Daily Displayed Highlights

5.9 million	Orders priced better than the NBBO on arrival
7573	Unique displayed securities
31.1%	Tighter spreads than the NBBO when ASPEN has the best quote
1.2 bps	Lower adverse selection than maker/taker exchange avg at 20ms

Weekly Highlights

Market trade execution conditions continue to be favorable. Post-trade quote instability and spreads continue to decline while average daily volumes and trade sizes have normalized for most security types, with the notable exception of ETFs, where both measures remain near the lows for the year, but surprisingly with inversely leveraged ETFs holding up better.
Nevertheless, ETFs remain an important segment representing over 25% of the market’s notional traded last week. And IntelligentCross remains an important source of ETF liquidity. Last week, orders in ETFs had their highest hit rates of the year, especially those displayed on our free market data feed IQX, where we saw over 11.5 million orders of round-lot or larger per day.
This helped drive ETF matched shares on the platform to their highest share of total consolidated volume 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 you can access directly, or through Exegy, MayStreet, Redline, and ACTIV.

	Unique Names Per Day	Displayed Order Better Than NBBO %	Avg Spread Improvement %
Total	7458	14.2%	31.2%
ETF	1413	9.7%	29.9%
LARGE CAP	818	17.2%	31.4%
MID CAP	1133	15.8%	31.6%
OTHER	551	77.2%	34.1%
SMALL CAP	3545	13.5%	31.1%

shares matched on the week

4-days through 07/07/23	Quote Stability @ 20ms	Quote Stability @ 500ms	Average Trade Size	Average Order Size	Active Traded Names
Total	93.2	85.6	80	300	6742
Smid Cap	94.4	89.7	70	210	4354
ETF	95.9	85.7	160	600	1020
Large Cap	90.7	78.6	80	120	695
ADR	96.2	91.3	100	260	361

SMID_CAP

LARGE_CAP

ADR

ETF

OTHER