# Imperative Execution / IntelligentCross

> Imperative Execution is a financial technology company and the parent of IntelligentCross®, an SEC-registered US equities Alternative Trading System (ATS) that uses AI to optimize price discovery and matches orders near-continuously to maximize post-trade price stability.

IntelligentCross operates two matching models: a non-displayed Midpoint book and ASPEN, a full limit order book with optional displayed capability. ASPEN is split into three independent books by fee structure — Fee/Fee, Maker/Taker, and Taker/Maker. All books run under MPID INCR. Primary matching engines are in Equinix NY4 (Secaucus, NJ). Subscribers connect via FIX 4.2 through Pico cross-connects. Clearing is provided by Instinet, LLC.

## Core pages

- [Home](https://www.imperativex.com/): Overview of IntelligentCross — an AI-powered US equities trading venue that optimizes price discovery via near-continuous matching.
- [Platforms](https://www.imperativex.com/platforms): The Midpoint and ASPEN matching models — AI-optimized order matching designed to minimize price impact and maximize liquidity discovery.
- [Market Data](https://www.imperativex.com/market-data): The IQX data feed — order and execution data for the ASPEN books, distributed through multiple partners.
- [ImperativeX](https://www.imperativex.com/imperativex): ImperativeX, a displayed-book ATS that uses machine learning to deliver optimized execution to registered brokers.
- [About / Leadership](https://www.imperativex.com/leadership): The team behind Imperative Execution — industry veterans leading market execution and trading technology.
- [Contact](https://www.imperativex.com/contact): Request FIX specifications, subscription materials, and onboarding documents (registered broker-dealers only).
- [FAQ](https://www.imperativex.com/faq): Full Q&A covering subscriber eligibility, matching models, order types, NBBO handling, Hosted Pools, connectivity, fees, hours, and clearing.

## News and announcements

- [News](https://www.imperativex.com/news): Press releases, company announcements, and upcoming industry events.

## Reference and compliance

- [Restricted Symbols](https://www.imperativex.com/restricted): List of NMS symbols where orders may be rejected to remain below certain regulatory volume thresholds.
- [Form ATS-N (SEC)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001746102&type=ATS-N&dateb=&owner=include&count=40): Most current IntelligentCross Form ATS-N filing under Rule 304 of Regulation ATS.
- [Business Continuity Plan (PDF)](https://cdn.prod.website-files.com/5ee92e3bd621402efc7f2d3f/68880bfc97e2d817f8dc32a7_IntelligentCross_Business%20Continuity%20Plan%20Summary_2025.pdf): 2025 IntelligentCross Business Continuity Plan summary.

## Optional

- [Disclaimers](https://www.imperativex.com/disclaimers): Legal disclaimers governing use of the site and IntelligentCross materials.
- [Privacy Policy](https://www.imperativex.com/privacy-policy): How IntelligentCross collects, uses, and protects personal information.