The US Securities and Exchange Commission (SEC) has approved a FINRA proposed rule change to add IntelligentCross ATS as a new entrant to the FINRA Alternative Display Facility (ADF).
“This decision is a win for all investors,” said Roman Ginis, Founder and CEO of Imperative Execution, the parent company of IntelligentCross ATS.
“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,” he added.
ASPEN Fee/Fee improves the NBBO over 4.73 million times per day, based on platform data from January 2023 to June 2023 (for orders of round-lot size or larger on arrival.
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, based on platform data from January 2023 to June 2023 (for orders round lot size or larger.
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.
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.
Currently, the IntelligentCross ASPEN displayed market data feed (“IQX”) is available free of charge.
“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,” commented Ginis.
