SEC Approves IntelligentCross ATS as New Entrant to FINRA’s Alternative Display Facility

ASPEN Fee/Fee displayed orders will be published to the ADF and treated as “protected quotations,” providing opportunities for additional high-quality and better-priced liquidity to all investors.

STAMFORD, Conn.--(BUSINESS WIRE)--IntelligentCross^®, a leading US equities ATS¹, today announced that the US Securities and Exchange Commission (“SEC” or “Commission”) has approved a FINRA proposed rule change to add IntelligentCross ATS as a new entrant to the FINRA Alternative Display Facility (“ADF”).

Roman Ginis, Founder and CEO of Imperative Execution, the parent company of IntelligentCross ATS, said: “Imperative Execution applauds the staff of the SEC for its approval of the FINRA-proposed rule change. This decision is a win for all investors. The addition of our displayed liquidity to the public quote will make these quotations available to all market participants and enable them to access better prices, bringing more quality liquidity, performance, and price discovery to the broader markets.”

ASPEN Fee/Fee improves the NBBO over 4.73 million times per day,² and during the first six months of 2023, approximately 86 million shares, valued at $5.7 billion per day, were printed to the SIP at prices worse that those displayed by ASPEN Fee/Fee at that time.³ IntelligentCross routinely trades over 1% of US total consolidated volume, and since Q3 2022 has been consistently listed in the top 3 in FINRA’s weekly reports on ATS trading volume for all NMS stocks.¹

Mr. Ginis added: “We’re proud to be able to make this contribution to better market efficiency for investors. It’s the right thing to do. We look forward to working with the Commission, FINRA, and all market participants to ensure a smooth implementation process.”

Today, the IntelligentCross ASPEN displayed market data feed (“IQX”) is available free of charge. Go to intelligentcross.com for more information.

About IntelligentCross and Imperative Execution:

IntelligentCross is an SEC-registered US equities Alternative Trading System (“ATS”). Imperative Execution is a financial technology company that is the parent company of IntelligentCross. For further information on Imperative Execution and IntelligentCross, see https://www.imperativex.com/intelligentcross.

^{1 IntelligentCross began surpassing 1% TCV on 09/15/22 and continues to do so. IntelligentCross listed third on every FINRA weekly report on trading volume in Tier 1 NMS securities, for reports dated 10/31/22 - 12/26/22 and on ALL NMS securities as of Q2 2023.
2 Based on platform data from January 2023 to June 2023 (for orders of round-lot size or larger on arrival).
3 Based on platform data from January 2023 to June 2023 (for orders round lot size or larger).}