Daily Displayed Highlights

4-days through 05/31/24

3.4 million

Orders priced better than the NBBO on arrival

6936

Unique displayed securities

30.9%

Tighter spreads than the NBBO when ASPEN has the best quote

1.3 bps

Lower adverse selection than maker/taker exchange avg at 20ms

Weekly Highlights

  • Large-cap trading regained market share in the total consolidated volume last week, and closed near its highs of the year, as meme stock mania slowed. Aligned with this, IntelligentCross set a new market share record in Tier1 names at over 2.3% on 5/29.

  • Despite late month gains in share, large-caps saw decreased average trade sizes for much of May and a new high for the year of just over 70% of trading being oddlots by count. Intraday, average trade size declined steeply after the open as a flood of single share prints hit the tape, as we have mentioned before, but this sag in trade size now lasted through 11:30 a.m., before rebounding.

  • Nevertheless, May was our best month ever for daily match shares of demi-block and larger in large-cap names, and it helped drive momentum to our displayed order book in ASPEN. May closed with our highest hit rates of the year for displayed orders in this group.

  • 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.

Displayed Quote Stats

4-days through 05/31/24

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

6926

16.3%

30.9%

ETF

1659

15.0%

25.9%

Large Cap

823

22.0%

33.5%

Mid Cap

1107

13.3%

38.2%

Small Cap

2850

8.2%

37.0%

Top Symbols

shares matched on the week

ADR

NIO2,766,000
BBD2,294,589
ABEV2,181,267

ETF

HYG3,810,714
TLT3,168,768
SPY3,099,459

Large Cap

MRO4,868,410
BAC2,902,518
SIRI2,843,385

Smid Cap

AAL6,611,233
DNA5,078,441
NKLA3,753,983

Trading Information

4-days through 05/31/24

4-days through 05/31/24

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

90.7

81.4

90

240

7559

Smid Cap

92.7

86.9

80

190

4380

ETF

92.2

79.3

140

560

1613

Large Cap

88.1

75.6

70

100

721

ADR

93.5

86.7

110

220

360

Percent Names Traded by Share Group

LARGE_CAP 42.4%SMID_CAP 40.1%ETF 8.3%ADR 4.9%OTHER 4.4%

LARGE_CAP

SMID_CAP

ETF

ADR

OTHER