8.1 million | Orders priced better than the NBBO on arrival |
7390 | Unique displayed securities |
29.8% | Tighter spreads than the NBBO when ASPEN has the best quote |
1.4 bps | Lower adverse selection than maker/taker exchange avg at 20ms |
The conversation around round-lots versus odd-lots often overlooks the significance of median trade size as a reliable indicator of liquidity. This is especially important given that odd-lots comprise approximately 60% of trade counts for common stocks.
Median trade sizes have remained relatively consistent throughout the year, with an average deviation of fewer than 10 shares per name among top traders. This consistency is crucial because quote stability for trades executed near the median trade size tends to be higher than for those executed near a round-lot market-wide.
Providing liquidity sized for the way people trade is one of the drivers behind IntelligentCross’ continued growth. During February, we had our best day ever for total matched shares! And the month has been our best ever for market share versus the TCV.
During February, 93% of all IntelligentCross orders were at or larger than median trade size. And more than 24 million orders of median trade size or larger were displayed on ASPEN Fee/Fee daily through our free market data feed, IQX. These orders improved the NBBO on arrival over 8 million times a day.
If you're not using our platform to optimize your trading performance, get in touch. Our displayed quotes are available through our market data feed, IQX. IQX can be accessed directly or through Exegy, MayStreet, Redline, and ACTIV.
Unique Names Per Day | Displayed Order Better Than NBBO % | Avg Spread Improvement % | |
---|---|---|---|
Total | 7557 | 28.2% | 29.8% |
ETF | 1410 | 27.5% | 28.9% |
LARGE CAP | 811 | 28.5% | 30.1% |
MID CAP | 1186 | 29.4% | 29.9% |
OTHER | 477 | 85.6% | 38.5% |
SMALL CAP | 3674 | 24.0% | 30.8% |
NIO | 2,283,323 |
IQ | 2,243,742 |
VALE | 1,854,304 |
SPY | 2,787,019 |
HYG | 2,770,068 |
FXI | 1,968,236 |
INTC | 4,065,265 |
TSLA | 3,502,841 |
F | 3,287,276 |
SWN | 3,870,503 |
RIG | 2,199,188 |
BBBY | 2,082,440 |
4-days through 02/24/23 | Quote Stability @ 20ms | Quote Stability @ 500ms | Average Trade Size | Average Order Size | Active Traded Names |
---|---|---|---|---|---|
Total | 92.2 | 82.3 | 90 | 220 | 6678 |
Smid Cap | 93.6 | 87.7 | 90 | 200 | 4220 |
ETF | 94.2 | 80.5 | 150 | 360 | 1095 |
Large Cap | 89.7 | 74.5 | 90 | 120 | 701 |
ADR | 95.6 | 88.6 | 130 | 250 | 339 |
SMID_CAP
LARGE_CAP
ADR
ETF
OTHER