Weekly Highlights

• To understand where the market is heading tomorrow, sometimes it’s helpful to look at trading costs today. Since the beginning of 2022, the SP500 has had a down day after an up day about 57% of the time. However, if we examine days where the SP500 increased but market wide post-trade quote stability decreased by more than 1.5 standard deviations versus the previous day, the probability of follow-on days declining rose to 66%. This probability increased to 80% when the number of standard deviations exceeded 2.

• Understanding the trade-off between trading conditions and urgency helps manage execution costs. Subscribers to IntelligentCross get market leading and all-weather post trade stability, and opportunities to interact with unique spread saving displayed liquidity through ASPEN Fee/Fee and the free IQX market data feed. Last week, mark outs were 78% lower than the exchange average at 20ms for Midpoint and ASPEN Fee/Fee had over 7mm orders per day priced better than the NBBO on arrival.

• 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.