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

SEC Chair Gensler Speech on Equity Market Structure Reform

On June 8, SEC Chair Gensler laid out a framework for long-awaited SEC reforms to equity trading and market structure. Chair Gensler appeared at the Piper Sandler Global Exchange and FinTech Conference, giving a speech entitled “Market Structure and the Retail Investor,” which was followed by Q&A.

View Summary

Updates also on:

  • Confirmation of Jaime Lizárraga and Mark Uyeda as SEC Commissioners
  • House Financial Services Committee Meme Stock Report
  • SEC Spring 2022 Regulatory Agenda/SEC Commissioner Peirce Response
  • Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS

A Note from the CEO

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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