Weekly Highlights

• A funny thing happened on the way to the Russell Reconstitution last week: Friday’s XLK rebalance on the heels of NVDA’s nearly 13% midweek reversal. On balance, it was enough to push ETF spreads higher and trade sizes smaller during the early part of the day, while large-cap trade sizes traced out the higher part of their recent range, especially into the close and among technology names. The move in NVDA helped flip-flop the relative strength of momentum and growth names versus low-vol and value names as the week closed.

• Nevertheless, IntelligentCross was able to deliver market leading post-trade performance across these groups despite the notable cross currents. For example, quote instability and markouts measured at 500ms in the 120-odd component names of the momentum tracking ETF, MTUM, were lower in both Midpoint and ASPEN than the exchange average; while performance in XLK and the NVDA tracking ETF NVDL were superior as well. So it’s no surprise that last week was our best week of the year for ASPEN hit rates in large-cap names, and our best week ever for daily number of ETF names ordered and matched notionally, reflecting our subscribers’ ability to use the platform to execute in complex environments.

• 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.