Weekly Highlights

• From an execution standpoint, last week featured two significant events: the Fed announcement and Friday’s expiration and rebalance activities. As expected, ETF market share rose on Wednesday as post-trade quote stability declined in response to the Fed, only to retreat on Friday when large-cap stocks took center stage. This shift made the latter part of the day more expensive to trade starting from Wednesday.

• While these events affected execution market-wide, we observed a particular widening of spreads among ADRs and declining average trade sizes in Finance and Healthcare related names.

• Despite the more challenging execution environment, subscribers to IntelligentCross benefited from our unique performant liquidity. Orders displayed on our free market data feed, IQX, were at or better than the NBBO 74% of the time, and notably for large-caps, 83% of the time. Post-execution quote instability and markouts also remained lower on IntelligentCross at 500ms than the exchange average. With our combined transparency and execution performance, IntelligentCross can be an important tool in your execution toolbox during times of market strain.

• We enjoyed seeing old friends and meeting new ones at STA National Market Structure Conference in Florida last week, and the 2024 Inside The Black Box conference in California, hosted by Rishi Narang to benefit Village Health Works. We look forward to catching up with people throughout the fall conference season. Drop us a line and tell us where you’ll be.

• 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.