{"slug":"trade-throughs-and-iso-orders","qid":"venue_burst","label":"Distinct venues printing AAPL inside the same second, minute by minute","post_title":"What Is a Trade-Through? ISO Orders Explained","post_url":"/blog/trade-throughs-and-iso-orders#q-venue_burst","columns":["et_time","max_venues_in_a_second","avg_venues_in_a_second"],"rows":[{"et_time":"10:00","max_venues_in_a_second":13,"avg_venues_in_a_second":6.9},{"et_time":"10:01","max_venues_in_a_second":12,"avg_venues_in_a_second":7},{"et_time":"10:02","max_venues_in_a_second":13,"avg_venues_in_a_second":7.3},{"et_time":"10:03","max_venues_in_a_second":13,"avg_venues_in_a_second":8},{"et_time":"10:04","max_venues_in_a_second":13,"avg_venues_in_a_second":5.9},{"et_time":"10:05","max_venues_in_a_second":11,"avg_venues_in_a_second":6.6},{"et_time":"10:06","max_venues_in_a_second":13,"avg_venues_in_a_second":6.3},{"et_time":"10:07","max_venues_in_a_second":11,"avg_venues_in_a_second":6.6},{"et_time":"10:08","max_venues_in_a_second":10,"avg_venues_in_a_second":5.6},{"et_time":"10:09","max_venues_in_a_second":10,"avg_venues_in_a_second":6.1},{"et_time":"10:10","max_venues_in_a_second":11,"avg_venues_in_a_second":6.5},{"et_time":"10:11","max_venues_in_a_second":12,"avg_venues_in_a_second":6.8},{"et_time":"10:12","max_venues_in_a_second":12,"avg_venues_in_a_second":7.2},{"et_time":"10:13","max_venues_in_a_second":15,"avg_venues_in_a_second":6.8},{"et_time":"10:14","max_venues_in_a_second":11,"avg_venues_in_a_second":6.7},{"et_time":"10:15","max_venues_in_a_second":12,"avg_venues_in_a_second":6.7},{"et_time":"10:16","max_venues_in_a_second":13,"avg_venues_in_a_second":6.9},{"et_time":"10:17","max_venues_in_a_second":13,"avg_venues_in_a_second":6.2},{"et_time":"10:18","max_venues_in_a_second":10,"avg_venues_in_a_second":5.8},{"et_time":"10:19","max_venues_in_a_second":13,"avg_venues_in_a_second":5.7},{"et_time":"10:20","max_venues_in_a_second":12,"avg_venues_in_a_second":5.8},{"et_time":"10:21","max_venues_in_a_second":13,"avg_venues_in_a_second":5.3},{"et_time":"10:22","max_venues_in_a_second":10,"avg_venues_in_a_second":5.7},{"et_time":"10:23","max_venues_in_a_second":9,"avg_venues_in_a_second":5.7},{"et_time":"10:24","max_venues_in_a_second":10,"avg_venues_in_a_second":6.4},{"et_time":"10:25","max_venues_in_a_second":16,"avg_venues_in_a_second":6.5},{"et_time":"10:26","max_venues_in_a_second":12,"avg_venues_in_a_second":6.8},{"et_time":"10:27","max_venues_in_a_second":9,"avg_venues_in_a_second":5.9},{"et_time":"10:28","max_venues_in_a_second":10,"avg_venues_in_a_second":5.7},{"et_time":"10:29","max_venues_in_a_second":14,"avg_venues_in_a_second":6}],"shape":"series","sql":"SELECT\n    formatDateTime(toTimeZone(minute_utc, 'America/New_York'), '%H:%i') AS et_time,\n    max(venues_printing)                                               AS max_venues_in_a_second,\n    round(avg(venues_printing), 1)                                     AS avg_venues_in_a_second\nFROM\n(\n    SELECT\n        toStartOfMinute(toDateTime(sip_timestamp)) AS minute_utc,\n        toDateTime(sip_timestamp)                  AS second_utc,\n        uniqExact(exchange)                        AS venues_printing\n    FROM global_markets.stocks_trades\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-06-10 14:00:00'\n      AND sip_timestamp <  '2026-06-10 14:30:00'\n    GROUP BY minute_utc, second_utc\n)\nGROUP BY minute_utc\nORDER BY minute_utc","computed_at":"2026-08-20T15:27:07.667821+00:00","elapsed":0.003008297}