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, 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.
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.

Take price discovery to a whole new level

  • 22% average ASPEN spread improvement vs the NBBO.5
  • 4,000+ securities in ASPEN with displayed liquidity (on average).6
  • 35% of ASPEN displayed orders improve the NBBO by at least one tick.7

Why make a venue 'intelligent'

Traditional venues require investors to have sophisticated and expensive infrastructure to trade at fair value and to minimize signaling.  With the IntelligentCross® ATS, we’ve put the sophistication into the venue, where our AI-calibrated matching process enables investors to achieve high execution performance with much less effort.

ASPEN (Adverse Selection Protection Engine)

Imagine the ultimate price discovery platform. ASPEN enables makers to post bigger sizes and tighten spreads and empowers the takers to access deeper liquidity.
2.2 bp lower adverse selection than exchange average.4
  • Near-continuous 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.

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.3
  • 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

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 • •
MaxQty •  
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
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© 2024 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.
* references 3 and 4 see here.