State of ATS Markets
Q1 2026
Sapinover's venue-intelligence platform tracks 16.7 million FINRA issue-level records across 108 weeks and 35 venues, covering nearly one trillion shares of NMS equity volume. This report is the Q1 2026 extract. Every figure is sourced from FINRA Rule 4552 weekly transparency data.
01 / Platform Scale
02 / Q1 2026 ATS Rankings
12 weeks ending March 20, 2026. 10 of 12 weeks with complete Tier 1 + Tier 2 coverage. 144 billion shares. 1.68 billion trades. 36 venues reporting.
Blue Ocean ATS highlighted at #11 with 3.22% market share.
| # | ATS | MPID | T1 Shares | T2 Shares | Total | Share % |
|---|---|---|---|---|---|---|
| 1 | Intelligent Cross | INCR | 14.32B | 10.61B | 24.93B | 17.31% |
| 2 | UBS ATS | UBSA | 11.26B | 7.30B | 18.56B | 12.89% |
| 3 | Level ATS | EBXL | 7.11B | 4.59B | 11.69B | 8.12% |
| 4 | Goldman Sachs SIGMA X2 | SGMT | 6.24B | 4.04B | 10.28B | 7.14% |
| 5 | Instinct X | MLIX | 4.97B | 3.85B | 8.82B | 6.12% |
| 6 | MS Trajectory Cross (ATS-1) | MSTX | 4.67B | 3.16B | 7.83B | 5.44% |
| 7 | MS Pool (ATS-4) | MSPL | 3.75B | 3.13B | 6.88B | 4.78% |
| 8 | BIDS ATS | BIDS | 3.89B | 2.50B | 6.40B | 4.44% |
| 9 | PureStream | PURE | 3.46B | 1.74B | 5.20B | 3.61% |
| 10 | OneChronos | CGXS | 3.18B | 1.74B | 4.92B | 3.42% |
| 11 | Blue Ocean ATS | BLUE | 0.72B | 3.91B | 4.63B | 3.22% |
| 12 | JPM-X | JPMX | 2.81B | 1.75B | 4.56B | 3.16% |
| 13 | Virtu MatchIt ATS | KCGM | 2.40B | 2.12B | 4.52B | 3.13% |
| 14 | IBKR ATS | IATS | 1.66B | 2.56B | 4.22B | 2.93% |
| 15 | The Barclays ATS | LATS | 2.20B | 1.46B | 3.66B | 2.54% |
| 16 | POSIT | ITGP | 1.51B | 1.30B | 2.81B | 1.95% |
| 17 | JPB-X | JPBX | 1.75B | 1.03B | 2.78B | 1.93% |
| 18 | CrossStream | XSTM | 1.09B | 1.26B | 2.35B | 1.63% |
| 19 | CBX | ICBX | 1.01B | 0.85B | 1.86B | 1.29% |
| 20 | Citi-ONE ATS | ONEC | 0.86B | 0.54B | 1.40B | 0.97% |
Source: FINRA Rule 4552 weekly ATS transparency data, Sapinover analysis. Q1 2026, 12 weeks ending Mar 20. T1 = NMS Tier 1 (S&P 500 / Russell 1000). T2 = NMS Tier 2 (remaining NMS stocks). Market share = venue total shares / universe total.
03 / Biggest Movers: Q4 2025 to Q1 2026
Quarter-over-quarter share change. Positive = gained market share vs Q4 2025. Negative = lost share. Delta is in percentage points of total ATS volume.
Gaining Share
| ATS | Q4 % | Q1 % | Delta |
|---|---|---|---|
| Intelligent Cross | 16.23% | 17.31% | +1.08 |
| Blue Ocean ATS | 2.62% | 3.22% | +0.60 |
| OneChronos | 2.90% | 3.42% | +0.52 |
| PureStream | 3.44% | 3.61% | +0.17 |
| BIDS ATS | 4.28% | 4.44% | +0.16 |
| Bruce ATS | 0.04% | 0.19% | +0.15 |
| Moon ATS | 0.03% | 0.18% | +0.15 |
Source: FINRA Rule 4552. Q4 = Oct-Dec 2025, Q1 = Jan-Mar 2026.
Losing Share
| ATS | Q4 % | Q1 % | Delta |
|---|---|---|---|
| Instinct X | 6.85% | 6.12% | -0.73 |
| The Barclays ATS | 3.10% | 2.54% | -0.56 |
| IBKR ATS | 3.32% | 2.93% | -0.40 |
| JPM-X | 3.53% | 3.16% | -0.36 |
| CrossStream | 1.95% | 1.63% | -0.32 |
| Goldman Sachs SIGMA X2 | 7.43% | 7.14% | -0.29 |
| Liquidnet H2O | 0.53% | 0.27% | -0.27 |
Source: FINRA Rule 4552. Delta = Q1 share % minus Q4 share %.
