Weekly Highlights

• We hope everyone enjoyed the July 4th holiday! Welcome to a Q3 that seems to have begun where Q2 left off, with spreads and post-trade quote instability near their lows for the year, and volumes well off their highs – especially ETFs.

• Nevertheless, post-trade stability on IntelligentCross at the end of Q2 was at or near its highest levels of the year versus exchange averages. High post-trade performance helped drive Q2 market share versus the total consolidated volume to just under 130bps per day, our best ever, and IntelligentCross was consistently in the top 3 ATSs by shares traded, according to FINRA’s weekly report on ATS trading volume.

• We believe our growth reflects the unique displayed liquidity available on our free market data feed, IQX. Q2 saw the highest ever average daily matched shares for displayed liquidity and the highest hit rates ever for both our displayed order type on ASPEN Fee/Fee and IOC orders across the platform. More importantly, over 3.9 million displayed orders per day of round lot size and larger improved the NBBO on arrival.

• This shows that IntelligentCross has the high quality liquidity you need to help reduce trading costs, when you need it. (Even when it is hard to find elsewhere.)

• 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 you can access directly, or through Exegy, MayStreet, Redline, and ACTIV.