Institutional ATS Market Share by Innovation Tier
Q1 + Q2 2025 Combined (265.8B shares analyzed)
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Market Share by Innovation Tier
Tier 1: Structural Innovation
33.4%
Tier 2: Sophisticated Segmentation
46.2%
Tier 3: Standard Segmentation
10.3%
Tier 4: Minimal Differentiation
10.2%