{"slug":"the-vendor-display-rule","qid":"best_bid_venues","label":"Which venue held the national best bid in AAPL, June 17 2026, 10:00 to 11:30 ET","post_title":"The Vendor Display Rule: SEC Rule 603(c)","post_url":"/blog/the-vendor-display-rule#q-best_bid_venues","columns":["venue","snapshots_at_national_best_bid","snapshots_quoting"],"rows":[{"venue":"Nasdaq","snapshots_at_national_best_bid":3719,"snapshots_quoting":4450},{"venue":"Investors Exchange","snapshots_at_national_best_bid":1788,"snapshots_quoting":3022},{"venue":"NYSE Arca, Inc.","snapshots_at_national_best_bid":1583,"snapshots_quoting":3023},{"venue":"Cboe BZX","snapshots_at_national_best_bid":757,"snapshots_quoting":1837},{"venue":"Cboe EDGX","snapshots_at_national_best_bid":370,"snapshots_quoting":956},{"venue":"Nasdaq Texas, Inc.","snapshots_at_national_best_bid":287,"snapshots_quoting":545},{"venue":"Members Exchange","snapshots_at_national_best_bid":245,"snapshots_quoting":619},{"venue":"New York Stock Exchange","snapshots_at_national_best_bid":146,"snapshots_quoting":341},{"venue":"MIAX Pearl","snapshots_at_national_best_bid":41,"snapshots_quoting":127},{"venue":"Cboe EDGA","snapshots_at_national_best_bid":30,"snapshots_quoting":81},{"venue":"NYSE Texas, Inc.","snapshots_at_national_best_bid":21,"snapshots_quoting":65},{"venue":"Nasdaq Philadelphia Exchange LLC","snapshots_at_national_best_bid":21,"snapshots_quoting":192},{"venue":"NYSE American, LLC","snapshots_at_national_best_bid":16,"snapshots_quoting":39},{"venue":"NYSE National, Inc.","snapshots_at_national_best_bid":12,"snapshots_quoting":19},{"venue":"Cboe BYX","snapshots_at_national_best_bid":5,"snapshots_quoting":15},{"venue":"24X National Exchange LLC","snapshots_at_national_best_bid":0,"snapshots_quoting":1}],"shape":"ranking","sql":"WITH venue_snapshot AS\n(\n    SELECT\n        toStartOfSecond(sip_timestamp) AS snap,\n        toUInt32(bid_exchange)         AS exchange_id,\n        max(toFloat64(bid_price))      AS venue_best_bid\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-06-17 14:00:00'\n      AND sip_timestamp <  '2026-06-17 15:30:00'\n      AND bid_price > 0\n    GROUP BY snap, exchange_id\n),\nnational_snapshot AS\n(\n    SELECT\n        snap,\n        max(venue_best_bid) AS national_best_bid\n    FROM venue_snapshot\n    GROUP BY snap\n),\ntally AS\n(\n    SELECT\n        v.exchange_id                                   AS exchange_id,\n        countIf(v.venue_best_bid >= n.national_best_bid) AS snapshots_at_national_best_bid,\n        count()                                          AS snapshots_quoting\n    FROM venue_snapshot AS v\n    INNER JOIN national_snapshot AS n ON n.snap = v.snap\n    GROUP BY exchange_id\n)\nSELECT\n    if(empty(x.venue_name), concat('Venue ', toString(t.exchange_id)), x.venue_name) AS venue,\n    t.snapshots_at_national_best_bid AS snapshots_at_national_best_bid,\n    t.snapshots_quoting              AS snapshots_quoting\nFROM tally AS t\nLEFT JOIN\n(\n    SELECT\n        toUInt32(id) AS exchange_id,\n        any(name)    AS venue_name\n    FROM global_markets.stocks_exchanges\n    WHERE asset_class = 'stocks'\n    GROUP BY exchange_id\n) AS x ON x.exchange_id = t.exchange_id\nORDER BY snapshots_at_national_best_bid DESC\nLIMIT 20","computed_at":"2026-08-10T14:42:11.432753+00:00","elapsed":0.003555657}