Weekly Highlights

• Last week, execution conditions remained in line with the first week of September despite the two-week (roughly) round trip in major indexes. Given the swings we have seen so far this month, it’s notable that trading costs appear to be contained.

• Since we mentioned them in late August, real-estate and utilities continue to outperform, but last week they were joined by previous leadership: technology, as NVDA traded between 2.5 and just over 3% of total consolidated volume. Large cap names in all three sectors had notable soft spots in post-trade quote stability during the mid afternoon, which was missing from intraday challenges in smid cap trading.

• Last week was also the second week in a row where we matched at a record pace for notional market share of total consolidated trading, coming in at just under 213 bps single counted.

• We look forward to seeing our subscribers, peers, and friends in Florida next week for the 91st Annual Market Structure Conference. Our own Jimmy McGrail will join a panel discussion about the transformation that ATSs are making in equity trading.

• 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.