Weekly Highlights

• Last week was a rotational week for US equities, with relatively indecisive moves across the major indexes masking sector level dispersion: technology, communications and discretionary goods outpaced energy, metals, and utilities. Execution conditions were mixed as well, with post-trade quote stability generally higher but overall spreads towards the wider end of their range. ETFs’ average trade size has shrunk as their market share has declined substantially since October, while smid-caps have been on the ascendency. The notable exception is of course MSTZ, which was more than 4% of the market last week.

• IntelligentCross set a new notional market share record over 246bps, single counted, on Friday 12/6. Growth came from activity in ETFs: it was our best week ever for count of actively ordered names. Consistent with last week’s update, growth is also coming from large-caps, where we saw our best hit rates of the year across the platform, and set another record for Tier 1 notional market share. Overall, this helped push platform wide hit rates for orders displayed on our free market data feed IQX and in Midpoint to their best levels of the year.

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