Weekly Highlights

• Markets generally had a positive week last week. This was reflected in relatively benign execution conditions, with the exception of a spike in spreads impacting large cap names on 1/15 around the time the Beige Book came out, and a general underperformance in bio-tech names throughout the week. Since December, 13% of XBI components have gone through a “death cross” where the 50 day moving average drops below the 200, and for the most part prices have remained below both averages. This is reflected in healthcare in general, where roughly 20% of XLV constituents are showing the same pattern.

• IntelligentCross set a new record for notional market share traded on Monday 1/13 at over 250bps and remained there on 1/14, single counted. Growth was driven largely by Tier 1 names, where we set a notional market share record of over 260bps on 1/14.

• 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.