Weekly Highlights

• VIX closed last Friday at its highest level since March. Increased spreads and post-trade quote instability across the board, along with decreased trade sizes in smid-cap names, likely made last week one of the more challenging trading periods in recent memory. Despite rising volumes, particularly in ETFs, liquidity at both the midpoint and intraspread levels declined across the street, compelling traders to contend with wider spreads more often.

• In contrast to these heightened trading frictions, IntelligentCross experienced its best week ever in terms of daily midpoint orders, particularly those resting for ½ second or longer. We also logged our second-best week for orders of round-lot sizes or larger displayed on our free market-data feed, IQX, as well as displayed orders of any size resting for at least ½ second. This performance elevated the percentage of time that IQX offered orders at or better than the NBBO to an aggregate of 85%.

• Our well-priced and patient order flow continues to help our subscribers navigate through execution volatility.

• If you're not already utilizing our platform to enhance your trading performance, we strongly encourage you to get in touch. Our displayed ASPEN quotes are accessible via our market data feed, IQX, which can be reached directly or through providers like Exegy, MayStreet, Redline, and ACTIV.