Weekly Highlights

• Average trade sizes continued to decline last week especially in large cap names market wide, and among all securities earlier in the day.

• This is reflective of a longer running trend in their execution. For example, since the beginning of 2023, the percentage of trades that are only 1 share has grown over 20% for large-caps and ETFs as the median prices for both groups have increased. Although, interestingly, the median price for smid-caps has declined slightly over the same period and the percentage of 1 share trades has remained relatively stable. But even then, it still accounts for around 10% of all trading.

• However, subscribers to IntelligentCross can improve their liquidity access, especially with thoughtful order reload logic. Last week, the platform had its best week ever for average daily matched shares of demi block and larger (starting at 2000 shares), and crested at nearly 17% of total platform trading on Thursday, 3/14. Post trade quote stability and absolute markouts at 500ms remained superior to the exchange average in both Midpoint and ASPEN Fee/Fee.

• If you haven't yet leveraged our platform to boost your trading outcomes, we encourage 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.