Weekly Highlights

• IntelligentCross set a new record for market share of total consolidated notional trading volume last week at 215bps on 1/23. Additionally, we set a new market share record for FINRA Tier 1 names at 213bps. This came during a week of increased execution frictions in large-cap names with higher spreads and lower daily volumes on balance.

• Distortion to overall total consolidated volume from single name outliers such as BETS appears to be finally dying down with current standout, PHUN, retreating to low single digits. But another distortion continues to trend higher: the percent of single share trades in ETFs between 10:00:00 and 10:15:00 is now in the high 20’s, up from the low teens in the beginning of Q4 even as the percent of single share trades in large-cap names during the period has leveled off much below that.

• This uptick in single share trading in ETFs occurs mostly on FINRA, but it raises the challenge that if you use overall averages or median trade sizes to calculate resting order slices you may be sizing too small. For example, ETF median trade sizes on IntelligentCross remain 100 shares while overall median trade size routinely declines to the 60’s.

• 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.