Weekly Highlights

• Execution conditions remained benign last week with spreads and post-trade quote stability solidly within their ranges, market wide. Smid-caps overperformed with both statistically significant increases in stability and decreases in spread, while ADRs underperformed with decreases in stability and trade size. Large-caps continued to gain market share from both ETFs and smid-caps as has been the trend since the beginning of the year.

• Reflecting the activity in large-caps in general, last week IntelligentCross set a new record for notional market share of Tier 1 names at over 266 bps on 2/11, single counted. In fact, platform hit rates against large-cap names were at a 52 week high. Relatively stable execution conditions have also helped drive patience: last week marked a 52 week high for percentage of orders displayed on our free market data feed, IQX, resting 500ms and above. This in turn lifted ASPEN Fee/Fee hit rates to a 52 week high as well.

• 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, Redline and Options.