Weekly Highlights

• Last week’s market pullback increased trading friction as measured by spreads and post-trade quote stability for a number equity groups. Interestingly, smid-cap, large cap biotech, and ADRs held up better despite their general underperformance, although trade sizes in ADRs fell. ETFs seemed to have taken the brunt of the more difficult environment, while among large-caps, higher spreads and lower stability concentrated in financials and technology.

• Subscribers to IntelligentCross were able to take advantage of our performant liquidity in ETFs and large-caps as market conditions changed from the euphoria of the week prior. Last week was our best week ever for daily shares of ETFs matched in ASPEN. We also had our best week ever for shares matched in demi-block and larger in large-cap names, and best week of the year in midpoint hit rates for large-cap, as well. And in contrast to declining ADR trade sizes, it was a top 5 week for us in demi-block and larger executions. Of course these liquidity highlights come with exchange-beating post trade performance, as measured by quote stability and markouts to 500ms.

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