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Midpoint Peg Orders Explained: Half-Cent Fills
Sub-penny print share by reporting route, off exchange against lit exchangeranking · 2026-08-09 · 6×3Preview: 6 ranked values, largest first. Share of trades printed off the penny grid, 10:00 to 11:00 a.m. ET, June 17 2026ranking · 2026-08-09 · 6×3Preview: 6 ranked values, largest first. BLK quoted spread and quote activity by half-hour ET bucket, June 17 2026series · 2026-08-09 · 16×3Preview: a 16-point series, roughly flat. Average NBBO spread and the midpoint saving, 10:00 to 11:00 a.m. ET, June 17 2026ranking · 2026-08-09 · 6×3Preview: 6 ranked values, smallest first.
The Sub-Penny Rule and Price Improvement
What one cent is worth, by share price bandranking · 2026-08-07 · 8×3Preview: 8 ranked values, smallest first. The penny tick and the quoted gap, in basis pointstable · 2026-08-07 · 7×5 Share of prints that landed on a sub-penny priceranking · 2026-08-07 · 7×3Preview: 7 ranked values, largest first. AAPL sub-penny print rate by trade size, 17 June 2026ranking · 2026-08-07 · 5×3Preview: 5 ranked values, largest first.
Sub-penny print share by reporting route, off exchange against lit exchange

Sub-penny print share by reporting route, off exchange against lit exchange

most recentas of ranking 6×3read in context →
Sub-penny print share by reporting route, off exchange against lit exchange — 6 rows by 3 columns, computed from US exchange, SIP and OPRA data.
symboloff_exchange_sub_penny_pcton_exchange_sub_penny_pct
KO86.111.7
NVDA82.76.2
AAPL75.16.7
MSFT62.53.3
SPY61.93.6
BLK53.43.5
the exact SQL behind every number 
WITH
    (
        SELECT groupArray(toString(id))
        FROM global_markets.stocks_exchanges
        WHERE lower(asset_class) = 'stocks'
          AND (lower(type) = 'trf' OR positionCaseInsensitive(name, 'FINRA') > 0)
    ) AS trf_venue_ids
SELECT
    ticker AS symbol,
    round(countIf(has(trf_venue_ids, toString(exchange))
                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)
          / countIf(has(trf_venue_ids, toString(exchange))) * 100, 1)      AS off_exchange_sub_penny_pct,
    round(countIf(NOT has(trf_venue_ids, toString(exchange))
                  AND toUInt64(round(toFloat64(price) * 10000)) % 100 != 0)
          / countIf(NOT has(trf_venue_ids, toString(exchange))) * 100, 1)  AS on_exchange_sub_penny_pct
FROM global_markets.stocks_trades
WHERE ticker IN ('SPY', 'KO', 'AAPL', 'MSFT', 'NVDA', 'BLK')
  AND sip_timestamp >= '2026-06-17 14:00:00'
  AND sip_timestamp <  '2026-06-17 15:00:00'
  AND price > 0
GROUP BY ticker
HAVING countIf(has(trf_venue_ids, toString(exchange))) > 0
   AND countIf(NOT has(trf_venue_ids, toString(exchange))) > 0
ORDER BY off_exchange_sub_penny_pct DESC
More from this analysisMidpoint Peg Orders Explained: Half-Cent Fills
Share of trades printed off the penny grid, 10:00 to 11:00 a.m. ET, June 17 2026 ranking 6×3 → Average NBBO spread and the midpoint saving, 10:00 to 11:00 a.m. ET, June 17 2026 ranking 6×3 → BLK quoted spread and quote activity by half-hour ET bucket, June 17 2026 series 16×3 → AAPL's ten largest overnight gaps down, Jan 2023 to Jun 2026 ranking 10×2 → See all 2,173 queries →
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