IntelligentCross matches orders at discrete times, within microseconds of arrival in ASPEN, and milliseconds in Midpoint, to maximize price discovery and price stability after trades. The matching schedules are created per-security using the first-of-its-kind closed-loop measurement-optimization-calibration AI cycle that allows the venue to continuously improve and adapt to changing market conditions. The optimization process ‘solves for’ a dual objective of minimizing price impact, while maximizing liquidity.
Trade-by-trade multi-horizon market response measurement tracks how the venue trades and informs future matching decisions.
The ATS matching engine modulates the time between matches based on optimization targets. This delivers a highly stable quote while matching as often as possible.
Per-security machine learning system calibrates match frequencies towards an optimal sweet-spot of liquidity and quote stability.
Imagine the ultimate price discovery platform. ASPEN enables makers to post bigger sizes and tighten spreads and empowers the takers to access deeper liquidity.
1.8 bp lower adverse selection than exchange average.4
Trade the perfect midpoint, with maximum price stability after the print.
75% lower market impact than exchange midpoint average, measured by market reaction “markout” after trades. Lowers slippage for institutional orders.3
Seamlessly use in any algorithm, from VWAP to liquidity seeking to POV.
If you are a registered U.S. broker-dealer and would like to get a copy of the IntelligentCross FIX Specifications,
or our Subscription documents, click below.
© 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 min delayed. FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USE
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