Weekly Highlights

• The VIX surged approximately 27% last week, steadily moving higher from its 9/15 close. This heightened volatility led to an expected uptick in ETF market share within the Total Consolidated Volume (TCV).

• Increased ETF activity likely came with elevated trading costs. We observed a decline in intraspread trading and reduced post-trade quote stability, more so during the latter part of the day. This could be partly attributed to market reactions following the Federal Reserve's announcement.

• Despite these conditions, IntelligentCross continued to offer quality liquidity. Over 15 million round-lot and larger orders across more than 2900 ETFs were displayed daily on our free market-data feed, IQX. Notably, over 1.6 million of these orders were priced more favorably than the NBBO upon arrival.

• This helped us set a new record in terms of ETF daily match quantity as a percentage of TCV. Just as importantly, it was our second-best week for liquidity in ETF blocks and demi-blocks (starting at 2,000 shares or higher).

• 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.