Weekly Highlights

• IntelligentCross reached a new milestone in September, achieving a record notional market share of 199.9 bps. Our market share by shares matched came close to an all-time high at 165 bps, with an average of over 195 million shares daily, single counted, throughout the month.

• This growth was driven by our unique ability to balance trading urgency, size, and transparency. September marked our second-best month ever for average daily matched shares of demi-block size and larger, and we also saw the highest use of IOC order types. Coupled with superior post-trade quote stability, low markouts, and over 30% spread savings when displaying orders on our free market data feed, IQX, that were priced better than the NBBO, it's clear why we refer to this as performant liquidity.

• Case in point: the recent surge in the CSI 300 index fueled significant activity last week in U.S. listed ADRs. This increased trading interest boosted average trade sizes, while costs as measured by spreads and post-trade quote stability remained contained. Subscribers to IntelligentCross benefited from this liquidity, and we saw our best week ever in ADR trading, including record daily matches in demi-block size and IOC order types.

• We’re also excited to once again be a part of this year’s Wall Street Rides For Autism Research and look forward to catching up with you out on the course this Saturday, October 5th.

• If you haven’t yet explored how our platform can enhance your trading, we encourage you to connect with us. Our ASPEN quotes are available through our IQX market data feed, accessible directly or via providers like Exegy, MayStreet, and Option.