ASPEN QUOTES 1
ADF

IntelligentCross Joins FINRA Alternative Display Facility

IntelligentCross has expanded its market reach by becoming a new participant in the FINRA Alternative Display Facility (ADF). With this integration, ASPEN’s displayed liquidity will be accessible as a protected quote, strengthening price discovery across stocks, crypto-assets, and AI-driven trading strategies.

Empowering Public Markets with AI Liquidity Solutions

IntelligentCross brings institutional-grade liquidity from advanced AI-powered systems to the public markets. Our goal is to optimize stock and digital asset trading by reducing slippage and improving execution quality.

Regulatory Timeline

• December 20, 2022: SEC published the FINRA proposed rule change to include IntelligentCross on the ADF.

• February 17, 2023: Response letter filed addressing public comments.

• July 14, 2023: Supplemental response letter filed with additional clarifications.

• August 18, 2023: Final supplemental submission responding to updated industry feedback.

• August 24, 2023: SEC approved IntelligentCross ATS as a protected quotation venue.

• August 25, 2023: SEC initiated review and temporary stay pending further evaluation.

• October 29, 2023: Final response submitted supporting immediate activation.

Pre-Quotation Notice

IntelligentCross plans to begin quoting listed securities on the ADF within 90 days following final SEC authorization. This move aligns with our mission to integrate traditional stock markets, emerging crypto-assets, and AI-driven execution models into a seamless liquidity network.

Access technical specifications, subscriber agreements, and FIX documentation by contacting us directly:
support@imperativeax.com or call .

More information:
- IntelligentCross FAQs: View FAQs
- Market Data Overview: View Market Data
- SEC Filings: SEC Website
- FINRA ADF Details: FINRA Website

Questions?

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© 2025 Imperative Execution Inc. Imperative Execution is leading the charge in transforming market structures through innovative technologies. As the parent company of IntelligentCross US equities ATS, we provide an unparalleled platform that integrates machine learning (ML) and artificial intelligence (AI) to optimize trading performance. Our solution offers a displayed book, enhancing price discovery and minimizing market impact, driving efficiency in the financial markets.

We harness state-of-the-art technology, including high-frequency transaction processing, to maximize the performance of multi-core, large-memory servers. With our engineering-first approach, we continuously refine and redefine the future of trading in the stock, crypto, and AI sectors, ensuring that our users experience the highest level of scalability, reliability, and innovation.

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