December 2022 MONTHLY AGGREGATE TRADING DATA

Segment Concentration as a Percentage of ADV

Segment Breakdown
B/D	59.12%
EMM	22.14%
Agency Algo/SOR	15.84%
LT-PROP	2.37%
S/Access	0.26%
ECN/EXCH	0.19%
HT: Agency	0.08%
HT-Prop	0.00%

Spread Execution Metrics

At Bid/Ask	44.52%
Inside NBBO excluding Midpoint	12.15%
At Midpoint*	43.35%

Average Executed Notional Block Data

>$200K	4.33%
$100K – $200K	2.77%

Platform Latency

p-Value	Microseconds
p0	16
p25	22
p50	23
p75	39
p90	212
p95	356
p99	847

Conditional Order Statistics

Median response time 1.915 milliseconds
Average firm-up rate (orders) 82.70%
Conditional percentage of ADV 5.46%

VWAP Order Statistics

VWAP Block ADV 3,899,173
VWAP Block Unique Symbols Traded 3,193
VWAP Slice ADV 13,541,023
VWAP Slice Unique Symbols Traded 3,244

VWAP Executed Volume by Market Cap

Large Cap	52.77%
Mid Cap	30.67%
Small Cap	16.56%

VWAP Executed Symbols by Market Cap

Large Cap	793
Mid Cap	1,108
Small Cap	1,706

VWAP Volume Breakdown

Open to Counterparty	0.06%
Open Only to Self-Match	99.94%

Contra Matched	0%
Self-Matched	100%

Odd Lot Statistics

Odd Lot percentage of ADV 9.28%

LEVEL EXECUTIONS BY TRADE SIZE

Trade Basket	Avg Trade Size	Volume
1 – 499	82	65.61%
500 – 999	631	11.10%
1,000 – 1,999	1,251	8.73%
2,000 – 4,999	2,879	7.21%
5,000 – 9,999	6,584	3.33%
= 10,000	19,189	4.02%

Trade Basket	Avg Trade Size	Volume
All	121	100.00%
= 500	1,237	34.39%
= 1,000	2,284	23.29%
= 2,000	4,523	14.56%
= 5,000	10,280	7.35%
= 10,000	19,189	4.02%

2022 Symbol Concentration

Top 10	6.53%
Top 25%	12.17%
Top 50	18.97%
Top 100	28.04%
Top 250	42.82%
Top 500	56.24%

*VWAP Volume not included in Midpoint Volume Calculation
Figures may not total to 100% due to rounding
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For Broker Dealer Use Only – Not for Use With the Public – Kezar Trading Member FINRA and SIPC