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Research

Datasets.

Each card says what one set of data is, where it comes from, how it is counted and rounded, and what it leaves out. The cards describe the data and the dates it covers; they carry none of the figures. The figures themselves are on the Record page, dated.

Cards

The data behind the figures.

Each study names the cards it uses, and each card is where to check how its data was counted. The published figure itself is on the Record page.

Dataset

Record figure

The one figure on the Record page: trades executed. Counted from the venues’ own records, for the desk as a whole.

One row
One snapshot of the whole record, taken on the as-of date.
Source
The venues’ own records of the firm’s accounts.
Level
The desk as a whole
Aggregation
A total for the desk as a whole, across every venue account the firm has traded on, from the first trade to the as-of date: a count of fills, each counted once.
Rounding
Trades executed: rounded down to the nearest 5,000.
Coverage
January 2026 to October 19, 2026
Refreshed
The full record: weekly. The published figure: monthly, on the first.
As of
October 19, 2026
Access
Published on the site. The full record behind it is shared on request.

Fields

Trades executed Count
Every fill on every venue account the firm has traded on, from the venues’ own records. Each fill counts as one trade, whatever its size. Counted to the end of the US Eastern day of the last trade counted, and refreshed monthly, on the first of the month. Rounded down to the nearest 5,000.

Left out

Limitations

  • An activity figure only. It does not say whether the trading made or lost money.
  • A total for the desk as a whole, with no split by venue, category, contract or month.
  • A count of fills, not of contracts: a fill of any size counts once.
  • Rounded down, so it is a floor.
  • Unaudited.

Used in

No published study uses this card yet.

Never published

What is never published, and why.

Every card leaves these out. The full record, results included, is available on request to venues (for example for their programs), banks and payment providers, counterparties, and regulators.

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.

How to request the record