Daily Displayed Highlights

10.5 million	Orders priced better than the NBBO on arrival
8288	Unique displayed securities
29.9%	Tighter spreads than the NBBO when ASPEN has the best quote
1.5 bps	Lower adverse selection than maker/taker exchange avg at 20ms

Weekly Highlights

Yesterday, IntelligentCross set a new record for market share of the TCV, at just over 1.2% – a larger percentage than eight exchanges.
Also yesterday, 10% of our matched volume came from fills of demi-block or greater (starting at 2000 shares), and 30% came from IOC orders. Our near-continuous matching process, calibrated at the single stock level, gives subscribers a robust platform for executing both larger and more urgent orders.
Subscribers continue to gain significant spread savings from our unique displayed liquidity on the ASPEN Fee/Fee book. So far in January, round lot or larger orders displayed on our free market data feed, IQX, are priced better than the NBBO almost 7mm times per day and have average resting times of over 3.5 seconds.
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 %
Total	8300	34.5%	29.9%
ETF	1962	42.2%	29.2%
LARGE CAP	794	27.0%	31.1%
MID CAP	1150	28.3%	29.4%
OTHER	500	82.9%	41.1%
SMALL CAP	3896	23.4%	29.8%

shares matched on the week

4-days through 01/06/23	Quote Stability @ 20ms	Quote Stability @ 500ms	Average Trade Size	Average Order Size	Active Traded Names
Total	92.2	81.8	100	220	6710
Smid Cap	93.5	87.3	90	210	4250
ETF	93.3	78.9	170	320	1168
Large Cap	89.8	74.1	90	130	672
ADR	95.1	86.9	140	280	337

SMID_CAP

LARGE_CAP

ADR

ETF

OTHER