In our latest white paper, we analyze how U.S. lit equity venues behave across stocks with different liquidity regimes. Using full‑year 2025 order book and trade data for the S&P 500 and Russell 2000, we examine the behavior of these venues for stocks with different levels of liquidity using price‑setting frequency, quote quality, and trade imbalance metrics. The central finding is consistent: the more liquid the stock, the more sharply differentiated venue behavior becomes; as liquidity declines, the behavioral characteristics of venues become more similar.