Conventional exchanges match orders. IntelligentCross matches orders to achieve an optimal experience for both sides of the trade -- getting the order done while moving the price as little as possible.

How It Works

IntelligentCross matches orders at discrete times, micro/milliseconds apart, to minimize post trade market response. 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 market impact, while maximizing liquidity.

Measurement

Trade-by-trade multi-horizon market response measurement tracks how the venue trades and informs future matching decisions.

Optimization

Per-security machine learning system calibrates match frequencies towards an optimal sweet-spot liquidity and quote stability.

Calibration

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.

Intelligent Midpoint

Trade the perfect midpoint, with maximum price stability after the print.

87% lower market impact than exchange midpoint average, measured by market reaction “markout” after trades. Lowers slippage for institutional orders.

NBBO midpoint orders
Discrete matches, milliseconds apart, calibrated per-name for minimal post-trade price response
Continuous order management—orders can be updated without delays
Only interacts with other midpoint orders

ASPEN Intelligent Bid / Offer

Imagine the ultimate liquidity provision platform. The ASPEN (Adverse Selection Protection Engine) enables makers to post bigger sizes and tighten spreads and empowers the takers to access deeper liquidity.

75% lower adverse selection than maker/taker exchange average.

Near-continuous price-time limit order book
Matches occur at calibrated times under 1 millisecond
Continuous order management—orders can be updated without delays
Quotes can be displayed or non-displayed
Primary-pegged orders are automatically repriced to float with the NBBO to avoid being run over.

All Major Order Types. Just the right ones.

Seamlessly use in any algorithm, from VWAP to Liquidity Seeking to POV.

ORDER TYPES
	Midpoint	ASPEN³
DISPLAY
Dark	•	•
Lit		•
TIF
IOC	•	•
Day	•	•
PEG
Mid	•
Passive		•
Aggressive		•
LIMIT
Market	•	•
Limit	•	•
QUALIFIERS
Iceberg		•
MinQty	•	•
ALO		•

FEE STRUCTURE AND MICS
	Midpoint	ASPEN³
Fee-Fee
8 - 2 mil/share, based on tiers	INCR	ASPN
Maker Taker
30 mil to take, 28 rebate to post		ASMT
Inverted
16 mil rebate to take, 20 mil to post		ASPI

Testimonials

"Launching ASPEN less than one year into one of the strongest dark ATS debuts ever shows (IntelligentCross) is serious about becoming an even bigger player in the off-exchange landscape, by addressing an entirely different part of the market.”

Rosenblatt Securities

"Let There Be Light" report, April 2019

“We’ve been trading on IntelligentCross since it launched and have found it to be a significant value-add for our clients. In terms of improving execution quality, they are without question doing what they set out to do.”

Brian Bulthuis

Head of America Quantitative Trading Strategy, Instinet

"For the third quarter of 2020, Bernstein has traded $2.2 billion through IntelligentCross Midpoint, saving roughly $400,000 in post-match market movement at 20 milliseconds after the match, computed as the mid-to-mid markout for all their trades."

Let your performance soar.