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.