Imperative Execution

aid: imperative-execution
name: Imperative Execution
description: Imperative Execution is a New York financial technology company and the parent of IntelligentCross, an SEC-registered
  US equities Alternative Trading System (ATS) that applies machine learning to order matching and price discovery. IntelligentCross
  operates a non-displayed Midpoint book and ASPEN, a full limit order book with optional displayed capability that is split
  into three independent books by fee model (Fee/Fee, Maker/Taker, Taker/Maker), all under MPID INCR, with primary matching
  engines in the Equinix NY4 data center in Secaucus, New Jersey. Registered broker-dealer subscribers reach the venue for
  order entry over FIX 4.2 across Pico cross-connects, and the venue publishes its own IQX market data feed - a binary, multicast-UDP
  full depth-of-book and execution feed whose message specification, recovery/rerequest specification, daily symbol mapping
  file and sample PCAP captures are all published openly.
image: https://cdn.prod.website-files.com/5ee92e3bd621402efc7f2d3f/67e1c4d359b8c0966be92f8d_intelligentCross-logo.png
url: https://raw.githubusercontent.com/api-evangelist/imperative-execution/refs/heads/main/apis.yml
x-type: company
x-source: harvest:secondary-market
x-tier: profiled
x-tier-reason: enrichment-pipeline
specificationVersion: '0.20'
created: '2026-08-04'
modified: '2026-08-04'
tags:
- Company
- Financial Services
- Capital Markets
- Trading
- Market Data
- Equities
- Alternative Trading System
- FIX Protocol
- Multicast Market Data
- Fintech
apis:
- name: IntelligentCross IQX Market Data Feed
  description: IQX is the IntelligentCross proprietary market data feed. It disseminates all visible ASPEN resting orders,
    cancels for ASPEN visible orders, and all ASPEN executions, plus per-symbol reference data, market state and individual
    symbol trading states. It is a binary protocol carried over multicast UDP with separate primary (A) and secondary (B)
    groups per book, and a separate published rerequest/recovery specification. IntelligentCross does not charge for market
    data through IQX.
  humanURL: https://www.imperativex.com/market-data
  baseURL: https://s3.amazonaws.com/iqx.imperativex.com/
  x-transport: multicast UDP (binary). The HTTPS baseURL is the published IQX resource host that serves the daily symbol mapping
    file and the sample PCAP captures.
  tags:
  - Market Data
  - Equities
  - Multicast
  - Binary Protocol
  - Depth of Book
  properties:
  - type: Documentation
    url: https://www.imperativex.com/market-data
  - type: APIReference
    name: IntelligentCross Market Data Feed Specification v1.11
    url: http://iqx.imperativex.com/IntelligentCrossMarketDataFeedSpec.v.1.11.pdf
  - type: Specification
    name: IntelligentCross IQX Market Data Rerequest Specification v1.08
    url: https://cdn.prod.website-files.com/5ee92e3bd6214065dc7f2d48/61dc6cb50403bf15350ea647_IntelligentCross%20IQX%20Market%20Data%20Rerequest%20Specification%20v1.08.pdf
  - type: AsyncAPI
    url: asyncapi/imperative-execution-iqx-asyncapi.yml
  - type: Examples
    url: examples/imperative-execution-iqx-sample-data.yml
- name: IntelligentCross FIX Order Entry API
  description: Order entry into the IntelligentCross ATS books (Midpoint, ASPEN Fee/Fee, ASPEN Maker/Taker, ASPEN Taker/Maker)
    is accepted only over FIX connections; the ATS currently supports FIX 4.2. Subscribers must be registered US broker-dealers
    in good standing with an SRO, and reach the matching engines through NY4 cross-connects or a network service provider
    with an NY4 presence. Book selection is affirmative via the FIX ExDestination[100] tag and defaults to ASPEN Fee/Fee.
    The FIX specification is provided to subscribers on request from ops@intelligentcross.com.
  humanURL: https://www.imperativex.com/faq
  baseURL: https://www.imperativex.com/contact
  x-protocol: FIX 4.2
  x-transport: FIX over TCP on private cross-connects at Equinix NY4 (Secaucus, NJ). There is no public HTTP endpoint - the
    baseURL points at the documented onboarding and specification-request surface.
  x-access: subscriber-only (registered US broker-dealers)
  tags:
  - Trading
  - Order Entry
  - FIX Protocol
  - Equities
  - Alternative Trading System
  properties:
  - type: Documentation
    url: https://www.imperativex.com/faq
  - type: Authentication
    url: authentication/imperative-execution-authentication.yml
  - type: Conventions
    url: conventions/imperative-execution-conventions.yml
maintainers:
- FN: Kin Lane
  email: kin@apievangelist.com
- FN: APIs.json
  email: info@apis.io
common:
- type: Website
  url: https://www.imperativex.com/
- type: Documentation
  url: https://www.imperativex.com/market-data
- type: APIReference
  name: IntelligentCross Market Data Feed Specification v1.11
  url: http://iqx.imperativex.com/IntelligentCrossMarketDataFeedSpec.v.1.11.pdf
- type: Support
  url: https://www.imperativex.com/contact
- type: HelpCenter
  name: IntelligentCross FAQ
  url: https://www.imperativex.com/faq
- type: Blog
  name: IntelligentCross News
  url: https://www.imperativex.com/news
- type: TermsOfService
  name: Disclaimers
  url: https://www.imperativex.com/disclaimers
- type: PrivacyPolicy
  url: https://www.imperativex.com/privacy-policy
- type: Compliance
  name: IntelligentCross Form ATS-N (SEC EDGAR)
  url: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001746102&type=ATS-N&dateb=&owner=include&count=40
- type: Profile
  name: Forge Global secondary-market listing
  url: https://forgeglobal.com/imperative-execution_stock/
- type: LLMsTxt
  url: llms/imperative-execution-llms.txt
- type: AsyncAPI
  url: asyncapi/imperative-execution-iqx-asyncapi.yml
- type: Examples
  url: examples/imperative-execution-iqx-sample-data.yml
- type: Sandbox
  url: sandbox/imperative-execution-sandbox.yml
- type: ChangeLog
  url: changelog/imperative-execution-changelog.yml
- type: Conventions
  url: conventions/imperative-execution-conventions.yml
- type: Authentication
  url: authentication/imperative-execution-authentication.yml
- type: Conformance
  url: conformance/imperative-execution-conformance.yml
- type: Lifecycle
  url: lifecycle/imperative-execution-lifecycle.yml
- type: DataModel
  url: data-model/imperative-execution-data-model.yml
- type: DomainSecurity
  url: security/imperative-execution-domain-security.yml
x-enrichment:
  date: '2026-08-04'
  status: enriched
  artifacts_added: 13
  pass: local-v1