Imperative Execution, Inc. today announced that the IntelligentCross ASPEN ATS, one of its AI-powered equity trading venues, was ranked #2 in the frequency of setting the best price in the US equities market when compared to most US equities exchanges, according to Exegy, a leading market data firm that distributes prices to brokers and traders.
“We ranked major US equities venues that display prices, which included 13 exchanges and the only ATS with displayed liquidity, IntelligentCross ASPEN, on how often each one sets the national best price available to investors. We found that the IntelligentCross ASPEN ATS punches well above its weight, ranking #2 in our study, and contributes to price discovery more often than much larger venues,” says David Taylor, Co President and Chief Technology Officer of Exegy.
“Price discovery is the backbone of an efficient market and is central to best execution for any trading firm or asset manager,” said Roman Ginis, Founder and CEO of Imperative Execution. “Investors generally expect their brokers to seek the best prices reasonably available in the market; this study shows that the IntelligentCross ASPEN ATS has the best prices in the market more often than most securities exchanges, while trades frequently occur throughout the day at prices worse than those available on ASPEN (on average 497,000 times per day for the dates in the study, i.e., every blink of an eye).”
Mr. Ginis added that “the superior displayed liquidity that the IntelligentCross ASPEN ATS achieves using AI in the matching process is a game changer for what constitutes the best immediately accessible quote in the US market, and provides a significant performance and best execution opportunity that investors can and should capture, and that should be a part of every broker’s and trader’s order routing decision.”
The IntelligentCross ASPEN ATS displayed prices are readily available free of charge for any firm that wants to receive them and trade on the venue.
About the Study:
To compute improving the national best price, Exegy looked at round-lot quotes posted by the IntelligentCross ASPEN ATS across a universe of about 4,000 securities. Exegy counted the number of times each venue set a new national best price using historical data from March 29, 2021 to April 5, 2021. Improving the national best price is defined as a new bid higher than the previous national best bid or new offer lower than the previous national best offer among the venues examined in the study.
About IntelligentCross and Imperative Execution, Inc.
IntelligentCross is a US equities ATS, trading in the top-10 by FINRA volume (as of April 12, 2021), that publishes displayed prices in over 4,000 liquid securities, frequently better than the National Best Bid and Offer (NBBO) available on the US equities exchanges. Imperative Execution, Inc. is a financial technology company that builds trading venues that optimize execution performance and is a pioneer in using AI in market design and order matching. Founded by former traders, Imperative Execution, Inc. is the parent company of IntelligentCross LLC, which operates the IntelligentCross ATS, the industry’s first smart venue to use AI in order matching to achieve high execution performance. To learn more, visit intelligentcross.com.
About Exegy, Inc.
Exegy provides global market data solutions, predictive trading signals, and hardware trading platforms to elite firms in the financial services industry. Today Exegy serves as a strategic partner to leading principal traders, agency brokers, Alternative Trading System (ATS) and dark pool operators, market makers, hedge funds, and asset managers. At the heart of Exegy solutions are purpose-built, hardware-accelerated appliances derived from an extensive portfolio of patented and patent-pending technology. All solutions are delivered as a fully managed service backed by a global team of experts and state-of-the-art infrastructure. Learn more about the Signum portfolio of predictive trading signals at www.exegy-signum.com. Exegy promotes the design of robust electronic markets through its MarketDataPeaks service that reports real-time market data feed rates.