Frequently Asked Questions

 

Who can trade on IntelligentCross ATS?

All IntelligentCross ATS subscribers must be registered broker-dealers.

How do I connect to IntelligentCross ATS?

For both UAT and Production, subscribers can connect via cross connects within NY4. Pico is our network service provider. Please contact us at operations@intelligentcross.com.

Does IntelligentCross ATS route my order flow outside of its system?

No. IntelligentCross ATS does not route any order flow.

Where is the IntelligentCross ATS matching engine located?

The IntelligentCross ATS matching engine is located in Equinix NY4.

Can I co-locate with IntelligentCross ATS?

IntelligentCross ATS does not offer the ability to co-locate directly with the matching engine.

What is the IntelligentCross ATS Market Participant ID (MPID)?

The MPID for IntelligentCross ATS is INCR.

What is IntelligentCross ATS MIC code?

The MIC code for IntelligentCross ATS is INCR.

What are the hours of operation for IntelligentCross ATS?

The IntelligentCross ATS Production system Start and Acceptance of Subscriber Connectivity is 8:30 am EST. Acceptance of Order Entry is 9 am onwards. Regular Matching Hours are 9:30 am to 4:00 pm. *(Holiday hours as the exception)

How do I enter an order on IntelligentCross ATS?

IntelligentCross ATS supports order entry via FIX 4.2 only.

What securities does IntelligentCross ATS trade?

IntelligentCross ATS trades only NMS securities.

Where does IntelligentCross ATS get its Market Data?

IntelligentCross ATS sources its market data from a combination of the SIP (NYSE CTA feeds and Nasdaq UTP) and direct market feeds.

Does IntelligentCross ATS execute outside the NBBO?

No. IntelligentCross ATS executes all orders at the NBBO midpoint at the time of execution.

Where does IntelligentCross ATS print its trades?

IntelligentCross ATS executions are printed to the FINRA NYSE TRF as primary and FINRA NASDAQ TRF as backup.

What is the priority model for Order Matching?

IntelligentCross will match orders that qualify as “Qualified Orders” (as described below) in time-priority order (based on the time the order enters the ATS) and subject to a mandatory resting period.

What order types does IntelligentCross ATS support?

Only Midpoint Peg Orders are accepted by the system. Any other order type will be rejected by the system.

How does CancelReplace affect my orders priority?

A reduction in quantity is the only change that will maintain an order’s current priority in the IntelligentCross ATS. All other changes will result in the order being treated as a new order.

Does IntelligentCross ATS support Odd lots or Mixed lots?

Yes, the system supports both Odd and Mixed lots.

Does IntelligentCross ATS support MinQty?

Yes. IntelligentCross does not ‘aggregate’ or ‘bunch’ fills for this feature. Each fill from IntelligentCross will be of a quantity equal or greater than MinQty specified by the client on the order.

What happens with the LeavesQty falls below MinQty?

In the case where the LeavesQty falls below the MinQty on an order, IntelligentCross treats the MinQty as one (1), meaning any amount of the remaining shares can be filled.

How are orders handled in a locked market?

The ATS will not effect a match if the inside market for the stock is crossed (where the NBB price exceeds the NBO price), but will effect a match if the market for a stock is locked (where the NBB price is equal to the NBO price). In the event of an execution during a locked market, the cross will be executed at the locked price.

Does the ATS have a self-cross prevention feature?

Yes. If the ATS receives two orders with the same ClientID (Broker MPID) and same SenderSubID, the orders will never cross.