Weekly Highlights

• China-related ETFs and ADRs continued to be a focus last week, even as mainland markets were closed and energy names took over leadership in the US. For example, last week’s increases in both the top 5 ETF and ADR names by volume were China related. While ETFs remained well behaved on balance and continued to see a lift in average trade size, execution costs increased for ADRs. Post-trade quote stability deteriorated significantly, especially earlier in the day as volumes shifted toward this more expensive period. Unsurprisingly, liquidity also shifted towards the touch and away from midpoint.

• Subscribers to IntelligentCross continued to benefit from our performant liquidity. Last week was an all-time top 5 week for ETF liquidity on the platform, and it was the second week in a row of record daily matched shares in ADRs. Growth came from last week being our best week ever for ADR shares matched of demi-block and larger as well as shares matched against IOC order types. More importantly, given the shift towards full-spread costs market wide, IntelligentCross had its best week ever of midpoint trading in these names. This gave our subscribers valuable spread savings, while still providing better post-trade performance than the exchange average as measured by post-fill quote stability and markouts at 500ms.

• 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.