Key Takeaway
Intelligent Cross extended its lead by +1.08 percentage points, the largest single-venue gain in Q1. Blue Ocean ATS gained +0.60 points (from 2.62% to 3.22%), moving from #14 to #11. All three overnight venues (Blue Ocean, Bruce, Moon) gained share QoQ. The largest decliners were Instinct X (-0.73), Barclays ATS (-0.56), and IBKR ATS (-0.40).
04 / Reg ATS-N Filing Activity: Q1 2026
SEC Form ATS-N filings tracked in Q1 2026. Filing types: UA (updating amendment), MA (material amendment), OFA (order flow attribution), CA (correcting amendment). 15 venues filed a total of 40+ amendments during the quarter.
| Venue | Filings | Types Filed | Notable |
|---|---|---|---|
| Liquidnet Negotiation ATS | 7 | CA, MA, UA | Most active filer in Q1 |
| JPM-X | 6 | CA, MA, UA | Multiple correcting amendments |
| Blue Ocean ATS | 6 | CA, MA, OFA, UA | Continued monthly OFA cycle |
| Intelligent Cross | 4 | MA, OFA, UA | OFA filed Mar 5 |
| Level ATS | 3 | CA, MA, UA | Material amendment Feb 20 |
| Admiral ATS | 2 | UA | New/emerging venue, 2 updates |
| ALPHAX US | 2 | MA, UA | Material amendment Feb 20 |
| Bruce ATS | 2 | CA | Correcting amendments only |
| IBKR ATS | 2 | MA, UA | Material + updating amendments |
| OTC Link ATS | 2 | MA, UA | |
| CODA | 1 | UA | Final filing before Mar 20 cessation |
| BIDS ATS | 1 | MA | Material amendment Mar 12 |
| OneChronos | 1 | MA | Material amendment Feb 13 |
| POSIT | 1 | UA | Updating amendment Feb 11 |
| Goldman Sachs SIGMA X2 | 1 | MA | Material amendment |
Source: SEC EDGAR filing_registry via Sapinover venue-intelligence platform. Q1 2026. ATS-N/UA = updating amendment, ATS-N/MA = material amendment, ATS-N/OFA = order flow attribution, ATS-N/CA = correcting amendment.
Material Amendments (MA)
Material amendments indicate substantive operational changes: modifications to order types, subscriber categories, fee structures, or matching methodology. JPM-X, OneChronos, BIDS ATS, and Level ATS all filed material amendments in Q1, signaling active venue evolution. Blue Ocean filed both MA and OFA amendments.
CODA Cessation
CODA Markets filed a final UA on Feb 6 before its ATS-N-C cessation notice effective March 20, 2026. CODA operated as a regular-hours size-discovery and block-auction ATS, not as an overnight venue. Its exit leaves the block/call-auction segment of the ATS landscape with fewer options; the overnight ATS universe (Blue Ocean, Bruce, Moon) is unaffected.
05 / Tier Composition
Most ATSs run 60-65% Tier 1 because institutional flow concentrates in large-cap names. Three venues break this pattern entirely, running 70-84% Tier 2.
| ATS | T1 % | T2 % | T2 Shares | Pattern |
|---|---|---|---|---|
| Intelligent Cross (#1) | 57% | 43% | 10.61B | Balanced |
| UBS ATS (#2) | 61% | 39% | 7.30B | T1-leaning |
| BIDS ATS (#8) | 61% | 39% | 2.50B | T1-leaning |
| CrossStream (#18) | 46% | 54% | 1.26B | T2-leaning |
| Blue Ocean ATS (#11) | 16% | 84% | 3.91B | T2-dominant |
| Bruce ATS (#30) | 29% | 71% | 192M | T2-dominant |
| Moon ATS (#31) | 16% | 84% | 213M | T2-dominant |
Source: FINRA Rule 4552. Q1 2026. All three overnight-session venues show T2-dominant composition, reflecting smaller-cap and non-index name activity outside regular trading hours.
