Weekly Highlights

• Last week, market wide execution conditions remained in line with the rest of the month regarding spreads, stability, and average trade size, even as overall daily volumes and midpoint liquidity increased slightly. Barring single name event idiosyncries, January does not appear to be a stressful time for algorithmic benchmark trading in active security types such as large and smid caps, ADRs and ETFs.

• Market leading post trade performance from IntelligentCross is lifting January to our best month so far for average daily shares matched in Midpoint, and our second best month for ASPEN fee/fee. However, what sometimes flies under the radar given the strength of our post trade performance is the success subscribers have with their urgent and larger size flow.

• January is shaping up to be our second best month ever for shares traded of demi-block size or larger (starting at 2000 shares), as well as shares executed against IOC order types. For example, last week over 115 million shares per day were done versus IOC orders. Combined with the over 734 million shares of round-lot and larger orders displayed better than the NBBO on arrival on our free market data feed, IQX, IntelligentCross continues to help improve algorithmic execution even during relatively sanguine times.

• 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.