NYSE Trading Venues and TAQ Exchange Codes for Nasdaq Stocks
Summary
The document explains why TAQ records for a Nasdaq-listed stock may show activity at several venues but no trades attributed to the NYSE trading floor. The key distinction is between the NYSE floor, which handles NYSE-listed stocks, and other venues operated by NYSE, such as Arca, which can trade stocks listed elsewhere. A stock’s listing exchange therefore does not constrain all of its trading to that exchange, and the absence of the NYSE floor code does not mean the stock cannot trade at an NYSE-affiliated venue.
The answer also distinguishes exchange venue from tape classification. It notes that Tape B includes NYSE Mkt, NYSE Arca, and listings from other exchanges. For the examples provided, AAPL is described as trading a minority of its volume on Nasdaq, with the rest distributed across other venues; GE, a NYSE-listed stock, has a substantial share on NYSE. These shares are specific examples, not general rules. Correct interpretation depends on the venue-code definitions and tape conventions for the data being analyzed.
Key ideas
- A stock’s listing exchange and the venue where it trades are separate concepts.
- The NYSE floor handles NYSE-listed stocks, while NYSE Arca can trade stocks listed on other exchanges.
- No NYSE floor code for a Nasdaq-listed stock does not imply that it cannot trade on an NYSE-operated venue.
- Tape classification aggregates activity differently from venue-specific trade volume.
- The cited venue shares are examples and should not be generalized to all stocks or dates.
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# Why NYSE is not included in TAQ data for NASDAQ listed companies? # Why NYSE is not included in TAQ data for NASDAQ listed companies? I am using TAQ data to see from which exchanges bids (or asks) are coming. I have got this for AAPL (Apple company, listed in NASDAQ) for a sample day: ``` A B J K M P T X Y Z 11254 182724 235512 677745 250 1122911 948659 122697 334436 835227 ``` I have got this for IBM (listed in NYSE): ``` B J K M N P T X Y Z 45374 29513 13930 73 38834 70716 87207 21052 49831 45161 # A - NYSE MKT Stock Exchange # B - NASDAQ OMX BX Stock Exchange # C - National Stock Exchange # D - FINRA # I - International Securities Exchange # J - Direct Edge A Stock Exchange # K - Direct Edge X Stock Exchange # M - Chicago Stock Exchange # N - New York Stock Exchange # T - NASDAQ OMX Stock Exchange # P - NYSE Arca SM # S - Consolidated Tape System # T/Q - NASDAQ Stock Exchange # W - CBOE Stock Exchange # X - NASDAQ OMX PSX Stock Exchange # Y - BATS Y-Exchange # Z - BATS Exchange ``` There is no symbol `N:New York Stock Exchange`for Apple or any NASDAQ-listed company. Can't people trade NASDAQ listed at NYSE? ## Answer by Richard at NorgateData (score 2, accepted) https://quant.stackexchange.com/a/25779 There's a very simple explanation. The NYSE trading floor only deals in NYSE-listed stocks. NYSE have other venues (such as Arca) that allow you to trade listings from other exchanges. The following site has a very good summary of "tape" versus the volume traded at each venue. https://www.batstrading.com/market_summary/ Note that Tape B contains trades for listings on NYSE Mkt (formerly AMEX), NYSE Arca and listings from any other exchange. In your example, AAPL is a NASDAQ listing. It typically does around 16% of its volume on NASDAQ and the rest across other exchanges/ECNs. By contrast GE is a NYSE listing and 32% of its volume is traded on NYSE.
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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.