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Market Data

3.1 National Market System


Table 3.1.1 Shares of National Market Systems (NMS) Stocks Trading Summary, 2018–2022

 

Year Total Consolidated Shares Volume Total OTC Shares Volume 1 % OTC
2018 1,841,855,556,392 668,455,710,212 36.3%
2019 1,771,096,807,512 659,344,146,179 37.2%
2020 2,773,109,114,496 1,150,323,435,489 41.5%
2021 2,874,893,079,386 1,255,101,462,172 43.7%
2022 2,980,822,029,407 1,250,660,913,156 42.0%

Source: UTP Trade Data Feed and Consolidated Tape System. Data as of February 2023.

1 OTC includes all FINRA facilities (the FINRA/Nasdaq TRF, the FINRA/NYSE TRF and the FINRA Alternative Display Facility).

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Table 3.1.2 National Market Systems (NMS) Stocks Trading by Venue Type, 2019–2022

 

    2019 2020 2021 2022
Avg. Daily Transactions Exchange 28,318,018 43,086,738 51,276,383 51,447,764
Alternative Trading Systems 4,421,323 6,283,268 7,791,035 7,866,283
Non-Alternative Trading Systems OTC 3,638,730 9,282,650 13,141,709 11,667,571
Total 36,378,071 58,652,656 72,209,126 70,981,618
Avg. Daily Volume  (in $ billions) Exchange 209.1 296.3 368.0 364.7
Alternative Trading Systems 39.8 54.4 65.6 67.4
Non-Alternative Trading Systems OTC 74.3 130.4 153.9 181.0
Total 323.2 481.0 587.5 613.0

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 Data from before H2 2021 was based on OATs data. From H2 2021 onward it was based on trading activity reported to CAT.

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Figure 3.1.3 Monthly National Market Systems (NMS) Stocks Trading by Venue Type

(January 3, 2022 − December 30, 2022)

 

Monthly National Market Systems (NMS) Stocks Trading by Venue Type

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 Data is based on trading activity reported to CAT.

2 ATS stands for Alternative Trading Systems.

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Figure 3.1.4 Monthly National Market Systems (NMS) Stocks Trading Outside of Normal Hours1

(January 3, 2022 − December 30, 2022)

 

Monthly National Market Systems (NMS) Stocks Trading Outside of Normal Hours

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1Data is based on trading activity reported to CAT.

2 Closing trades are trades executed in an exchange's closing auction and are timestamped post-close. In the past they have been included in non-exchange hours trades but are now separated out for improved clarity.

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Table 3.1.5 National Market Systems (NMS) Stocks Trading by Product Type, 20221,2,3,4

(January 3, 2022 − December 30, 2022)

 

Dollar Volumes by Subtype (in $ billions)
Month ADR1 Common Stock ETP2 Other3
January 535 9,172 5,256 257
February 416 8,426 4,480 243
March 693 9,804 5,088 280
April 418 7,679 4,059 234
May 408 8,417 4,778 278
June 460 7,308 3,786 249
July 338 5,907 2,977 189
August 391 6,893 3,039 208
September 323 6,612 3,602 235
October 354 6,484 3,600 213
November 383 6,620 3,297 200
December 343 6,007 3,153 204

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 Data is based on trading activity as reported to CAT and processed by FINRA SRO.

2 ADR stands for American Depository Receipts, and does not include global depository shares.

3 ETP stands for Exchange Traded Products, and includes Exchange Traded Funds, Exchange Traded Notes and debt securities traded on the exchange.

4 “Other” is primarily made up of real estate investment trusts (REITs), closed ended funds, limited partnerships, preferred stocks, warrants and global depository shares.

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3.2 OTC Equity


Table 3.2.1 Over-the-Counter (OTC) Equities Market Statistics, 2018–20221

(Counts as of year-end)

 

Year Average Daily OTC Equities Share Volume Average Daily OTC Equities Dollar Volume ($) Average Daily OTC Equities Transactions
2018 8,406,120,277 $1,499,965,855 207,586
2019 6,013,676,971 $1,307,456,314 177,445
2020 11,559,398,546 $1,793,274,433 319,598
2021 39,554,616,558 $2,878,628,236 623,571
2022 9,156,103,157 $2,043,960,223 304,617

Source: FINRA OTCE Market Statistics. Data as of February 2023.

1 Differences in historical series reflect changes in underlying data.

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Figure 3.2.2 Monthly OTC Equities Trading by Venue Type

(January 3, 2022 − December 30, 2022)

 

Monthly OTC Equities Trading by Venue Type

Source: Financial Industry Regulatory Authority. Data as of February 2023.

