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.