Weekly Highlights

• Welcome to 2025. We look forward to another year of growth and partnership with our subscribers. And we have a few thoughts on what may be in store for execution in the year ahead.

• Performance: To stand out among the current and emerging sources of liquidity and execution in the US, measurable pre and post execution performance will be an absolute necessity. IntelligentCross Midpoint and ASPEN continue to demonstrate better than exchange post-trade performance and we continue to evolve our match calibrations to keep up with market conditions.

• More Analytics: With increasing pressure to achieve high-quality execution, market participants are turning more heavily to quantitative metrics. This trend not only demands greater sophistication but also underscores the importance of transparency. As markets grow more complex and algorithmic, explainability will become a key driver of trust. IntelligentCross facilitates increased transparency with bespoke execution consulting partnerships with our subscribers, and, of course, with ASPEN displayed liquidity. We are the only ATS with optional displayed liquidity and a free market data feed, IQX.

• Accessibility: It used to be that you could have either performance or immediacy. Rightfully so, the number of equity stakeholders demanding both continues to grow. IntelligentCross has always believed that investors can have their cake and eat it too. IOC orders play a vital role in both our ASPEN and Midpoint books, helping drive our notional market share of the TCV above 2% in Q4 2024.

• If you haven’t explored how our platform can enhance your trading performance, 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.