Weekly Highlights

• Despite last week’s retreat in major indexes and the run up in VIX, execution conditions did not seem to materially weaken, and certainly haven’t returned to the difficulties of late July and early August. Spreads and post-trade quote stability remained largely inline with the recent post August 5th period. However, average trade sizes for large caps have declined and a persistent short-term spike and reversion in spreads and post-trade instability around the close has become more pronounced. This was as true for under-performing technology and energy names as it was for the much stronger real estate and utility ones.

• Last week was also a record week for IntelligentCross. It was our best week ever for notional market share of total consolidated trading, coming in at just under 213 bps single counted. It was our best week of the year for market share by shares traded, at over 175 bps.

• Given the increased importance of ETFs during market moving weeks, it’s no surprise our growth was due in part to our subscribers’ ability to execute thematically. Last week was also our best week ever for the number of different ETFs ordered, daily match quantity, and match quantity of demi-block and larger in the space.

• This Friday, we are excited to be part of the Cornell Financial Engineering Manhattan 2024 Future of Finance & Ai Conference presented by Rebellion Research. Our own Michael Sotiropoulos and Patrick Dote will be joining panels on the changing landscape of investing and the future of interpreting data. We hope to see you there.

• 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 Option.