Imperative Execution

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.

Imperative Execution publishes 1 API on the APIs.io network: IntelligentCross IQX Market Data Feed. Tagged areas include Company, Financial-Services, Capital Markets, Trading, and Market Data.

The Imperative Execution catalog on APIs.io includes 1 event-driven AsyncAPI specification.

Imperative Execution’s developer surface includes documentation, API reference, support, engineering blog, code examples, sandbox, changelog, and 14 more developer resources.

🌐 Visit website 📡 Source on GitHub

38.0/100 thin ▬ flat Agent 18/100 agent aware saas Full breakdown ↓
scored 2026-09-08 · rubric v0.20.0

2 APIs

Company Financial-Services Capital Markets Trading Market Data Equities Alternative Trading System FIX ProtocolMulticast Market DataFintech

Kin Score

Kin Score How this is scored →
scored 2026-09-08 · rubric v0.20.0

Composite quality — 38.0/100 · thin

Contract Quality 8.2 / 21

Developer Ergonomics 7.3 / 17

Access Clarity 4.9 / 17

Operational Transparency 1.7 / 11

Contract Governance 1.9 / 10

Discoverability 6.5 / 9

Regulatory Posture 7.5 / 15

Agent readiness — 18/100 · agent aware

Machine-Readable Contract 18 / 18

Agentic Access Contract 0 / 10

Documented Reversibility 0 / 6

MCP Server 0 / 12

Machine-Readable Auth 10 / 10

Idempotency 0 / 9

Stable Error Semantics 0 / 8

Request/Response Examples 7 / 7

Rate-Limit Signaling 0 / 7

Typed Event Surface 6 / 6

Agent Skills 0 / 5

Well-Known Catalog 0 / 4

Consent & Bot Identity 0 / 3

A2A Agent Card 0 / 8

Dry-Run / Simulate Mode 0 / 4

Delegated User Identity 0 / 6

Protected Resource Metadata 0 / 5

Registration Without a Human 0 / 6

Agentic Commerce Well-Known Document 0 / 5

Regulatory Posture applies to this provider. Its tags matched the Securities & Market Data regime, so Regulatory Posture carries 15 points of the composite. If this regime is wrong for your business, say so on your provider repo — the applicability map is public and we will correct it.

Create-or-Update Ergonomics could not be measured. We hold no machine-readable contract for this provider to read, so there is nothing to measure a write surface against. Excluded rather than scored zero: never-measured and measured-empty are different facts. Publishing an OpenAPI is what makes this facet — and several others — scorable at all.

The six quality facets above are damped to 85 points between them, because the conditional facet above carries the other 15. That is why each facet's contribution is shown against a damped maximum: raising a quality facet moves the composite by 85% of its nominal weight, not 100%. The full arithmetic is at apis.io/rating/.

Improve this rating by publishing the missing artifacts — every area above can be raised, and the full rubric is at apis.io/rating/. Every facet and dimension name above is a link: it opens that measurement's own page — what it means, the exact checks that feed it, how the whole catalog distributes on it, and the providers at the top of it. This rating is computed from github.com/api-evangelist/imperative-execution: open an issue to ask a question, or submit a pull request to add artifacts. Submit an artifact on GitHub — free → Manage your own listing — the Influence plan, $499/mo →

APIs 2

Individual APIs this provider publishes, each with its own machine-readable definition.

IntelligentCross IQX Market Data Feed

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-...

IntelligentCross FIX Order Entry API

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...

Event Specifications 1

AsyncAPI definitions for this provider's event-driven and streaming APIs.

Imperative Execution Iqx Asyncapi

ASYNCAPI

Security Posture 2

Authentication, domain security, vulnerability disclosure, and trust-center signals.

Imperative Execution Authentication

none-public/network-access-control/contractual-eligibility · 4 schemes

SECURITY

Imperative Execution Domain Security

TLSv1.3 · HSTS · DMARC

SECURITY

Resources

Get Started 1

Portal, sign-up, and the first successful call

Sandbox

Sandbox

Documentation 3

Reference material describing how the API behaves

Documentation

Documentation

APIReference

APIReference

AsyncAPI

AsyncAPI

Agent Surfaces 1

MCP servers, agent skills, and machine-readable catalogs

LLMsTxt

LLMsTxt

Design & Contract 4

Pagination, idempotency, versioning, errors, and events

Conventions

Conformance

Lifecycle

DataModel

Build 1

SDKs, sample code, and the tooling you integrate with

Examples

Examples

Access & Security 3

Authentication, authorization, and security posture

Compliance

Compliance

Authentication

Authentication

DomainSecurity

DomainSecurity

Operate 3

Status, limits, changes, and where to get help

Support

Support

HelpCenter

HelpCenter

ChangeLog

ChangeLog

Commercial 2

Pricing, plans, and the legal terms of use

TermsOfService

TermsOfService

PrivacyPolicy

PrivacyPolicy

Company 2

The organization behind the API

Website

Website

Blog

Blog

Other 1

Properties that don't map to a standard resource type

Profile

Profile

Source (apis.yml)

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.
deliveryModel:
  model: saas
  open_source: false
  commercial: true
  callable_host: false
  label: Hosted service · you call their endpoint
  confidence: medium
  source:
  - pricing
  generated: '2026-08-28'
  method: derived
accessModel:
  pricing: unknown
  onboarding: unknown
  trial: false
  try_now: false
  public: false
  label: Unknown
  confidence: low
  source:
  - authentication
  - security
  - sandbox
  generated: '2026-09-02'
  method: derived
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: '0.23'
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
tags_raw:
- 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

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