Weekly Highlights

  • 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.

Displayed Quote Stats

5-days through 03/10/23

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7403

30%

27%

ETF

1268

30%

28%

LARGE CAP

790

29%

26%

MID CAP

1168

30%

26%

OTHER

492

42%

89%

SMALL CAP

3686

30%

23%

Top Symbols

shares matched on the week

ADR

NIO2,975,772
BBD2,838,984
VALE2,228,542

ETF

XLF4,973,603
SPY3,763,719
HYG2,434,713

Large Cap

BAC7,095,951
RIVN4,922,904
SNAP4,076,843

Smid Cap

MULN5,746,213
TRKA3,565,520
LUMN3,266,606

Trading Information

5-days through 03/10/23

5-days through 03/10/23

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

92.2

81.5

100

220

6850

Smid Cap

93.4

87

90

190

4390

ETF

93.9

78.6

170

380

1100

Large Cap

89.7

73.6

90

130

691

ADR

95.8

88.9

140

250

334

Percent Names Traded by Share Group

SMID_CAP 46.4%LARGE_CAP 37.3%ADR 6.4%ETF 5.0%OTHER 5.0%

SMID_CAP

LARGE_CAP

ADR

ETF

OTHER