Weekly Highlights

  • IntelligentCross ended the summer with our two best days ever for market share versus the TCV. We crossed 1% for the first time Thursday and remained there Friday.

  • We also reached a platform-best ranking of #3 for trading Tier 1 NMS securities according to the most recent FINRA ATS statistics.

  • Our growth comes as trading frictions are increasing. Last week the S&P 500 declined more than 3%, average trade sizes were 4% lower than at the beginning of August, and there was only scant evidence that volumes were returning. Large market moves on decreased trade sizes boost trading costs: Market-wide post-trade quote stability at 20ms declined over 5% last week compared to the prior 3 weeks. But IntelligentCross post-trade stability remained around 1.5x better than the exchange average.

  • Intra-spread liquidity was also down last week, dropping about 7% compared to the prior three weeks. But orders displayed on our free market data feed, IQX, were still beating the NBBO on arrival more than 12 million times per day. This gives our subscribers important spread savings opportunities to help weather recent conditions.

  • Please contact the desk for more information on our weekly data or to connect to IQX – it's available directly or through Exegy, MayStreet, Redline, and ACTIV.

Displayed Quote Stats

5-days through 09/02/22

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7326

28%

37%

ETF

1425

28%

44%

LARGE CAP

781

29%

33%

MID CAP

1163

29%

33%

OTHER

92

36%

37%

SMALL CAP

3866

31%

26%

Top Symbols

shares matched on the week

ADR

PBR1,776,588
NOK1,720,275
VALE1,547,191

ETF

TQQQ2,088,484
SPY1,742,911
HYG1,431,014

Large Cap

SNAP3,359,181
AMD2,781,105
F2,761,647

Smid Cap

AVCT4,035,207
AUY1,930,151
SWN1,771,525

Trading Information

5-days through 09/02/22

5-days through 09/02/22

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

91.7

78.2

90

220

6192

Smid Cap

93.4

85.3

90

210

4299

ETF

93.8

78.7

160

350

712

Large Cap

88.8

68

90

130

676

ADR

95.4

86.5

140

290

339

Percent Names Traded by Share Group

SMID_CAP 44.5%LARGE_CAP 38.6%ADR 7.1%ETF 5.0%OTHER 4.8%

SMID_CAP

LARGE_CAP

ADR

ETF

OTHER