Data quality · Global equities
Stock quotes, held against the tape.
US names against the national best bid and offer, international names against a selected dealer. One sample per second, state for state.
US:GE against the NBBO
One sample per second across the run.
Headline measurements
Measured, not asserted.
41k matched samples across 28 names, one per second, regular session.
US names within 1 bp of the NBBO midpoint
92.7%
Median deviation 0.00 bp; within 2 bp in 97.0% of samples.
How is this measured?
- Definition
- |TickerLayer mid − reference mid| / reference mid × 10,000 ≤ 1, share of samples per symbol, then averaged across symbols.
- Window
- 25 minutes, sampled every 1 s
- Universe
- global-equities-core-34 v2, 28 of 34 symbols
- Samples
- 41k matched samples
- Method
- global-stocks-quality-v2
Quote ranges overlap
98.8%
TickerLayer bid to ask meets the reference bid to ask. Midpoint inside the NBBO in 94.5%; penny-wide books flip several times a second.
How is this measured?
- Overlap
- TickerLayer bid ≤ reference ask and TickerLayer ask ≥ reference bid, per one-second sample.
- Inside
- reference bid ≤ TickerLayer mid ≤ reference ask. A one-second sample against a book that moves many times a second lands outside more often on penny-spread names.
- Window
- 25 minutes, sampled every 1 s
- Universe
- global-equities-core-34 v2, 28 of 34 symbols
- Samples
- 41k matched samples
- Method
- global-stocks-quality-v2
Source to platform p95
230ms
Reference event to the matching TickerLayer state; p50 78 ms.
How is this measured?
- Definition
- When the reference quote changes, the first TickerLayer frame carrying the same quote; the difference of the two timestamps.
- Window
- 25 minutes, sampled every 1 s
- Universe
- global-equities-core-34 v2, 28 of 34 symbols
- Samples
- 41k matched samples
- Method
- global-stocks-quality-v2
REST and WebSocket agree
99.2%
Same quote on both interfaces across 128 checks.
How is this measured?
- Definition
- A REST quote compared with WebSocket frames received within ±1.5 s of the request; exact when bid and ask are identical to one of them.
- Cadence
- One check every ten seconds, symbols rotating through the universe.
- Window
- 25 minutes, sampled every 1 s
- Universe
- global-equities-core-34 v2, 28 of 34 symbols
- Samples
- 41k matched samples
- Method
- global-stocks-quality-v2
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, US names.
- under 0.5 bp88.3%
- 0.5 to 1 bp4.5%
- 1 to 2 bp4.3%
- 2 to 5 bp2.6%
- over 5 bp0.4%
Threshold alignment
Symbol balanced share of samples within each band, US names.
- Within 1 bp92.7%
- Within 2 bp97.0%
- Within 5 bp99.7%
- p99 absolute deviation3.26 bp
International names
Against a selected dealer.
International names are compared with selected dealer quotes, which may differ from local exchange quotes. 4 names are held against a dealer outside the aggregation.
Median deviation from the dealer
23.19bp
4 names, 5,614 samples, symbol balanced.
Within 5 bp of the dealer
34.7%
Share of one-second samples, averaged across names.
Tail deviation p95
48.05bp
Median across names of each name's 95th percentile.
State for state
Our feed against the NBBO.
Not the same feed, and this close to it.
Inside the NBBO
94.5%
TickerLayer midpoint within the sampled NBBO spread. A quote comparison, not execution quality.
Quote ranges overlap
98.8%
TickerLayer bid to ask range meets the reference range.
Within 2 bp
97.0%
Midpoint within two basis points of the reference, symbol balanced.
Source-to-platform freshness on exact matches: p50 78 ms, p95 230 ms, p99 2.31 s over 601 reference changes. Inside the NBBO measures how often the TickerLayer midpoint falls within the sampled NBBO spread. This is a quote comparison, not a measure of execution quality.
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 | Reference | Samples | p95 bp | Within 1 bp | Within 2 bp | Inside NBBO | Spread bp |
|---|---|---|---|---|---|---|---|
| US:KO | NBBO | 1,485 | 1.13 | 92.6% | 98.7% | 91.8% | 1.13 |
| US:JPM | NBBO | 1,485 | 0.99 | 95.4% | 97.9% | 98.0% | 3.69 |
| US:XOM | NBBO | 1,485 | 2.14 | 89.6% | 94.8% | 95.2% | 4.27 |
| US:PG | NBBO | 1,485 | 0.70 | 95.4% | 99.3% | 97.8% | 2.81 |
| US:JNJ | NBBO | 1,485 | 0.56 | 97.0% | 98.7% | 98.9% | 5.63 |
| US:WMT | NBBO | 1,485 | 0.94 | 95.6% | 99.0% | 94.7% | 1.88 |
| US:V | NBBO | 1,485 | 0.68 | 95.8% | 98.1% | 97.7% | 3.55 |
| US:HD | NBBO | 1,485 | 0.49 | 96.4% | 97.4% | 98.6% | 5.21 |
| US:UNH | NBBO | 1,485 | 0.89 | 95.2% | 98.0% | 98.9% | 6.63 |
| US:CVX | NBBO | 1,485 | 1.65 | 91.7% | 96.4% | 95.6% | 3.29 |
Freshness and consistency
Delivery, agreement, reproducibility.
Timing is kept apart from price fidelity on purpose.
Delivery transit p95
78ms
Publish timestamp to client receive; p50 under 50 ms.
Update cadence
238ms
Median gap between consecutive frames per symbol on the public stream.
REST vs WebSocket exact
99.2%
128 checks, midpoint gap p95 0.00 bp.
Settled bars reproducible
97.8%
92 one-minute bars re-fetched later; close unchanged in 97.8%.
Reference model
NBBO for US names, selected dealer abroad
US quotes are compared with the national best bid and offer from a consolidated US market reference; international quotes with a selected CFD dealer outside the TickerLayer aggregation.
Universe
24 US names and 10 international names, fixed and versioned.
Reference
US names against the NBBO, international names against a selected dealer.
Session
Session stated with every run; pre-market is never mixed with regular hours.
Benchmark run
One run behind every figure.
We keep measuring and publish each run as it lands.
- Benchmark run
- TLQ-STOCKS-20260910-1424
- Methodology
- global-stocks-quality-v2
- Universe
- global-equities-core-34 v2, 28 of 34 measured
- Observation window
- Sep 10, 2026, 14:24 to 14:49 UTC, regular session
- Window length
- 25 min, sampled every 1 s
- Matched samples
- 41k
- Published
- Sep 10, 2026, 14:49 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
Is the TickerLayer feed an exchange feed?
No. It is an aggregated, indicative feed. The benchmark shows how close that aggregation lands to selected market references, not that it is the same feed.
What does inside-NBBO share mean?
The share of one-second samples where the TickerLayer midpoint sits between the reference bid and ask. Binary and auditable.
Why are within 1 bp figures better than inside-NBBO for penny-spread names?
A one-cent book on a large name flips several times a second. A one-second sample can land a cent outside, while the midpoint is still within a basis point.
How are international names measured?
Against the bid and ask of a selected CFD dealer outside the aggregation. International names are compared with selected dealer quotes, which may differ from local exchange quotes. Dealer quotes carry a small basis to the local book.
How fresh is a US quote on the platform?
Source-to-platform lag is measured on exact matches: when the reference quote changes, the time until the same quote appears on the TickerLayer stream, published as p50 and p95.
Are the numbers a guarantee?
No. They describe observed behaviour during the published run under the stated methodology. They are not a service level agreement.