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
Your Liquidity. Your Choices.
Helping you achieve your execution
goals.
Imagine having better choices and control over how your orders interact with the market. With Hosted Pools, you can design a personalized trading environment tailored to your needs. We provide the technology; you define the experience.
lntelligentCross ATS has achieved market-wide adoption based on excellent execution performance. You can expect the same performance obsession with every Hosted Pool we stand up. Create your own to efficiently optimize your workflow and execution quality. To learn more about Hosted Pools on IntelligentCross, click below.
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
The products, services, and materials listed on this site may not be suitable for your particular circumstances. All content on this site is provided for informational purposes only and is subject to change without notice. Nothing on this site is intended as research or an offer, solicitation, advice, or recommendation to buy or sell any financial product or service. Nothing on this site should be used in any way to evaluate any particular transaction. Please consult your own independent professional advisors regarding financial, investment, legal, tax, accounting and other considerations relating to a a transaction, including its suitability for you.
Imperative Execution Inc. and IntelligentCross disclaim all responsibility and liability whatsoever for the quality, accuracy, and completeness of the content on this site, any reliance thereon, and any use thereof. Order flow information referenced above is maintained confidential as required by applicable FINRA regulations.
