IntelligentCross^®, a leading US equities ATS¹, 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.

Source: Imperative Execution

The SEC is reviewing Intelligent Cross' approval in using FINRA's ADF to publish their quotes, which was just approved last Thursday.

So the division of trading and market's approves Thursday and then the Commissioners put it on reveiw on Friday. Crazy.https://t.co/gMMfwd5kDa

— Larry Tabb (@ltabb) August 28, 2023