Data quality · Energy, metals, agriculture
Commodities against a selected dealer.
Indicative references, not exchange settlements. Metals and energy are compared with a dealer whose instrument definitions match ours.
XAUUSD against the reference
One sample per second across the run.
Headline measurements
Measured, not asserted.
7,420 matched samples across 5 names, one per second.
Price fidelity
0.59bp
Median midpoint deviation from the selected dealer reference, symbol balanced.
How is this measured?
- Definition
- Median across symbols of each symbol's median |TickerLayer mid − reference mid| / reference mid × 10,000.
- Reference
- selected dealer reference
- Aggregation
- Per symbol first, then the median of per-symbol medians so active names cannot dominate.
- Window
- 25 minutes, sampled every 1 s
- Universe
- commodities-core-6 v1, 5 of 6 symbols
- Samples
- 7,420 matched samples
- Method
- commodities-reference-v1
Tail deviation p95
3.33bp
Within 2 bp in 57.3% of samples.
How is this measured?
- Definition
- Median across symbols of each symbol's 95th percentile absolute deviation.
- Dispersion
- Median absolute difference between the reference sources at the same sample; the natural floor of any measured deviation.
- Window
- 25 minutes, sampled every 1 s
- Universe
- commodities-core-6 v1, 5 of 6 symbols
- Samples
- 7,420 matched samples
- Method
- commodities-reference-v1
Within 5 bp of the reference
79.8%
Within 2 bp in 57.3% of samples, symbol balanced.
How is this measured?
- Definition
- Share of one-second samples per symbol with absolute deviation at or under the threshold, averaged across symbols.
- Window
- 25 minutes, sampled every 1 s
- Universe
- commodities-core-6 v1, 5 of 6 symbols
- Samples
- 7,420 matched samples
- Method
- commodities-reference-v1
Quoted spread, TickerLayer vs reference
3.58vs 5.89 bp
Median bid to ask spread over the run, in basis points of the midpoint. A measurement, not a ranking.
How is this measured?
- Definition
- (ask − bid) / mid × 10,000 per sample, median over the run, for TickerLayer and for the reference.
- Window
- 25 minutes, sampled every 1 s
- Universe
- commodities-core-6 v1, 5 of 6 symbols
- Samples
- 7,420 matched samples
- Method
- commodities-reference-v1
Distribution
Where the deviation actually lands.
Every matched sample by absolute deviation. Threshold shares are symbol balanced.
Distribution of absolute deviation
Share of all matched samples in basis points.
- under 0.5 bp35.1%
- 0.5 to 1 bp12.2%
- 1 to 2 bp10.0%
- 2 to 5 bp22.5%
- over 5 bp20.2%
Threshold alignment
Symbol balanced share of samples within each band.
- Within 1 bp47.3%
- Within 2 bp57.3%
- Within 5 bp79.8%
- p99 absolute deviation13.96 bp
Universe detail
Every symbol in the universe.
One row per name in the benchmark universe, with the figures a customer would compute from the same feed.
| Symbol | Samples | Median dev bp | p95 bp | Signed bp | Within 1 bp | Within 2 bp | Spread bp |
|---|---|---|---|---|---|---|---|
| XAUUSD | 1,484 | 0.20 | 1.71 | -0.04 | 92.5% | 95.3% | 1.30 |
| XAGUSD | 1,484 | 0.49 | 3.33 | +0.27 | 78.8% | 92.0% | 3.02 |
| WTIUSD | 1,484 | 5.18 | 6.73 | -5.14 | 0.3% | 1.3% | 5.04 |
| BRENTUSD | 1,484 | 0.59 | 2.56 | -0.10 | 64.7% | 89.3% | 4.91 |
| NGASUSD | 1,484 | 3.94 | 13.96 | +3.58 | 0.1% | 8.6% | 3.58 |
Reference model
Selected dealer reference, instrument matched
Comparing two products because both are called gold or WTI is not a benchmark.
Universe
Gold, silver, WTI, Brent, natural gas and copper.
Reference
A selected dealer whose instrument definition matches ours.
Session
Reference sessions per instrument; the window is published with every figure.
Benchmark run
One run behind every figure.
We keep measuring and publish each run as it lands.
- Benchmark run
- TLQ-COMMODITIES-20260910-1018
- Methodology
- commodities-reference-v1
- Universe
- commodities-core-6 v1, 5 of 6 measured
- Observation window
- Sep 10, 2026, 10:18 to 10:43 UTC
- Window length
- 25 min, sampled every 1 s
- Matched samples
- 7,420
- Published
- Sep 10, 2026, 10:43 UTC
Benchmark results describe observed behaviour under the stated methodology during the published window. They are not a guarantee of future performance and not a service level agreement unless separately agreed in writing. These comparisons evaluate TickerLayer quotes against selected market references during the stated observation window. They do not imply exchange affiliation, endorsement, or certification.
Frequently asked questions
How are commodity prices benchmarked?
Metals and energy references are compared once per second with a selected dealer whose instrument definition matches ours, and the deviation is published in basis points.
Are TickerLayer commodity prices exchange settlements?
No. They are indicative reference prices, which is why the reference is matched by instrument definition rather than by name.
Why does WTI show a signed basis?
Energy dealer quotes reference a rolling contract with financing built in. The gap to a continuous reference is published as signed deviation rather than hidden.
Which commodities are in the universe?
Gold, silver, WTI, Brent, natural gas and copper. Agricultural references join once an instrument-matched external stream exists.
How often are commodity prices updated?
The observer samples once per second; platform quotes update on every reference move during the instrument's session.
Are the numbers a guarantee?
No. They describe observed behaviour during the published run under the stated methodology and are not a service level agreement.