ACCESSING VENUE DATABASE
Querying 114 venues across 1,045 filings
SAPINOVER OS v2.0 :: INITIALIZING...
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ACCESSING VENUE DATABASE
Querying 114 venues across 1,045 filings
// SAPINOVER INSTITUTIONAL INTELLIGENCE
Year-to-Date 2026 | Venue Clustering | Gradient Boost Analysis
Data period: Jan 05, 2026 - Feb 23, 2026 | Generated: 3/31/2026
INCR leads YTD with 17.0% market share — 1.3x UBSA
16.3B shares, Institutional Core
Prior-week volume explains 88% of weekly ATS flow variance (R²=0.994) — institutional flow persistence confirmed
8 weeks of data, 34 venues
3 extended-hours venues (BLUE, MOON, BOSS) combined for 3.4B YTD — high CV signals session-constrained flow
Avg CV: 0.92
K-means separates 34 ATSs into 4 structural archetypes (silhouette=0.472): institutional core, algo/mid-touch, block/OTC, and overnight/niche
Institutional Core: 19 · Overnight: 4 · Algo: 7 · Block: 4
In the first 8 weeks of 2026, the U.S. equity ATS landscape processed 95.8 billion shares across 34 registered venues. Intelligent Cross (INCR) commanded the largest single-venue market share at 16.1%, outpacing UBS ATS (12.2%) and Level ATS (7.6%).
K-means cluster analysis reveals four structurally distinct venue archetypes. Gradient Boost modeling of weekly volume identifies prior-week volume as the dominant predictor (R² = 0.994), consistent with institutional flow persistence dynamics.
// ATS MARKET SHARE BY VENUE (YTD %)
| # | MPID | SHARES | SHARE% | AVG SIZE | CLUSTER |
|---|---|---|---|---|---|
| 1 | INCR | 16.3B | 17.00% | 82 | INSTITUTIONAL |
| 2 | UBSA | 12.4B | 12.89% | 79 | INSTITUTIONAL |
| 3 | EBXL | 7.7B | 8.05% | 46 | INSTITUTIONAL |
| 4 | SGMT | 6.9B | 7.25% | 63 | INSTITUTIONAL |
| 5 | MLIX | 5.9B | 6.17% | 102 | INSTITUTIONAL |
| 6 | MSTX | 5.2B | 5.47% | 66 | INSTITUTIONAL |
| 7 | MSPL | 4.6B | 4.77% | 197 | INSTITUTIONAL |
| 8 | BIDS | 4.4B | 4.60% | 517 | INSTITUTIONAL |
| 9 | PURE | 3.6B | 3.74% | 41 | INSTITUTIONAL |
| 10 | JPMX | 3.2B | 3.32% | 99 | INSTITUTIONAL |
// VENUE CLUSTER MAP — log(avg trade size) vs market share
High aggregate volume, medium avg trade sizes (70-120 shares). Dominant consistent institutional order flow.
INCR, UBSA, EBXL, SGMT, MLIX, MSTX ...
Small avg trade sizes (<55 shares), high trade counts. Optimized for algo-driven, high-frequency crossing.
BNPX, LQNA, MSRP, CODA, ALPX, STFX ...
Very large avg trade sizes (500-110,000+ shares), low trade counts. Classic block crossing and negotiation.
DLTA, BLKX, LQNT, LMNX
High week-over-week CV (0.7-1.0+). Volume concentrated in overnight or extended-hours sessions.
BLUE, MOON, BOSS, IEOS
// FEATURE IMPORTANCE — PREDICTING WEEKLY ATS VOLUME
Gradient Boost regression trained on all active ATS venues using weekly volume data across 8 reporting periods.
Prior-week volume dominates feature importance at 88.4%, confirming institutional flow persistence — large venues attract large volumes via a self-reinforcing mechanism.
// NVDA — NVIDIA — TOP ATSs BY VOLUME %
// VENUE BREAKDOWN
| ATS | SHARES | % VOL | TRADES |
|---|---|---|---|
| UBSA | 130M | 13.6% | 2038K |
| INCR | 107M | 11.1% | 1519K |
| IATS | 83M | 8.6% | 611K |
| EBXL | 70M | 7.3% | 1654K |
| PURE | 59M | 6.1% | 872K |
| MLIX | 58M | 6.0% | 535K |
| BIDS | 52M | 5.5% | 133K |
| SGMT | 52M | 5.4% | 747K |
Three venues operate exclusively in extended-hours sessions, with combined YTD volume of 3.4B shares. High week-over-week CV indicates session-constrained activity.
