Daily Displayed Highlights

5-days through 12/01/23

4.6 million

Orders priced better than the NBBO on arrival

7709

Unique displayed securities

31.1%

Tighter spreads than the NBBO when ASPEN has the best quote

1.1 bps

Lower adverse selection than maker/taker exchange avg at 20ms

Weekly Highlights

  • November was our best month ever: we matched over 175 million shares per day single counted, and averaged over 165 bps market share of the total consolidated volume as well while maintaining the number 2 ranking in both Tier 1 and Tier 2 securities, according to FINRA’s weekly report on trading volume.

  • Looking below the surface, subscribers seeking more urgent liquidity through IOC’s, and those seeing larger sizes in demi and block matches helped drive this growth as we had our best month ever for both.

  • Highlights for security types show that November had our highest hit rates in ETFs for orders displayed on our free market data feed, IQX. IQX continues to bring subscribers unique spread saving liquidity: displayed orders of roundlot and larger arrived priced better than the NBBO over 3.4 million times per day in November. Please see our expanded thoughts on the importance of our platform’s displayed liquiidity here: Bringing Liquidity to the Public Markets: Why a Protected Quote?

  • If you haven't yet leveraged our platform to boost your trading outcomes, we urge you to connect with us. Our displayed ASPEN quotes are available through our market data feed, IQX, which can be accessed directly or via providers such as Exegy, MayStreet, Redline, and ACTIV.

Displayed Quote Stats

5-days through 12/01/23

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7709

13.6%

31.1%

ETF

1416

7.6%

29.1%

LARGE CAP

791

17.8%

31.4%

MID CAP

1125

15.7%

31.8%

OTHER

486

67.9%

33.0%

SMALL CAP

3892

11.8%

31.3%

Top Symbols

shares matched on the week

ADR

VALE2,615,338
LU2,438,393
RDHL2,122,021

ETF

HYG4,633,427
SPY3,935,186
XLF3,101,430

Large Cap

F4,193,327
PCG3,623,309
PLTR3,524,501

Smid Cap

FTCH5,525,339
IMGN3,600,058
MCOM3,266,423

Trading Information

5-days through 12/01/23

5-days through 12/01/23

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

92.4

83.3

90

260

7517

Smid Cap

93.3

87.7

90

180

4626

ETF

94.8

83.8

140

710

1403

Large Cap

90.7

77.9

80

120

679

ADR

94.3

87.5

130

270

381

Percent Names Traded by Share Group

LARGE_CAP 42.2%SMID_CAP 39.2%ETF 8.0%ADR 5.7%OTHER 4.9%

LARGE_CAP

SMID_CAP

ETF

ADR

OTHER