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 Securities Information Processor (SIP). During this same time period, IntelligentCross was the only alternative trading system offering a displayed order type.

  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 price movement of bid to bid or offer to offer respectively, 20 milliseconds after a trade for all trades on ASPEN that happen at the NBBO versus all Securities Information Processor (SIP) trades that happen on the NBBO 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. Based on trades between X and Y.

  5. For the date range X through Y.

  6. Average daily dollar value of all trades on IntelligentCross, counting both sides of the trade. Based on data from Q2 2022.

  7. Average total daily difference in price between a Securities Information Processor (SIP) trade and the better price displayed on the IntelligentCross IQX feed, multiplied by the size of the Securities Information Processor (SIP) trade. Based on Q2 2022 round lot trading data.

  8. 214 million average orders per day during Q2 2022.

  9. Average daily value of displayed orders on IntelligentCross during Q2 2022.

  10. IntelligentCross has 42 subscribers as of 4/3/2022.

  11. Current median time it takes to process an order through IntelligentCross systems.

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