BMLL Market Lens: US Liquidity Maps provide insight into the US equity markets with a view of the top 500 US stocks across the major trading and execution venues over a rolling 13-month period. The charts are updated monthly and show a consolidated view and a granular breakdown of liquidity across several trade types.
Using your mouse, interact with the plots to explore key trends in liquidity across the US, or download any chart by clicking on the camera icon in the top-right corner of the graph.
Figure 1 - A consolidated view of US liquidity
A consolidated view of the US trading landscape is essential to truly understand the ebb and flow of overall liquidity in the market. A monthly view of the volume of shares traded over the last 13 months allows market participants to gain this vital insight.
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Figure 2 - A breakdown of trading volumes
A breakdown of trading volumes across on and off-exchange venues and trading phases provides transparency to any emerging trends relating to the growth of ATS and Non-ATS OTC destinations or a shift from continuous trading to the close.
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Figure 3 - How much is being traded in blocks?
A block trade is defined as one that involves at least 10,000 shares or is worth more than $200,000. Considering both definitions provides a complete picture when trading-in-size and determining an optimal liquidity sourcing strategy. Looking at blocks based on the shares definition alone would misrepresent the level of trading-in-size activity and could result in opportunity cost.
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Figure 4 - How much is being traded as odd-lots?
Odd-lot trades are defined by being fewer than 100 shares and are often traded at improved prices relative to the SIP NBBO. Since April 2026 the Securities information processor disseminate a Best Odd Lot order on top of the round lot usual NBBO. Understanding the distribution of trading volume by tracking odd-lots can support trading strategies that aim to capitalise on spread capture.
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Figure 5 - How much volume is being traded during and outside normal market hours?
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Methodology:
To offer participants a consolidated view of US liquidity, BMLL considers all trades and quotes across 500 US stocks on all venues and all on- and off-book trading over the last 13 months. Once captured, all individual trade fields are combined with the market state and the venue to produce the most granular possible view of liquidity. BMLL collects data from both the US SIP and FINRA to provide a comprehensive overview of trading and quoting on all US Venues.
Please contact us if you would like further information about BMLL Daily Classified Trades or the methodology used.
Click here to read more about Daily Classified Trades.
Click here to read BMLL Market Lens: European Liquidity Maps.
