FINRA Adds Smarter Trade Matching with New Entrant
Published Date: 3/13/2025
Notice
Summary
FINRA wants to add a new player called IntelligentCross to the Alternative Display Facility, which helps match buyers and sellers in the stock market. Some folks raised concerns about how IntelligentCross matches trades, so FINRA tweaked the rules to make it fairer and clearer. This change affects traders using this system and aims to keep things smooth and accessible, with the Commission reviewing the updates now.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
IntelligentCross added to ADF; matching rules changed
FINRA filed to add IntelligentCross as a new entrant to the Alternative Display Facility (ADF), and IntelligentCross changed its ASPEN Fee/Fee matching rules so orders are matched by price, display type, then time throughout the process. FINRA states these matching changes were effective for symbols on ASPEN Fee/Fee as of October 30, 2024, and the SEC is soliciting comments with submissions due on or before April 3, 2025. Examples in the filing show 100-share orders at $10.00 and $9.99 and a scheduled match event in 180 microseconds illustrating that a later, more-aggressively priced order can receive execution and price improvement under the revised rule.
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