Daily Displayed Highlights

5-days through 03/07/25

10.4 million

Orders priced better than the NBBO on arrival

7066

Unique displayed securities

28.7%

Tighter spreads than the NBBO when ASPEN has the best quote

1.5 bps

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

Weekly Highlights

  • Monday March 10th was the platform’s best day ever. We matched over 492mm shares, a new record for us. It was our best day ever for both Midpoint and ASPEN but also for shares matched of demi block and larger and shares matched against IOC orders. And despite the volatility, it was our best day ever for patience of resting orders displayed on our free market data feed, IQX, with over 22mm resting 500ms and longer, and over 10mm priced better than the NBBO on arrival.

  • While yesterday was probably a busy day for everyone, IntelligentCross gained market share. Yesterday we crossed 2.58% of the total consolidated volume as measured by shares and over 3.26% as measured by notional, all single counted. And this was during a day when spreads were near their widest and post-trade quote stability near its lowest for the year.

  • We would like to thank our subscribers for continuing to trust us with their flows, especially during this more difficult execution environment.

  • 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 03/07/25

Unique Names Per Day

Displayed Order Better Than NBBO %

Avg Spread Improvement %

Total

7065

17.5%

28.7%

ETF

1981

15.9%

26.3%

Large Cap

827

17.5%

29.7%

Mid Cap

1060

27.4%

36.5%

Small Cap

2740

21.8%

36.9%

Top Symbols

shares matched on the week

ADR

NOK5,160,177
NIO4,807,288
VALE4,775,944

ETF

XLF13,193,498
IBIT6,956,629
HYG6,287,851

Large Cap

NVDA15,170,755
F12,311,157
INTC10,135,601

Smid Cap

LCID7,176,738
AAL6,774,121
RIG5,604,862

Trading Information

5-days through 03/07/25

5-days through 03/07/25

Quote Stability @ 20ms

Quote Stability @ 500ms

Average Trade Size

Average Order Size

Active Traded Names

Total

92.9

79.2

90

310

8807

Smid Cap

95.1

88.1

80

210

4391

ETF

86.3

63.6

170

570

2843

Large Cap

91.9

73.6

70

130

742

ADR

94.1

83.5

120

250

374

Percent Names Traded by Share Group

LARGE_CAP 45.7%SMID_CAP 36.8%ETF 8.8%ADR 5.0%OTHER 3.6%

LARGE_CAP

SMID_CAP

ETF

ADR

OTHER