Weekly Highlights

• What a difference a day makes. Monday 8/5 was likely one of the most difficult days of the year for execution. It featured the widest spreads and lowest post trade quote stability at least since the start of the second quarter. ETFs were at a peak in market share while smid-caps were at trough and volume curves shifted towards the start of the day. But much like the VIX, execution frictions declined dramatically over the rest of the week. Spreads and post trade quote stability returned to levels near mid-July which is when this period of volatility began.

• IntelligentCross met this tumultuous week by offering our subscribers a stable venue tuned for performant liquidity. Last week was our best week ever for matches of demi-block and larger cresting 25 million shares per day single counted. It was also our best week ever for average daily order quantities of round lot and larger displayed on our free market data feed, IQX. More importantly, given the trading conditions, it was the best week of the year for daily displayed round lot quantities improving the NBBO on arrival, featuring over 12.5 million displayed orders resting more the 500ms daily. Given the quality of our displayed flow, it’s no surprise that last week was our best week of the year for daily match quantity against IOC orders including midpoint.

• With the growth in larger sizes, patient displayed liquidity, and IOC execution, IntelligentCross has what you want to trade, when you want to trade it. And subscribers really did want to trade. On August 5th, IntelligentCross processed over 785 million orders resulting in more executions than 9 exchanges and our best day of the year for matched shares.

• 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, and ACTIV.