Daily Displayed Highlights

5-days through 02/28/25

6.4 million

Orders priced better than the NBBO on arrival

7110

Unique displayed securities

29.6%

Tighter spreads than the NBBO when ASPEN has the best quote

1.6 bps

Lower adverse selection than maker/taker exchange avg at 20ms

Weekly Highlights

  • Last week, on 2/26, IntelligentCross hit a major milestone: we crossed 2% market share as measured by shares matched of the total consolidated volume, single counted. We also set a new high for notional market share at 284bps. This represents over 13% and 6.5% growth, respectively, from the records we set just the previous week.

  • Last week was also a 52 week high for daily matched shares on the platform, including matched shares of demi-block and larger, shares matched against orders displayed on our free market data feed, IQX, and shares matched against IOC order types.

  • Combined, this helped push February to our best month overall for market share ever. We thank our subscribers for continuing to trust us with their orders, especially as execution conditions become more difficult, as they did last week. As the VIX climbed to its highest levels since December, we saw notable increases in spreads and post-trade quote instability market wide.

  • 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.

Displayed Quote Stats

5-days through 02/28/25

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7109

15.9%

29.6%

ETF

1960

13.2%

25.4%

Large Cap

852

18.2%

31.0%

Mid Cap

1065

25.4%

39.3%

Small Cap

2755

21.0%

38.3%

Top Symbols

shares matched on the week

ETF

IBIT9,562,583
XLF8,120,948
TLT5,962,836

ADR

NIO6,907,774
VALE4,596,688
LYG3,515,752

Large Cap

NVDA15,120,849
T7,770,238
NU7,518,595

Smid Cap

LCID11,714,204
GERN4,536,539
AAL4,500,312

Trading Information

5-days through 02/28/25

5-days through 02/28/25

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

93.7

81.3

80

320

8634

Smid Cap

95.5

88.9

80

230

4343

ETF

89

69.4

150

590

2689

Large Cap

92.7

76

70

130

742

ADR

95

86

120

260

374

Percent Names Traded by Share Group

LARGE_CAP 45.8%SMID_CAP 36.9%ETF 8.4%ADR 5.1%OTHER 3.8%

LARGE_CAP

SMID_CAP

ETF

ADR

OTHER