Weekly Highlights

• Happy New Year!

• On 10/26/2023, stock BETS declined around 80% ending the day below 10 cents. Since then, daily volumes have skyrocketed, peaking at over 3billion shares on 12/27, or approximately 25% of the entire tape.

• Execution in this name has been significantly disrupted: market share of individual venues have rotated somewhat surprisingly away from FINRA TRF while less surprisingly, intra-spread liquidity has evaporated in favor of execution on the touch. While the extraordinary growth in volume has imposed some structure on what was a lightly-traded name previously, including lower spreads and a well-defined intraday volume curve, execution costs have exploded with increases in both post trade quote instability and markouts. What’s an algo trader to do?

• IntelligentCross unique liquidity to the rescue. For example, while FINRA TRF has lost roughly 14% of its marketshare in BETS since the beginning of December, IntelligentCross hit rates have more than doubled across the platform including against liquidity displayed on IQX, our free market data feed. In fact, over 2million shares per day trade on the SIP at prices worse than what IQX is showing in roundlots and larger each during this period, peaking at over 16million shares. And while liquidity and the number of active subscribers in the name have grown, post trade quote stability and markouts remain better than the exchange average at 500ms.

• 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.