Weekly Highlights

• Last week, the “China trade” fervor faded, as ADR market share declined almost 50% from recent highs. Technology names regained a position of market leadership while domestic large-caps increased their share of overall trading. By and large, ex-ADRs, execution conditions improved across the board as measured by decreases in spread and post-trade quote instability, although average daily volumes slipped.

• On October 9th, IntelligentCross set another record for market share of notional traded at just under 225 bps single counted, which helped push the week to over 217bps. Gains were driven by the breadth of trading with over 10800 names actively ordered, and by our YTD longest resting patience in large-cap orders displayed on our free market data feed, IQX. In fact, we saw median resting times well north of a 1/2 second for displayed orders in large-cap names of round-lot size and larger last week, as well as over 3.5 million shares per day displayed in each of the top 10 most active large-cap names market wide.

• IntelligentCross travels to London next week to participate in Plato Technology Summit 2024. If you’re planning to be around The City, please don’t hesitate to reach out.

• 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.