Yes, ASPEN supports optionally displaying orders via our proprietary data feed, IQX. For more information, please see http://iqx.imperativex.com/ or contact firstname.lastname@example.org
No, the three ASPEN books do not interact with each other.
No. They are separate order books that do not interact with one another.
ASPEN Intelligent Bid/Offer accepts market, limit, primary peg (with or without a limit price), and marketable peg (with or without a limit price) orders.
Yes, IOC and DAY orders are supported.
We will utilize the same MPID - INCR - for all books. The MIC code can optionally be INCR for all books, or a new MIC specific to each book reported back in FIX tag LastMkt:
ASPEN Intelligent Bid/Offer utilizes a Price/Time matching priority.
Yes. Intelligent Midpoint and the ASPEN Fee-Fee book will follow the same fee schedule. Shares traded will aggregate for volume pricing tiers. Open orders will be combined across both books for the marketable open order pricing incentive. The Maker/Taker and Taker/Maker will be charged independently.
No, you can utilize the same FIX sessions to access both Intelligent Midpoint and the three ASPEN Intelligent Bid/Offer books.
Yes, existing connectivity can be used for both Intelligent Midpoint and ASPEN Intelligent Bid/Offer order books.
Only Midpoint Peg Orders are accepted in Intelligent Midpoint.
Intelligent Midpoint will match orders that qualify as “Qualified Orders” (as described below) in time-priority order (based on the time the order enters the ATS).
Yes. The Intelligent Midpoint book supports a TimeInForce of ImmediateOrCancel. These “Smart IOC” orders rest on the book for a time (milliseconds) calibrated to maximize fill probability while minimizing market impact. Smart IOCs may interact with the resting book for multiple match cycles and are cancelable anytime by the subscriber.
No, it is another order book within the IntelligentCross ATS
Yes. If the ATS receives two orders with the same ClientID (Broker MPID) and same SenderSubID, the orders will not cross.
We will not effect a match if the inside market for the security is Locked (where the NBB and NBO are the same) or Crossed (where the NBB price exceeds the NBO price)
In the case where the LeavesQty falls below the MinQty on an order, the default is to treat the MinQty as one (1), meaning any amount of the remaining shares can be filled. There are two other options available. 1) cxl the order back when leaves falls below minqty and 2) adjust the new minqty to the leaves qty. Please see our FIX spec for more information about how to utilize these other options, or contact email@example.com.
Yes. IntelligentCross does not ‘aggregate’ or ‘bunch’ fills for this feature. Each fill from IntelligentCross will be of a quantity equal or greater than MinQty specified by the client on the order.
Yes, the system supports both Odd and Mixed lots.
A reduction in quantity is the only change that will maintain an orders current priority in the Intelligent Midpoint & ASPEN Intelligent Bid/Offer. All other changes will result in the order being treated as a new order.
Intelligent Cross ATS executions are printed to the FINRA NYSE TRF as primary and NASDAQ TRF as backup.
No, IntelligentCross ATS executes all orders within the framework of the NBBO protected quote range.
IntelligentCross ATS sources its Market Data from a combination of the SIP (NYSE CTA feeds and Nasdaq UTP) and direct market feeds.
IntelligentCross ATS trades only NMS securities.
IntelligentCross ATS supports order entry via FIX 4.2 only.
The IntelligentCross ATS Production system Start and Acceptance of Subscriber Connectivity is 8:30 am. Acceptance of Order Entry is 9 am onwards. Regular Matching Hours are 9:30 am to 4:00 pm. *(Holiday hours as the exception)
IntelligentCross utilizes four MICs to represent the different books:
The MPID for IntelligentCross ATS is INCR
IntelligentCross ATS does not offer the ability to co-locate directly with the matching engine.
The IntelligentCross ATS matching engine is located in Equinix NY4.
No. IntelligentCross ATS does not route any order flow.
For both UAT and Production, Subscribers can connect via cross connects within NY4. Pico is our network service provider. Please contact us at firstname.lastname@example.org
All IntelligentCross ATS subscribers must be SEC registered broker-dealers and members of at least one SRO.