ASPEN Intelligent Bid/Offer

Does ASPEN Intelligent Bid/Offer support visible orders?

Yes, ASPEN supports optionally displaying orders via our proprietary data feed, IQX. For more information, please see http://iqx.imperativex.com/ or contact ops@intelligentcross.com

How do I route to the different ASPEN books?
  • You utilize FIX tag ExDestination[100] to specify which ASPEN book to send your order to. Please see our FIX spec for more details.
  • You can request dedicated sessions to specific books
Do the different ASPEN books interact with each other?

No, the three ASPEN books do not interact with each other.

Does ASPEN Intelligent Bid/Offer order flow trade with the Intelligent Midpoint order flow?

No. They are separate order books that do not interact with one another.

What order types does ASPEN Intelligent Bid/Offer support?

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.

Does ASPEN Intelligent Bid/Offer support Immediate-or-Cancel (IOC) orders?

Yes, IOC and DAY orders are supported.

Do the ASPEN Intelligent Bid/Offer books operate with a different MPID and MIC codes?

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[30]:

  • Intelligent Midpoint - INCR
  • ASPEN Fee/Fee - ASPN
  • ASPEN Maker/Taker - ASMT
  • ASPEN Taker/Maker - ASPI



What is the matching priority for ASPEN Intelligent Bid/Offer?

ASPEN Intelligent Bid/Offer utilizes a Price/Time matching priority.

Is there a different Fee Schedule for ASPEN Intelligent Bid/Offer trading activity?

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.

Do I need new FIX sessions to access ASPEN Intelligent Bid/Offer?

No, you can utilize the same FIX sessions to access both Intelligent Midpoint and the three ASPEN Intelligent Bid/Offer books.

Can I use my existing connectivity to access ASPEN Intelligent Bid/Offer?

Yes, existing connectivity can be used for both Intelligent Midpoint and ASPEN Intelligent Bid/Offer order books.

Intelligent Midpoint

What order types does Intelligent Midpoint support?

Only Midpoint Peg Orders are accepted in Intelligent Midpoint.

What is the priority model for Order Matching for 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).

Does Intelligent Midpoint support IOCs?

Yes. The Intelligent Midpoint book supports a TimeInForce[59] 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.

Is ASPEN Intelligent Bid/Offer another ATS?

No, it is another order book within the IntelligentCross ATS

IntelligentCross ATS General

Does the IntelligentCross ATS have a self-cross prevention feature?

Yes. If the ATS receives two orders with the same ClientID (Broker MPID) and same SenderSubID, the orders will not cross.

How are orders handled in a locked market?

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)

What happens when the LeavesQty falls below Min Qty?

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 ops@intelligentcross.com.

Does IntelligentCross ATS support Min Qty?

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.



Does IntelligentCross ATS support Odd lots or Mixed lots?

Yes, the system supports both Odd and Mixed lots.

How does Cancel/Replace affect my orders priority?

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.

Where does IntelligentCross ATS print its trades?

Intelligent Cross ATS executions are printed to the FINRA NYSE TRF as primary and NASDAQ TRF as backup.

Does IntelligentCross ATS execute outside the NBBO?

No, IntelligentCross ATS executes all orders within the framework of the NBBO protected quote range.

Where does IntelligentCross ATS get its Market Data?

IntelligentCross ATS sources its Market Data from a combination of the SIP (NYSE CTA feeds and Nasdaq UTP) and direct market feeds.

What securities does IntelligentCross ATS trade?

IntelligentCross ATS trades only NMS securities.

How do I enter an order on IntelligentCross ATS?

IntelligentCross ATS supports order entry via FIX 4.2 only.

What are the hours of operation for IntelligentCross ATS?

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)

What is IntelligentCross ATS MIC code

IntelligentCross utilizes four MICs to represent the different books:

  • Intelligent Midpoint - INCR
  • ASPEN Fee/Fee - ASPN
  • ASPEN Maker/Taker - ASMT
  • ASPEN Taker/Maker - ASPI

What is the IntelligentCross ATS Market Participant ID (MPID)?

The MPID for IntelligentCross ATS is INCR

Can I co-locate with IntelligentCross ATS?

IntelligentCross ATS does not offer the ability to co-locate directly with the matching engine.

Where is the IntelligentCross ATS matching engine located?

The IntelligentCross ATS matching engine is located in Equinix NY4.

Does IntelligentCross ATS route my order flow outside of its system?

No. IntelligentCross ATS does not route any order flow.



How do I connect to IntelligentCross ATS?

For both UAT and Production, Subscribers can connect via cross connects within NY4. Pico is our network service provider. Please contact us at ops@intelligentcross.com

Who can trade on IntelligentCross ATS?

All IntelligentCross ATS subscribers must be SEC registered broker-dealers and members of at least one SRO.

Where are IntelligentCross' Form ATS-N filings posted?

IntelligentCross' ATS-N filing can be found on the SEC website.