"et_time":"11:00","avg_spread_cents":3.32,"avg_spread_bps":1.11},{"et_time":"11:30","avg_spread_cents":2.72,"avg_spread_bps":0.91},{"et_time":"12:00","avg_spread_cents":2.67,"avg_spread_bps":0.89},{"et_time":"12:30","avg_spread_cents":2.16,"avg_spread_bps":0.73},{"et_time":"13:00","avg_spread_cents":2.42,"avg_spread_bps":0.82},{"et_time":"13:30","avg_spread_cents":2.16,"avg_spread_bps":0.73},{"et_time":"14:00","avg_spread_cents":3.48,"avg_spread_bps":1.18},{"et_time":"14:30","avg_spread_cents":3.1,"avg_spread_bps":1.05},{"et_time":"15:00","avg_spread_cents":3.13,"avg_spread_bps":1.06},{"et_time":"15:30","avg_spread_cents":2.89,"avg_spread_bps":0.98},{"et_time":"16:00","avg_spread_cents":19.89,"avg_spread_bps":6.72},{"et_time":"16:30","avg_spread_cents":25.67,"avg_spread_bps":8.67},{"et_time":"17:00","avg_spread_cents":47.97,"avg_spread_bps":16.11},{"et_time":"17:30","avg_spread_cents":15.85,"avg_spread_bps":5.33}],"shape":"series","sql":"SELECT\n    formatDateTime(\n        toStartOfInterval(toTimeZone(sip_timestamp, 'America/New_York'), INTERVAL 30 MINUTE),\n        '%H:%i')                                                      AS et_time,\n    round(avg(toFloat64(ask_price - bid_price)) * 100, 2)             AS avg_spread_cents,\n    round(avg(10000 * toFloat64(ask_price - bid_price)\n              / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2)), 2) AS avg_spread_bps\nFROM global_markets.cache_stocks_quotes\nWHERE ticker = 'AAPL'\n  AND sip_timestamp >= '2026-06-17 11:00:00'\n  AND sip_timestamp <  '2026-06-17 22:00:00'\n  AND bid_price > 0\n  AND ask_price > bid_price\n  AND toFloat64(ask_price - bid_price) < 5\nGROUP BY et_time\nORDER BY et_time","computed_at":"2026-08-07T16:54:05.900295+00:00","elapsed":0.002693346}