ASPEN QUOTES 1

IntelligentCross Market Data (IQX)

1

ASPEN Displayed Quotes. The quotes could be delayed up to 30 minutes (Fee/Fee book).

2

As determined at time of arrival of order from subscriber between 2023-01-09 and 2023-01-13, versus the National Best Bid Offer (NBBO) reported on the Securities Information Processor (SIP). During this same time period, IntelligentCross was the only alternative trading system offering a displayed order type.

3

“Intelligent Midpoint Market impact” is a weighted average of mid-to-mid movement in the NBBO 20 milliseconds after each trade between 2023-01-09 and 2023-01-13 (the “measurement period”). The weighted average is created by notionally weighting the value of each trade. The Intelligent Midpoint market impact is weighted by notional traded on Midpoint during the measurement period. An exchange average market impact is calculated based on NBBO midpoint trades reported on the Securities Information Processor (SIP) during the measurement period and weighted by the daily per symbol notional traded on Intelligent Midpoint such that the weight of each symbol traded on the exchanges will equal the weight traded on Intelligent Midpoint. The relative % improvement of Intelligent Midpoint market impact versus the exchange average market impact is computed as (1- (Intelligent Midpoint Market impact / exchange average market impact)).

4

Measured as the absolute price movement of bid to bid or offer to offer respectively, 20 milliseconds after a trade for all trades on ASPEN that happen at the NBBO versus all Securities Information Processor (SIP) trades that happen the NBBO weighted by the daily per symbol notional traded on ASPEN, such that the weight of each symbol traded on the exchanges will equal the weight traded on ASPEN. Based on trades between 2023-01-09 and 2023-01-13.

5

Average order level median difference between IQX posted price and NBBO near side divided by NBBO spread when IQX has a better price, or the date range 2023-01-09 through 2023-01-13.

6

Average daily dollar value of all trades on IntelligentCross, counting both sides of the trade. Based on data from Q4 2024.

7

Value of trades reported on the SIP at a worse price than the best round lot displayed price on IntelligentCross at the time. Based on the daily average of trades between 1-11-23 and 1-21-23.

8

419 million average orders per day during Q4 2024.

9

Average daily value of displayed orders on IntelligentCross during Q4 2024.

10

IntelligentCross has 89 active subscribers as of the end of Q4 2024.

11

Median time it takes to process a solicited cancel acknowledgement through IntelligentCross systems, based on YTD 2025 data.

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© 2025 Imperative Execution Inc. IntelligentCross is a wholly owned subsidiary of Imperative Execution and member FINRA and SIPC. ASPEN quotes could be up to 30 minutes delayed.
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