Imperative Execution has proposed that the IntelligentCross ATS become a new entrant to the FINRA Alternative Display Facility (“ADF”) and therefore add the ASPEN Fee/Fee book’s displayed liquidity to the public quote as a protected quotation.
Timeline of the SEC Approval Process
On December 20, 2022, the SEC published for comment the FINRA proposed rule change to add IntelligentCross to the ADF.
On February 17, 2023, Imperative Execution filed a letter with the SEC responding to comments filed on the FINRA proposed rule change.
On July 14, 2023, Imperative Execution filed a supplemental letter with the SEC in response to comments filed on the FINRA proposed rule change.
On August 18, 2023, Imperative Execution filed a supplemental letter with the SEC responding to additional comments filed on the FINRA proposed rule change.
On August 24, 2023, the SEC issued an order approving the FINRA proposed rule change to add IntelligentCross ATS as a new entrant to the ADF. See the order here, and see the announcement here.
On August 25, 2023, the SEC sent a letter to FINRA notifying them that the Commission will review the approval order and that the approval order is stayed until the Commission orders otherwise.
On October 29, 2023, Imperative Execution filed a letter in response to the SEC's stay of the approval order relating to the FINRA proposed rule change.
Pre-Quotation Notice
In accordance with regulatory requirements, IntelligentCross is issuing a pre-quotation notice to advise that the IntelligentCross ATS intends to become an active quoting participant on the ADF.
Pending final SEC approval, IntelligentCross intends to begin quoting both CTA and UTP listed securities on the ADF within 90 days after the date of the final approval order, or such later date as IntelligentCross begins operation as a new ADF participant. Further details around the implementation will be distributed closer to the “go live” date. Additional test date information will also be provided when available.
Additional information regarding IntelligentCross’ operations including relevant connectivity and access technical specifications and related fees is available in IntelligentCross’ ATS-N filing, which can be found on the SEC’s website, as well in the FAQs on IntelligentCross’ website, which can be found here.
Specifications around IntelligentCross’ market data feed – IQX – can be found here. In addition, IntelligentCross FIX specifications and an IntelligentCross subscriber agreement can be obtained by contacting IntelligentCross Operations at (212) 621-9640 or at ops@intelligentcross.com.
Further information on the ADF also can be found on FINRA’s website at https://www.finra.org/filing-reporting/alternative-display-facililty-adf.
Any general questions may be directed to IntelligentCross Operations at (212) 621-9640 or at ops@intelligentcross.com, or to FINRA Operations at (866) 776-0800.
