ASPEN QUOTES 1

IntelligentCross Market Data (IQX)

  1. ASPEN Displayed Quotes. The quotes could be delayed up to 30 minutes

  2. As determined at time of arrival of order from subscriber between X and Y, versus the National Best Bid Offer (NBBO) reported on the SIP.

  3. “Intelligent Midpoint Market impact” is a weighted average of mid-to-mid movement in the NBBO 20 milliseconds after each trade between X and Y (the “measurement period”). The weighted average is created by notionally weighting the value of each trade. The Intelligent Midpoint market impact is weighted by notional traded on Midpoint during the measurement period. An exchange average market impact is calculated based on NBBO midpoint trades reported on the Securities Information Processor (SIP) during the measurement period and weighted by the daily per symbol notional traded on Intelligent Midpoint such that the weight of each symbol traded on the exchanges will equal the weight traded on Intelligent Midpoint. The relative % improvement of Intelligent Midpoint market impact versus the exchange average market impact is computed as (1- (Intelligent Midpoint market impact / exchange average market impact)).

  4. Measured as the absolute mid-to-mid price movement, 20 milliseconds after trades between X and Y, for all trades on ASPEN that happen at the NBBO versus all Securities Information Processor (SIP) trades on the bid or offer on the exchanges reported on the SIP weighted by the daily per symbol notional traded on ASPEN such that the weight of each symbol traded on the exchanges will equal the weight traded on ASPEN.