Following are the definitions and procedures used to calculate volume and market share data for Direct Edge. Volume for each of Direct Edge’s three market centers–EDGA, EDGX, and ISE Stock Exchange–is made available monthly on a consolidated basis and is updated dynamically at www.directedge.com on a per market center basis.
Handled Market Share
Data represents total Direct Edge share volume for all U.S. exchange-listed equity securities, expressed as a percentage of total consolidated market volume, reported to the consolidated tape.
Volume handled by multiple Direct Edge market centers (e.g., shares routed between EDGA and EDGX, EDGA and EDGX volume executed through ISE Stock Exchange) are single-counted and reflected in the volume of the market center that was the original source of liquidity.
Matched Market Share
Data represents total Direct Edge share volume for all U.S. exchange-listed equity securities executed on Direct Edge-operated systems, expressed as a percentage of total consolidated market volume, which includes all volume executed on the EDGA, EDGX, and ISE Stock Exchange, and certain volume executed through the Enhanced Liquidity Provider program.
Notes on Data Calculation
- All volume is single-counted within and between each of Direct Edge’s three market centers—EDGA, EDGX, and ISE Stock Exchange.
- Total consolidated market volume, used to calculate Handled Market Share and Matched Market Share, is based on consolidated data feeds.
- Activity on days when the market closes early is not used when calculating Average Daily Volume.
- ISE Stock Exchange volume from December 1, 2008 forward is included in Direct Edge’s consolidated totals.
Disclaimer
Direct Edge believes the data presented is reliable, but does not guarantee its accuracy or completeness.