{"slug":"what-is-the-nbbo","qid":"luld_halt_gme","label":"GME, 2024-05-14: NBBO updates and trades per minute across a five-minute LULD pause","post_title":"What Is the NBBO? National Best Bid and Offer","post_url":"/blog/what-is-the-nbbo#q-luld_halt_gme","columns":["et_time","nbbo_updates","trades"],"rows":[{"et_time":"10:57","nbbo_updates":1812,"trades":5690},{"et_time":"10:58","nbbo_updates":1275,"trades":4420},{"et_time":"10:59","nbbo_updates":1491,"trades":4068},{"et_time":"11:00","nbbo_updates":4511,"trades":12419},{"et_time":"11:01","nbbo_updates":346,"trades":1331},{"et_time":"11:02","nbbo_updates":0,"trades":0},{"et_time":"11:03","nbbo_updates":0,"trades":0},{"et_time":"11:04","nbbo_updates":1,"trades":0},{"et_time":"11:05","nbbo_updates":0,"trades":0},{"et_time":"11:06","nbbo_updates":4155,"trades":14007},{"et_time":"11:07","nbbo_updates":4627,"trades":13199},{"et_time":"11:08","nbbo_updates":2941,"trades":8985},{"et_time":"11:09","nbbo_updates":1613,"trades":6487},{"et_time":"11:10","nbbo_updates":1741,"trades":6222},{"et_time":"11:11","nbbo_updates":1447,"trades":5691}],"shape":"series","sql":"WITH spine AS (\n    SELECT toStartOfMinute(toTimeZone(window_start, 'America/New_York')) AS et_min\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND window_start >= toDateTime('2024-05-14 10:57:00', 'America/New_York')\n      AND window_start < toDateTime('2024-05-14 11:12:00', 'America/New_York')\n),\ngme_trades AS (\n    SELECT toStartOfMinute(toTimeZone(window_start, 'America/New_York')) AS et_min,\n           sum(transactions) AS trades\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'GME'\n      AND window_start >= toDateTime('2024-05-14 10:57:00', 'America/New_York')\n      AND window_start < toDateTime('2024-05-14 11:12:00', 'America/New_York')\n    GROUP BY et_min\n),\ngme_quotes AS (\n    SELECT toStartOfMinute(toTimeZone(sip_timestamp, 'America/New_York')) AS et_min,\n           count() AS nbbo_updates\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'GME'\n      AND sip_timestamp >= toDateTime('2024-05-14 10:57:00', 'America/New_York')\n      AND sip_timestamp < toDateTime('2024-05-14 11:12:00', 'America/New_York')\n    GROUP BY et_min\n)\nSELECT formatDateTime(spine.et_min, '%H:%i') AS et_time,\n       ifNull(gme_quotes.nbbo_updates, 0) AS nbbo_updates,\n       toUInt64(ifNull(gme_trades.trades, 0)) AS trades\nFROM spine\nLEFT JOIN gme_quotes ON gme_quotes.et_min = spine.et_min\nLEFT JOIN gme_trades ON gme_trades.et_min = spine.et_min\nORDER BY spine.et_min","computed_at":"2026-08-22T04:35:01.818926+00:00","elapsed":1.147292753}