Record · Method
How the one figure is counted.
The Record page publishes one figure about the desk’s trading: trades executed. This page defines it: what it counts, how it is rounded down, and how it is dated. It does not print it; the current figure is on the Record page, with its date.
Version 1, October 24, 2026
- Figures
- One
- Rounded
- Down, never up
- Refreshed
- Monthly, on the first
The figure
Trades executed.
- What it counts
- Every fill on the firm’s venue accounts. Each fill counts as one trade, whatever its size: an order that fills in three pieces counts three times, and a fill of one contract counts the same as a much larger one. That holds for the whole history.
- Which venues
- Every venue account the firm has traded on, from the first trade to the as-of date.
- Where the counts come from
- The venues’ own records of the firm’s fills, not the quoting system’s logs. A venue can recount the firm’s trades on it from its own records.
- Rounded
- Rounded down to the nearest 5,000. The true count is at least the figure shown.
- What it is not
- It says nothing about size, and nothing about whether any trade made or lost money.
Dates
How it is dated and refreshed.
- The desk as a whole
- One total for the desk as a whole. There is no split by venue, category, contract or month.
- The as-of date
- The last day, in US Eastern time, whose trades are counted. The figure is always printed with it.
- Refreshed
- Monthly, on the first of each month. Each refresh replaces the figure on the Record page and moves its as-of date forward. The full record behind it is refreshed weekly.
- On the Record page
- The figure is shown on an LED board that rises between monthly figures and realigns to each new one. The rise is an animation, not a count, and it is never a real-time count. Only the dated figure is published, and the page prints it in text beside the board.
- In research notes
- A figure quoted in a research note keeps the date it was quoted with, and stays as written when newer figures are published.
Limits
What it is, and what it is not.
- Rounded down, never up
- The count is rounded down, so the published figure never overstates. The rounding happens in the one script that moves the figure into the site, and its output is reviewed before it is committed.
- Activity, not results
- It does not say whether the trading made or lost money. Results stay with the full record.
- Unaudited
- No outside accountant has examined it. This page sets out how it is counted, so a reader can judge the method.
- Not a forecast
- A count of past trades says nothing about future ones. Nothing here is an offer or advice.
Changes
When the figure or its definition changes.
- Restatements
- If a published figure is ever restated, the Record page says so, and the corrections log lists it with its date and the reason. None has been.
- Older figures
- A refresh is not a restatement. A figure as of an earlier date stays true as of that date, and a note that quoted it keeps it as written.
- A changed definition
- A dated entry at the foot of this page, which adds one to the version.
- Retired figures
- Time in market and volume traded were retired from the Record page on October 24, 2026. Trades executed is the one published figure.
Versions
Each version of the definition, dated.
- Version 1, October 24, 2026
- First version: one published figure, trades executed, defined as above.
Never published
What the figure leaves out, and why.
Trades executed is the only figure published about the firm’s trading. These stay with the full record.
- Results: profit and loss, realized or not.
- Results go out only with the full record, on request, where they come with their dates, their method and the notes that explain them.
- Operating revenue.
- It is part of the result, so it stays with the full record.
- Account balances and account value.
- They are part of the full record, shared on request only.
- What any liquidity program pays.
- The site says the desk takes part in incentive programs and market-maker agreements, and how their payments are counted. It stops there.
- What share of revenue the programs are.
- A share is a figure about revenue, and about what the programs pay. Both stay with the full record.
- Deposits to and withdrawals from the venue accounts.
- They are part of the full record, kept there with its complete history, and shared on request only.
- Open positions and position sizes.
- A position names what the desk holds, and so what it trades.
- Any figure for a single market, event, contract or ticker.
- The site never names what the desk trades. Examples are invented, and say so.
The full record
The full record, results included, is available on request to venues (for example for their programs), banks and payment providers, counterparties, and regulators, with its as-of dates and notes. Requests go to compliance@cipherg.io.
The figure, and how to request the record How the full record is measured What we publish, and what we never publish