Weekly Highlights

• As overall volumes declined last week into the three-day weekend, IntelligentCross set a new weekly market-share record vs total consolidated volume for the second week in a row, never falling below 135bps and remaining above 145bps for most of the week. Market-share gains included a new daily record for trading in FINRA Tier 1 names at 188bps.

• Traders often think of larger cap names, i.e., Tier 1, as being easier to trade. But our growth in this space comes amid evidence that trading frictions are on the rise. For example, large cap average daily volumes and trade sizes were at some of the lowest levels of the quarter last week, while liquidity at the touch declined.

• Subscribers to IntelligentCross, however, have access to valuable spread saving liquidity. Large cap orders of round-lot and larger displayed on our free market-data feed, IQX, beat the NBBO on arrival over 1 million times per day with spreads savings of close to ⅓. Displayed round lot and larger orders in all security types beat the NBBO on arrival over 3.5 million times per day with similar spread savings.

• 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.