It's clear that each aggressive order (or market order or limit crossing BBO) is matched against the same volume of resting limit order(s).

I'm interested in statistics per different types of traders, large or small. My hypothesis is that large traders such as market makers or execution algos execute more than 50% of their volume as resting orders, probably around 70-80%, but I could not find relevant studies. Will appreciate references to such studies. Alternatively, it can be statistics per account size of traders or anything relevant. I'm most interested in futures markets such as CME and Eurex, US stocks markets, and cryptocurrencies.

My main motivation to to ask this question is to evaluate the 'importance' of market depth (order book) data compared to trades data (or times and sales). It seems that trades data is just 3-10% of all market data updates, but it's not a reliable way to answer my (probably vague) question because resting orders can be cancelled or moved at any time.


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