LiquidityMatrix Disclaimer

LiquidityMatrixTM Notes/Disclaimer TABB

LiquidityMatrix provides liquidity and pricing information on US Exchanges, ECNs, Dark Pools and Crossing networks. We believe that this report will be a tremendous asset to our customers and the industry as understanding liquidity both on- and off-exchange is becoming more challenging and complex.

Data for the LiquidityMatrix is obtained from either a trusted market data source or the venue directly. We are confident that the information provided by the Exchanges and ECNs is accurate and verifiable; however, we are less confident of the Dark Pool and Crossing Network statistics.

To provide greater transparency on the validity of the LiquidityMatrix’s numbers, we have marked each of the Dark Pool/Crossing Network’s liquidity numbers with either a “C” (company provided) or a “V” (verified). Venues marked with a “V” have been verified and reconciled to the organization’s 605 Report, Reg. ATS-R report, or with published trusted vehicles. For those Dark Pools and Crossing Networks where we do not have a verifiable data source, we are attempting to obtain this information from the SEC through a Freedom of Information Act request.

Also please note when analyzing these statistics, Exchange and ECN volumes are single counted, while crossing network and dark pool numbers are double counted. Please be patient as we work to increase the amount on information we collect on the various trading venues.

During the development process of the Liquidity Matrix, we would very much enjoy hearing your comments and/or suggestions on this initiative. Feel free to contact your TABB Group sales executive, Cheyenne Morgan (), or myself () either by email or at the numbers below. Thank you for your patience as we refine our LiquidityMatrix data-collection process.

As always, we appreciate your comments, suggestions and certainly your support.
Regards,
Larry Tabb
Founder & CEO