Weekly Highlights

• With VIX returning to near mid-July levels last week, it's no surprise that our gauges of execution friction continued to steady. As the technology sector regained some leadership, taking momentum and growth factors with it, large cap post-trade quote stability improved, especially in the first part of the day, and overall spreads declined. Even as ADV declined versus the week of August 5th, average trade sizes remained at the upper end of their range. But, with the decline in overall volatility came a decline in ETF market share and a relative increase in smid caps, reflecting a more ‘risk on’ environment.

• IntelligentCross responded to increased interest in smid caps with its best week of the year in two important metrics of liquidity: it was our best week of the year for hit rates of smid cap orders displayed on our free market data feed, IQX. And it was also the best week of the year for resting times in displayed smid cap orders of round lot size and larger. Coupled with leading post-trade performance in quote stability and markouts versus exchanges, IntelligentCross continues to be the home of performant liquidity through changing market conditions.

• 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.