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3.3 Fixed Income Activity


Table 3.3.1 TRACE Reported Fixed Income Activity by Product Type and Venue Type, 2019–20221

 

Corporate and Agency 2019 2020 2021 2022
Avg. Daily Transactions Alternative Trading Systems 13,884 12,427 11,724 18,241
Non-Alternative Trading Systems 55,339 57,560 55,592 76,900
Total 69,223 69,987 67,316 95,140
Avg. Daily Volume (in $ billions) Alternative Trading Systems 2.1 2.9 3.6 2.7
Non-Alternative Trading Systems 37.7 43.4 38.8 40.3
Total 39.8 46.4 42.4 43.1
Securitized Products 2019 2020 2021 2022
Avg. Daily Transactions Alternative Trading Systems 4,744 3,960 3,267 3,251
Non-Alternative Trading Systems 9,513 9,784 10,175 11,475
Total 14,256 13,744 13,443 14,727
Avg. Daily Volume (in $ billions) Alternative Trading Systems 69.0 67.9 60.7 59.3
Non-Alternative Trading Systems 198.9 247.0 240.9 199.7
Total 267.9 314.9 301.6 258.9

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 The Trade Reporting and Compliance Engine (TRACE) facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities. Differences in historical series reflect changes in underlying data.

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Figure 3.3.2 Monthly TRACE Reported Fixed Income Activity By Product Type and Venue Type1

(January 3, 2022 − December 30, 2022)

 

Monthly TRACE Reported Fixed Income Activity By Product Type and Venue Type

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 The Trade Reporting and Compliance Engine (TRACE) facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities.

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Figure 3.3.3 Monthly U.S. Treasuries Dollar Volumes by Participant-to-Trade Type and Product Type1,2

(January 3, 2022 − December 30, 2022; In trillions of USD)

 

Monthly U.S. Treasuries Dollar Volumes by Participant-to-Trade Type and Product Type

Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 The “ATS" and "Interdealer” categories include the sell side of a trade when, respectively, (1) a trade is executed on an ATS (including ATS sales to non-members or non-member affiliates) or (2) a trade is executed between FINRA members outside of an ATS (i.e. dealer-to-dealer trades). These categories exclude a FINRA member sell to an ATS. This approach takes into account multiple reporting of trades where a trade involves an ATS or both sides are FINRA members.

2 The “Dealer-to-Customer” category includes all trades (buys and sells) reported by a FINRA member against non-members or non-member affiliates. The category excludes ATS transactions with non-members and non-member affiliates (those trades are represented in the “ATS" category as noted above).

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Figure 3.3.4 U.S. Treasuries Dollar Volumes by Product Type and Participant-to-Trade Type, 20221,2

(In percent of product type)

 

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Source: Financial Industry Regulatory Authority. Data as of February 2023.

1 The “ATS" and "Interdealer” categories include the sell side of a trade when, respectively, (1) a trade is executed on an ATS (including ATS sales to non-members or non-member affiliates) or (2) a trade is executed between FINRA members outside of an ATS (i.e. dealer-to-dealer trades). These categories exclude a FINRA member sell to an ATS. This approach takes into account multiple reporting of trades where a trade involves an ATS or both sides are FINRA members.

2 The “Dealer-to-Customer” category includes all trades (buys and sells) reported by a FINRA member against non-members or non-member affiliates. The category excludes ATS transactions with non-members and non-member affiliates (those trades are represented in the “ATS" category as noted above).

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Figure 3.4.1 Monthly Dollar Volume of Equities Traded (ADR vs. Non-ADR) by Listing Status

(January 3, 2022 − December 30, 2022; In billions of USD)

 

Monthly Dollar Volume of Equities Traded ADR vs. Non-ADR by Listing Status

Source: Financial Industry Regulatory Authority. Data as of February 2023.

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Figure 3.5.1 FINRA-Registered Firms – Customer Margin Balances, 2018−20221,2

(in millions of USD at end of year)

 

Alt Text

Source: Customer Balance Summary Forms.

1 Pursuant to FINRA Rule 4521(d), FINRA member firms carrying margin accounts for customers are required to submit, on a settlement date basis, as of the last business day of the month, the following customer information: (i) the total of all debit balances in securities margin accounts; and (ii) the total of all free credit balances in all cash accounts and all securities margin accounts.

2 Debit Balances are derived by adding NYSE Debit Balances in Margin Accounts to FINRA Debit Balances in Customers' Cash and Margin Accounts. Credit Balances are derived by adding NYSE Free Credit Balances in Cash and Margin Accounts to FINRA Free and Other Credit Balances in Customers' Securities Accounts.

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