{"slug":"sip-vs-direct-exchange-feeds","qid":"venue_top_of_book","label":"Which venues sat on the bid side of the quote record, KO on June 16, 2026","post_title":"SIP Feeds vs Direct Exchange Feeds","post_url":"/blog/sip-vs-direct-exchange-feeds#q-venue_top_of_book","columns":["venue","bid_quote_update_count","share_of_updates_pct"],"rows":[{"venue":"Investors Exchange","bid_quote_update_count":222480,"share_of_updates_pct":56.9},{"venue":"New York Stock Exchange","bid_quote_update_count":46667,"share_of_updates_pct":11.9},{"venue":"Nasdaq","bid_quote_update_count":43619,"share_of_updates_pct":11.2},{"venue":"Cboe BZX","bid_quote_update_count":35640,"share_of_updates_pct":9.1},{"venue":"NYSE Arca, Inc.","bid_quote_update_count":27596,"share_of_updates_pct":7.1},{"venue":"Cboe EDGX","bid_quote_update_count":8651,"share_of_updates_pct":2.2},{"venue":"Members Exchange","bid_quote_update_count":3345,"share_of_updates_pct":0.9},{"venue":"MIAX Pearl","bid_quote_update_count":1133,"share_of_updates_pct":0.3},{"venue":"NYSE Texas, Inc.","bid_quote_update_count":883,"share_of_updates_pct":0.2},{"venue":"Nasdaq Texas, Inc.","bid_quote_update_count":289,"share_of_updates_pct":0.1},{"venue":"Cboe EDGA","bid_quote_update_count":266,"share_of_updates_pct":0.1},{"venue":"Cboe BYX","bid_quote_update_count":231,"share_of_updates_pct":0.1},{"venue":"Nasdaq Philadelphia Exchange LLC","bid_quote_update_count":162,"share_of_updates_pct":0},{"venue":"NYSE National, Inc.","bid_quote_update_count":122,"share_of_updates_pct":0},{"venue":"Long-Term Stock Exchange","bid_quote_update_count":26,"share_of_updates_pct":0},{"venue":"24X National Exchange LLC","bid_quote_update_count":25,"share_of_updates_pct":0},{"venue":"NYSE American, LLC","bid_quote_update_count":2,"share_of_updates_pct":0}],"shape":"ranking","sql":"SELECT\n    ex.venue_name                                     AS venue,\n    qt.bid_updates                                    AS bid_quote_update_count,\n    round(100 * qt.bid_updates / qt.total_updates, 1) AS share_of_updates_pct\nFROM\n(\n    SELECT\n        toUInt32(bid_exchange) AS venue_id,\n        count()                AS bid_updates,\n        sum(count()) OVER ()   AS total_updates\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'KO'\n      AND sip_timestamp >= '2026-06-16 12:00:00'\n      AND sip_timestamp <  '2026-06-16 22:00:00'\n    GROUP BY venue_id\n) AS qt\nINNER JOIN\n(\n    SELECT\n        toUInt32(id) AS venue_id,\n        name         AS venue_name\n    FROM global_markets.stocks_exchanges\n    WHERE lower(asset_class) = 'stocks'\n) AS ex ON ex.venue_id = qt.venue_id\nORDER BY bid_quote_update_count DESC","computed_at":"2026-08-09T14:56:20.264002+00:00","elapsed":0.003848878}