Let your performance soar.

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
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

“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

"AI is well suited to disrupt the status quo in equity trading because of its unique characteristics: readily measurable performance, well-defined investor objectives and a history of accepting technological disruption. The time is right for an AI-driven ‘smart venue’."

Rob Hegarty
CEO, Hegarty Group

"Slippage from trading execution remains a significant source of market friction. We believe Imperative’s alternative trading system has the ability improve execution performance across the equities markets, resulting in greater buy side performance."

Pete Casella
Head of Investments, Point72 Ventures