Weekly Highlights

• Execution conditions for algos remained favorable last week, as reflected by post-trade quote stability, spreads, and consistency of intraday volume curves, despite overall declines in major indexes and a rise in VIX. A notable exception was a widening of spreads in energy names around 10:15 a.m. news on both Wednesday and Friday. Although smid-cap stocks underperformed their larger peers, as seen in SPY and IWV versus IWM performance, post-trade quote stability remained at the higher end of recent ranges, while spreads stayed near their lows for the group.

• Against this backdrop, IntelligentCross achieved its highest-ever weekly notional market share of total consolidated volume, reaching over 223 basis points, single-counted. Growth was driven by an expanding list of actively ordered names, marking our sixth consecutive week of record-setting performance. Notably, growth occurred despite broader market declines, supported by the longest average resting times of the year for orders on our free market data feed, IQX, and the highest hit rates for displayed orders in small and mid-caps.

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