Weekly Highlights

• Recent patterns of narrower spreads and higher post-trade stability marketwide continued last week, as did weaker volumes.

• One area bucking this trend was the financials. XLF post-trade stability declined throughout the week as volumes grew to a Friday peak, as over 15% of the ETF’s component weightings reported earnings. Earnings-related names spiked in volume with wider spreads and lower stabilities approaching the most extreme levels of the year in the wake of SVB in March, despite generally favorable price action.

• Subscribers to our free market data feed, IQX, could see unique quotes from orders displayed in ASPEN Fee/Fee in these names at or better than the NBBO 90% of the day, with 17% of the day being strictly better. Displayed volumes helped drive IOC hit rates in these names to their highest of the year, including Midpoint.

• 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.