06 / Overnight Venues
Three registered ATSs operate a continuous overnight session in US equities: Blue Ocean, Bruce Markets, and Moon ATS (OTC Link). CODA Markets, listed elsewhere in this report, operated as a regular-hours size-discovery and block-auction venue and did not participate in overnight trading.
| Venue | MPID | Q1 Shares | Q1 Trades | Share % | Rank |
|---|---|---|---|---|---|
| Blue Ocean ATS | BLUE | 4.63B | 37.5M | 3.22% | #11 |
| Bruce ATS | BOSS | 270M | 3.5M | 0.19% | #30 |
| Moon ATS | MOON | 255M | 2.6M | 0.18% | #31 |
Source: FINRA Rule 4552. Combined 3-venue share: ~3.59% of total Q1 ATS volume. Blue Ocean commands ~90% of 3-venue overnight ATS share.
07 / Q1 Data Completeness
FINRA publishes Tier 1 data approximately 2 weeks after trade date and Tier 2 approximately 4 weeks after. Q1 2026 currently has 10 of 12 weeks with complete dual-tier coverage.
| Week Ending | T1 Venues | T2 Venues | Status |
|---|---|---|---|
| Jan 2, 2026 | 33 | 32 | Complete |
| Jan 9 | 33 | 32 | Complete |
| Jan 16 | 33 | 32 | Complete |
| Jan 23 | 33 | 32 | Complete |
| Jan 30 | 33 | 32 | Complete |
| Feb 6 | 33 | 32 | Complete |
| Feb 13 | 34 | 32 | Complete |
| Feb 20 | 35 | 32 | Complete |
| Feb 27 | 35 | 32 | Complete |
| Mar 6 | 35 | 32 | Complete |
| Mar 13 | 33 | -- | T2 pending from FINRA |
| Mar 20 | 33 | -- | T2 pending from FINRA |
Source: FINRA Rule 4552. T2 for Mar 13 and Mar 20 not yet published by FINRA as of report date. Rankings on this page reflect all available data.
08 / The Full Field: Venues 21-36
The long tail includes block negotiation venues, overnight ATSs, and specialty platforms.
| # | ATS | MPID | Q1 Shares | Share % |
|---|---|---|---|---|
| 21 | BNPP CORTEX ATS | BNPX | 1.05B | 0.73% |
| 22 | DealerWeb | DLTA | 631M | 0.44% |
| 23 | MS RPool (ATS-6) | MSRP | 558M | 0.39% |
| 24 | Instinet BlockCross | BLKX | 485M | 0.34% |
| 25 | Liquidnet Negotiation | LQNA | 458M | 0.32% |
| 26 | Liquidnet H2O | LQNA | 383M | 0.27% |
| 27 | ALPHAX US | ALPX | 290M | 0.20% |
| 28 | CODA (ceased Mar 20) | CODA | 284M | 0.20% |
| 29 | OTC Link ATS | OTCX | 280M | 0.19% |
| 30 | Bruce ATS | BOSS | 270M | 0.19% |
| 31 | Moon ATS | MOON | 255M | 0.18% |
| 32 | Liquidnet Negotiation | LQNT | 230M | 0.16% |
| 33 | NYSE Arca | ARCA | 141M | 0.10% |
| 34 | Luminex | LMNX | 122M | 0.08% |
| 35 | IBKR EOS ATS | IEOS | 119M | 0.08% |
| 36 | Stifel X | STFX | 29M | 0.02% |
Source: FINRA Rule 4552. Q1 2026. Combined tail (venues 21-36) = ~4.89% of total ATS volume.
09 / Methodology
Data Source
All data in this report is sourced from FINRA Rule 4552 weekly ATS transparency statistics. FINRA requires each ATS to report weekly share volume and trade count by NMS tier for every symbol traded. Sapinover ingests this data programmatically and maintains a continuous historical record spanning March 2024 to present.
Rankings
Market share is calculated as each venue's total shares divided by the universe total for the stated period. Q1 2026 rankings use all 12 available weeks. Rankings are by share volume. FINRA publishes Tier 1 approximately 2 weeks after trade date and Tier 2 approximately 4 weeks after. Rankings computed on weeks missing T2 will undercount venues with high T2 share.
NMS Tiers
Tier 1 (T1) covers S&P 500 and Russell 1000 constituents. Tier 2 (T2) covers remaining NMS stocks. Most institutional ATSs run 60-65% T1. Overnight venues show the inverse pattern (70-84% T2), reflecting the overnight session's role in non-index name activity driven by earnings, catalysts, and global events.
Disclaimer
This report is produced by Sapinover LLC for informational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any investment product. All figures are derived from FINRA's public ATS transparency data. No figures are estimated or extrapolated.
16.7 Million Records. 108 Weeks. 35 Venues.
Access live ATS rankings, T1/T2 trend analysis, and per-symbol venue breakdowns on the Sapinover platform.