Last week saw some temporary setbacks in the generally improving trends in trading friction since the beginning of February. Post trade quote stability had improved roughly 20% market wide and spreads had declined around 10% going into Friday 3/10. However, Friday saw spreads widen and stability decline to almost the worst levels of the year. Market share of volume at the touch increased at the expense of intraspread trading, meaning that wider spreads were being paid and trading costs rose.
However, despite the challenging trading conditions, IntelligentCross has had its two best days ever for matched shares. On Friday, we rose above 200mm shares single counted, and yesterday we reached 214mm. Our market share of the TCV last week was the 3rd best ever at just under 1.3 percent.
What drove our performance over the past two days was the unique spread-saving liquidity displayed on our free market data feed, IQX. On Friday and Monday, we had our 2nd and best days this year for the number of orders improving the NBBO on arrival in ASPEN Fee/Fee at 15.9mm and 19mm, respectively. These orders offered savings of roughly ⅓ of the spread and drove displayed match quantities to their 2nd and 3rd best totals ever.
If you're not already using our platform to optimize your trading performance, we encourage you to get in touch. Our displayed quotes are available through our market data feed, IQX, which can be accessed directly or through Exegy, MayStreet, Redline, and ACTIV.
Unique Names Per Day
Displayed Order Better Than NBBO %
Avg Spread Improvement %
5-days through 03/10/23
Quote Stability @ 20ms
Quote Stability @ 500ms
Average Trade Size
Average Order Size
Active Traded Names