This report is derived from 20M+ rows of FINRA ATS issue-level data, 34 venue profiles with 150+ attributes, SEC ATS-N filing analysis, and 100+ days of proprietary overnight session data across three venue partners.
| MPID | VENUE | YTD SHARES | MKT% | AVG SIZE | CV | CLUSTER |
|---|---|---|---|---|---|---|
| INCR | Intelligent Cross | 16.3B | 17.00% | 82 | 0.16 | Institutional Core |
| UBSA | UBS ATS | 12.4B | 12.89% | 79 | 0.19 | Institutional Core |
| EBXL | Level ATS | 7.7B | 8.05% | 46 | 0.19 | Institutional Core |
| SGMT | Goldman Sachs SIGMA X2 | 6.9B | 7.25% | 63 | 0.20 | Institutional Core |
| MLIX | Instinct X | 5.9B | 6.17% | 102 | 0.16 | Institutional Core |
| MSTX | MS TRAJECTORY CROSS (ATS-1) | 5.2B | 5.47% | 66 | 0.18 | Institutional Core |
| MSPL | MS POOL (ATS-4) | 4.6B | 4.77% | 197 | 0.17 | Institutional Core |
| BIDS | BIDS ATS | 4.4B | 4.60% | 517 | 0.22 | Institutional Core |
| PURE | PureStream | 3.6B | 3.74% | 41 | 0.31 | Institutional Core |
| JPMX | JPM-X | 3.2B | 3.32% | 99 | 0.23 | Institutional Core |
| CGXS | OneChronos | 3.1B | 3.25% | 98 | 0.24 | Institutional Core |
| BLUE | Blue Ocean ATS | 3.0B | 3.18% | 124 | 0.90 | Overnight / Niche |
| KCGM | Virtu MatchIt ATS | 3.0B | 3.13% | 129 | 0.17 | Institutional Core |
| IATS | IBKR ATS | 2.8B | 2.97% | 159 | 0.40 | Institutional Core |
| LATS | The Barclays ATS | 2.5B | 2.60% | 116 | 0.15 | Institutional Core |
| JPBX | JPB-X | 1.9B | 2.01% | 88 | 0.26 | Institutional Core |
| ITGP | POSIT | 1.9B | 2.00% | 343 | 0.16 | Institutional Core |
| XSTM | CrossStream | 1.5B | 1.59% | 356 | 0.25 | Institutional Core |
| ICBX | CBX | 1.2B | 1.30% | 90 | 0.16 | Institutional Core |
| ONEC | Citi-ONE ATS | 984M | 1.03% | 117 | 0.23 | Institutional Core |
| BNPX | BNPP CORTEX ATS | 696M | 0.73% | 109 | 0.26 | Algo / Mid-Touch |
| LQNA | Liquidnet H2O ATS | 586M | 0.61% | 740 | 0.24 | Algo / Mid-Touch |
| MSRP | MS RPOOL (ATS-6) | 383M | 0.40% | 80 | 0.12 | Algo / Mid-Touch |
| DLTA | DealerWeb | 376M | 0.39% | 110,823 | 0.17 | Block / OTC Negotiated |
| BLKX | Instinet BlockCross | 349M | 0.36% | 4,020 | 0.23 | Block / OTC Negotiated |
| CODA | CODA | 208M | 0.22% | 170 | 0.40 | Algo / Mid-Touch |
| ALPX | TMX Alpha US ATS | 208M | 0.22% | 109 | 0.28 | Algo / Mid-Touch |
| MOON | Moon ATS | 183M | 0.19% | 105 | 1.01 | Overnight / Niche |
| BOSS | Bruce ATS | 177M | 0.18% | 75 | 0.84 | Overnight / Niche |
| LQNT | Liquidnet Negotiation ATS | 160M | 0.17% | 26,172 | 0.27 | Block / OTC Negotiated |
| LMNX | Luminex | 91M | 0.09% | 28,891 | 0.54 | Block / OTC Negotiated |
| IEOS | IBKR EOS ATS | 84M | 0.09% | 149 | 0.72 | Overnight / Niche |
| STFX | Stifel X | 23M | 0.02% | 86 | 0.36 | Algo / Mid-Touch |
| ARCA | NYSE Arca | 23M | 0.02% | 251 | 0.00 | Algo / Mid-Touch |