NITE 10Q Volume vs. AutEx Volume
A poster on the Raging Bull thread, pthah, has correctly noted that
the quarterly AutEx numbers are always below the numbers reported
by NITE in its quarterly 10Q. See the following table:
Qtr 10Q reptd vol. AutEx vol. Difference %
1Q99 15,943,000,000 13,473,269,000 2,470,000,000 15.5%
2Q99 21,320,000,000 17,661,503,000 3,658,497,000 17.2%
3Q99 17,801,000,000 14,922,288,000 2,878,712,000 16.2%
The reasons for this difference is that AutEx imposes limits on the
types of trades that market participants (like NITE) can report to it:
1. Trades in pink sheet stocks generally are not reported to AutEx. This
makes up a good amount of NITE's volume, however.
2. Trades in certain foreign stocks/ADRs are not reported.
3. Small trades (below certain minimums) are not reported to AutEx.
I have the AutEx guidelines on this, but I question whether AutEx sent
me the correct guidelines (for these suggest that trades below 5,000 shares
are not reported to it).
4. I also spoke to a NITE person on this. He confirmed that the AutEx
data excludes up to 20% of the shares that NITE actually processes.
In sum, what this all means is that NITE generally handles up to 20% more
shares than reported by AutEx. So, we are in fact doing better
than we thought we were doing.
Gary Korn |
