To kick off 2023, we are going to take one last look back at 2022 and see how trading changed over the course of the year.
Overall, post-trade quote instability and markouts ended the year lower than where they began last January. However, the energy sector bucked this trend and got more challenging: Across the large and smid-cap universes, including ADRs, energy names made up a substantial portion of top symbols where instability and markouts increased.
For names where instability and markouts improved, there were no sector concentrations. But interestingly, big stock-split names–including AMZN, GOOG, TSLA, SHOP, and PANW– became more stable in post-trade performance despite being down for the year.
At IntelligentCross, we work to understand how stocks trade. Our unique matching process is calibrated at the single stock level, allowing us to deliver industry-leading post-trade performance for both Midpoint and ASPEN Fee-Fee trading. In turn, quality performance drives spread-saving liquidity on our free market data feed, IQX. Last week, ASPEN Fee-Fee displayed orders in more than 6400 names daily that were priced better than the NBBO on arrival over 6.2 million times a day.
If you’re not using our platform to fully unlock trading performance, get in touch. 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.
Unique Names Per Day
Displayed Order Better Than NBBO %
Avg Spread Improvement %
4-days through 12/30/22
Quote Stability @ 20ms
Quote Stability @ 500ms
Average Trade Size
Average Order Size
Active Traded Names