Market Update


Navigating Volatility: Insights on the Q2 Selloff

By: Patrick Dote, Head of Research, IntelligentCross
Key Takeaways:
  • Heightened volatility in Q2 2022 has widened spreads and made quotes less stable, thereby increasing the implicit costs of trading.
  • However, the availability and relative quality of intraspread liquidity—including midpoint—has remained consistent while savings in basis points has increased.
  • Talk to your broker about how they configure their algos, and if they would consider overweighting intraspread order placement as a possible way to reduce trading costs.
Regulatory Update

Court Denial of Exchanges’ Petition on Market Data Infrastructure Rule and Other Developments to Watch

By: Ari Burstein, General Counsel and Chief Policy Officer, Imperative Execution

In a long-awaited decision impacting trading and market structure, on May 24, the US Court of Appeals for the District of Columbia Circuit denied a petition filed by several exchanges challenging the SEC’s “market data infrastructure rule” (“Rule”).

The exchanges claimed that the rule was arbitrary and capricious and contrary to the goals and policies of the Securities Exchange Act.  

The Court, however, found that the Rule “clearly represents a reasonable balancing of the objectives Congress directed the Commission to address in a complex and technical area based on the record before the Commission.”

A Note from the CEO

Roman Ginis
I talked trading performance and market trends at STANY 2022, with CBOE’s Adam Inzirillo moderating. I enjoyed the conversation with fellow panelists Jessica D'Alton of UBS, Jesse Grief of OneChronos, and Kimberly Russell of State Street Global Advisors.

Our IntelligentCross ATS was built to help you achieve better execution performance.

With this newsletter we plan to bring you relevant and timely execution commentary, informed by data and trading expertise that you can expect from our team.

In addition to execution, we’ll highlight key regulatory developments.

Please drop me a line with your feedback!

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