Planned Addition of IntelligentCross to FINRA Alternative Display Facility

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.

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 to add IntelligentCross ATS as a new entrant to the ADF.  You can read the July 2023 Imperative Execution comment letter here.

On August 24, 2023, Order Approving Proposed Rule Change Relating to Alternative Display Facility New Entrant: SEC Approves IntelligentCross ATS as new entrant to FINRA's ADF.

See the order here, and see the announcement here.

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 SEC approval, IntelligentCross intends to begin quoting both CTA and UTP listed securities on the ADF on or after Monday, March 27, 2023 (the earliest possible “go live” date). Further details around the implementation will be distributed closer to the “go live” date.

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

Current Industry-Wide Saturday User Acceptance Test Dates:

• Saturday, January 21, 2023 (CTA and UTP)

• Saturday, February 25, 2023 (CTA and UTP)

• Saturday, March 11, 2023 (UTP Only)

• Saturday, March 25, 2023 (CTA and UTP)

Further information on the ADF also can be found on FINRA’s website at

Any general questions may be directed to IntelligentCross Operations at (212) 621-9640 or at, or to FINRA Operations at (866) 776-0800.