Weekly Highlights

• March has a reputation for entering like a lion and leaving like a lamb. While this usually refers to the weather, it could just as easily refer to last month’s trading conditions. VIX, market-wide spreads, volumes, and post-trade instability all climbed during the first full week of the month and reached their highest levels of the year shortly thereafter. However, the month ended in a reversal, with the same measures near or at their lows for the year, including somewhat ominously, volumes.

• Despite these rapid changes, March was IntelligentCross’ best month ever for average daily matched shares and market share of the TCV. Platform growth continues to be led by our unique spread improving liquidity and solid post-trade stability. Orders displayed on our free market data feed, IQX, improved the NBBO on arrival over 9mm times per day on average during March, leading to our best month ever for daily displayed match quantity. IOC orders interacting with displayed liquidity executed better than the spread over 14% of the time on average for savings of over 3bps when improved.

• 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.