Weekly Highlights

  • 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.

Displayed Quote Stats

4-days through 12/30/22

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

8347

30%

32%

ETF

1988

29%

39%

LARGE CAP

776

31%

26%

MID CAP

1161

30%

29%

OTHER

496

42%

84%

SMALL CAP

3928

30%

23%

Top Symbols

shares matched on the week

ADR

RLX1,777,816
NIO1,618,599
BBD1,221,900

ETF

FXI2,448,140
SPY1,383,699
HYG1,222,194

Large Cap

TSLA3,234,918
AAPL2,267,760
F2,149,834

Smid Cap

MULN2,063,043
OPEN1,803,185
XELA1,510,748

Trading Information

4-days through 12/30/22

4-days through 12/30/22

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

92.9

84.4

90

220

6715

Smid Cap

94

88.9

90

210

4293

ETF

95.2

84.5

150

310

1098

Large Cap

90.4

77.1

80

120

662

ADR

95.3

88.8

130

270

345

Percent Names Traded by Share Group

SMID_CAP 46.7%LARGE_CAP 35.8%ADR 6.5%ETF 6.4%OTHER 4.5%

SMID_CAP

LARGE_CAP

ADR

ETF

OTHER