More than $88 million daily. That's how much money investors overpaid in October, by trading at prices worse than those on IntelligentCross's ASPEN book.
Here's a look at ASPEN's displayed liquidity last month.
Bloomberg’s Market Structure Research Team took a deep dive into IntelligentCross’ performance, displayed liquidity, and role within the exchange and ATS ecosystem.
ASPEN impressed them. Here’s what they found:
• A unique matching solution with advantages like adverse-selection protection, higher quote stability, lower markouts and price improvement.
• Liquidity providers are displaying better prices than on the exchanges because of performance, and doing so in many symbols.
• Average 29% spread improvement on displayed orders that arrived priced better than the NBBO.
• Order size averaging 70-80% higher than the industry median trade.
The full report is available to Bloomberg Terminal subscribers.