Daily Displayed Highlights

5-days through 12/15/23

4.2 million

Orders priced better than the NBBO on arrival

7691

Unique displayed securities

31.2%

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

  • As the market rallied last week, IntelligentCross had its best three days ever for matching shares, rising above 285 million shares single counted at our peak. Last week we also rose above 2% market share of the TCV measured by notional traded for the first time.

  • Growth on IntelligentCross is driven by our unique order flow, especially ASPEN orders displayed on our free market data feed IQX, and we’ve also seen growth in larger size matching. Last week was our best week ever for matching shares of demi-block and larger (starting at 2000 shares), and we had our two best days ever for shares matched against displayed orders. Subscribers benefitted from high IOC order type utilization to interact with the over 2.6mm displayed orders of roundlot size and larger that arrive priced better than the NBBO daily.

  • With growth in shares traded and market share, Q4 is shaping up to be our best quarter ever. To mark the holiday season, founder and CEO, Roman Ginis, sends his gratitude to equity investors in a timely note entitled 'Viva the Investor'.

  • 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 12/15/23

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7691

13.8%

31.2%

ETF

1412

7.7%

29.2%

LARGE CAP

831

18.0%

31.6%

MID CAP

1152

15.5%

31.6%

OTHER

495

67.3%

32.1%

SMALL CAP

3802

11.9%

31.3%

Top Symbols

shares matched on the week

ADR

NIO3,498,019
VALE2,321,276
BABA1,819,662

ETF

SPY4,650,265
XLF4,575,848
HYG4,363,568

Large Cap

PFE6,339,791
UBER5,438,504
BAC5,094,218

Smid Cap

NKLA15,131,208
FTCH5,437,887
TELL4,514,634

Trading Information

5-days through 12/15/23

5-days through 12/15/23

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

91.5

81.5

90

260

7664

Smid Cap

92.4

85.9

90

170

4590

ETF

94.3

81.8

150

750

1491

Large Cap

89.8

76

80

120

711

ADR

94.6

87.8

110

220

388

Percent Names Traded by Share Group

LARGE_CAP 42.6%SMID_CAP 40.2%ETF 7.0%ADR 5.1%OTHER 5.1%

LARGE_CAP

SMID_CAP

ETF

ADR

OTHER