Weekly Highlights

• VIX jumped more than 14% from last Friday 2/17 through Tuesday 2/21, making the largest close-to-close gain of the year. When markets become more volatile, two trends usually emerge: spreads get wider and order patience declines.

• However, execution performance on IntelligentCross remained strong: In fact, yesterday we saw the highest hit-rates of the year in ASPEN Fee/Fee, on the back of over 7.9 million orders that arrived priced better than the NBBO and were displayed on our free market data feed, IQX.

• Despite the increase in volatility, displayed orders priced better than arrival set a year-to-date high for the percent of spread saved at 36.7%! And IOC’s which executed in ASPEN Fee/Fee received spread improvement over 16% of the time, saving 2.9 bps on average. Our unique liquidity is leading to sustained new highs in market share, reaching above 1.25% for the fourth trading day in a row yesterday, and six of the last seven.

• If you're not using our platform to optimize your trading performance, get in touch. Our displayed quotes are available through our free market data feed, IQX. IQX can be accessed directly or through Exegy, MayStreet, Redline, and ACTIV.