Market Data Access
Market Data Access is a data page on the Markets desk of Glassbox Auditing. How much market data retail traders can see: Level 1 subscribers and fee revenue on each tape (the CTA and UTP plans), Robinhood's Level 2 share and the industry range, and the fee filings that change them. What traders can see of the order book shapes how they trade, and the fees are revenue for the exchanges.
Last updated: .
What is the latest reading?
Non-professional subscribers, Tape A: 5.1M as of , +86.1% since Mar 2014. Source: CTA Plan quarterly subscriber metrics and revenue disclosures (Tapes A and B).
What is on this page today?
- Tape A (NYSE-listed stocks): 5.1M non-professional Level 1 subscribers in 2026Q3, -2.8% on 2026Q2 — Billing units, not people: someone with two brokers counts twice (CTA Plan, 29 Sep 2026)
- Tape B (stocks listed on exchanges other than NYSE and Nasdaq): 4.3M non-professional Level 1 subscribers in 2026Q3, -0.4% on 2026Q2 — Billing units, not people: someone with two brokers counts twice (CTA Plan, 29 Sep 2026)
- Tape C (Nasdaq-listed stocks): 6.9M non-professional Level 1 subscribers in 2026Q3, -2.1% on 2026Q2 — Billing units, not people: someone with two brokers counts twice (UTP Plan, 29 Sep 2026)
- Robinhood: 28.7M funded customers in 2026Q3, +1.1% on 2026Q2 — Level 2 (depth of book) open to every customer (SEC filings, 29 Sep 2026) HOOD
- Schwab: 40.3M active brokerage accounts in 2026Q3, +1.2% on 2026Q2 — Level 2 (depth of book) open to every customer (SEC filings, 29 Sep 2026) SCHW
- IBKR: 5.6M accounts in 2026Q3, +7.5% on 2026Q2 — Level 2 (depth of book) sold to those who pay for it (SEC filings, 29 Sep 2026) IBKR
- Schwab clients made 10.7M trades a day on average in 2026Q3, -10.3% on 2026Q2 — Daily average trades, from the quarterly results release of Charles Schwab · the line is each quarter on file (Charles Schwab quarterly results, 29 Sep 2026) SCHW
- Interactive Brokers' customers made 4.3M daily average revenue trades in 2026Q3, -11.4% on 2026Q2 — Daily average revenue trades (DARTs), from the quarterly results release of Interactive Brokers · the line is each quarter on file (Interactive Brokers quarterly results, 29 Sep 2026) IBKR
- Robinhood customers traded $992B of stock in 2026Q3, +3.8% on 2026Q2 — Equity notional trading volume, from the quarterly results release of Robinhood · the line is each quarter on file (Robinhood quarterly results, 29 Sep 2026) HOOD
- Robinhood customers traded 905.0M options contracts in 2026Q3, +16.9% on 2026Q2 — Options contracts traded, from the quarterly results release of Robinhood · the line is each quarter on file (Robinhood quarterly results, 29 Sep 2026) HOOD
- Retail share of Tape C Level 1 revenue: 35.9% in 2026Q2, +2.9 points on 2026Q1 — Non-professional subscriber fees plus per-quote fees, as a share of the UTP Plan's market data revenue for Nasdaq-listed stocks (UTP Plan, 29 Jun 2026)
- Futu: 3.8M funded accounts in 2026Q2, +7.0% on 2026Q1 — Level 2 (depth of book) open to every customer · accounts counted worldwide (SEC filings, 29 Jun 2026) FUTU
- Webull: 5.1M funded accounts in 2026Q2, +0.6% on 2026Q1 — Level 2 (depth of book) sold to those who pay for it · accounts counted worldwide (SEC filings, 29 Jun 2026) BULL
- 87% of counted funded accounts are at brokers that give Level 2 to every customer, in 2026Q2 — 72,044,667 of 82,359,667 funded accounts at Futu, IBKR, Robinhood, Schwab, Webull · no broker reports a count of people paying for Level 2 this quarter · exchanges publish no Level 2 user counts, so this is a range, not… (Broker quarterly results (SEC filings), 29 Jun 2026)
Where does the data come from?
Items on this page come from CTA Plan; UTP Plan; SEC filings; Charles Schwab quarterly results; Interactive Brokers quarterly results; Robinhood quarterly results; Broker quarterly results (SEC filings). Each item links to its own source. All sources, how items are checked.
What does this page lead to?
- Company (Companies): The CTA and UTP plans pass their market data fee revenue on to the member exchanges, so more Level 1 subscribers or higher fees add to exchange operators' data revenue. (moves the same way; next quarter; company scale) Source: CTA Plan quarterly subscriber metrics and revenue disclosures (Tapes A and B).
- Retail vs Institutions (Markets): More funded brokerage accounts and Level 1 subscribers mean more retail orders, which raises retail's share of the volume Retail vs Institutions estimates. (moves the same way; quarters; economy scale) Source: Brokers' quarterly results releases on SEC EDGAR (Robinhood, Schwab, Interactive Brokers, Futu, Webull).
- Household Finances (Macro): Funded accounts at retail brokers count households holding stocks directly; the more there are, the more household wealth moves with the market. (moves the same way; quarters; economy scale) Source: Brokers' quarterly results releases on SEC EDGAR (Robinhood, Schwab, Interactive Brokers, Futu, Webull).
- Company Reports (Calendar): Funded accounts and paid subscriber counts come from brokers' quarterly results, so each new figure lands on the broker's report date on Company Reports. (either way, depending on the cause; each broker's report date; company scale) Source: Brokers' quarterly results releases on SEC EDGAR (Robinhood, Schwab, Interactive Brokers, Futu, Webull).
What feeds this page?
- Institutions & Leaders (People & Money): The exchanges' leaders run businesses that license market data and set trading fees; their fee filings with the SEC set what brokers, and through them investors, pay for quotes. (either way, depending on the cause; months; sector scale) Source: Nasdaq filing SR-NASDAQ-2026-076 (Federal Register notice: fees for TotalView Plus and Basic Plus).