generated: '2026-08-04' method: searched source: http://iqx.imperativex.com/IntelligentCrossMarketDataFeedSpec.v.1.11.pdf docs: - https://www.imperativex.com/market-data - https://www.imperativex.com/faq summary: 'Cross-cutting request/response semantics for the two IntelligentCross surfaces: the IQX binary multicast market data feed and the FIX 4.2 order-entry gateway. These are not HTTP APIs, so the usual REST conventions (pagination, expansion, JSON error envelopes, rate-limit headers) do not apply; the equivalent runtime semantics are sequence numbering, A/B feed arbitration, gap recovery, and FIX session and tag conventions.' protocols: market_data: name: IQX transport: multicast UDP encoding: binary data_types: Alpha: Printable ASCII characters Integer: Binary, little endian Number: ASCII representation of a number framing: packet_header_fields: [Market Day Identifier, Feed Identifier, Sequence, Count] message_block_header: 2-byte message Length prefix per message mtu: 1500 bytes max_messages_per_packet: 65535 (theoretical) heartbeats: Heartbeat packets contain 0 messages; Sequence is the sequence of the next message to be transmitted, so heartbeats leave the implied sequence unchanged. sequencing: style: per-feed monotonic sequence rule: The Sequence field in the packet header is the sequence of the first message in the packet. Each message in a packet has an implied sequence. The next packet's expected Sequence equals the previous packet's Sequence plus the previous packet's Count. gap_detection: Consumer-side, by comparing expected and observed Sequence. redundancy: style: A/B line arbitration note: Every feed publishes a primary (A) and a secondary (B) multicast group on distinct groups and source IPs, so a consumer can arbitrate between two independent copies of the same stream. recovery: style: rerequest spec: 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 misconfiguration_guard: rule: UDP packets carry header fields identifying which feed is being received and the market day for the data being transmitted, to mitigate the risk of address misconfiguration. Customers are recommended to inspect and validate these fields before processing data. timestamps: format: nanoseconds since epoch timezone: UTC field: Timestamp (8 bytes) on every message numeric_conventions: price: 8-byte signed positive integer with 6 implied decimal places. $543.21 is represented as 543210000 (0x2060BA10). Maximum representable price $9223372036854.775807. shares: 4-byte integer identifiers: symbol_id: type: 2-byte integer index stability: Symbol ID to Symbol mapping MAY change from day to day. Consumers using Symbol ID must update their mappings on a daily basis. mapping_file: https://s3.amazonaws.com/iqx.imperativex.com/Symbol-Mapping.txt symbol: type: 11-character alpha note: Symbol Information, Symbol State, New Order Add and Trade messages carry both Symbol ID and the full stock Symbol, so a consumer may ignore Symbol ID entirely. Cancel, Order Updated, Order Executed and Trade Break messages do not carry Symbol and may be processed without relying on their Symbol ID fields. order_id: type: 8-byte market-issued unique integer cross_surface: The Order ID in New Order Add is the same Order ID returned by the FIX order gateway's order acknowledgment message (38=8, 150=0) in the FIX OrderID field (tag 37). This is the join key between the private FIX drop and the public IQX feed. execution_id: type: 8-byte market-issued unique integer order_entry: name: IntelligentCross FIX Order Entry protocol: FIX 4.2 transport: FIX over TCP on private cross-connects at Equinix NY4 (Secaucus, NJ) accepted_channels: FIX connections only. Telephone, email and instant message order entry are not accepted. required_order_entry_fields: - Message Type - Client Order ID - Execution Instructions - Subscriber Order Capacity - Symbol - Side - Display Price instructions - Time in Force - Time of Order Creation - Order Type - Order Quantity - ClientID - Handling Instruction routing: field: ExDestination (tag 100) default: ASPEN Fee/Fee rule: Orders default to ASPEN Fee/Fee; any other book requires affirmative identification via ExDestination[100]. order_types: midpoint_book: [midpoint peg] aspen_books: [market, limit, primary peg (with or without limit price), market peg (with or without limit price)] display_eligibility: Only limit orders and primary peg orders (with or without a limit price) are eligible to be displayed. time_in_force: default: Day values: [Day, IOC] notes: aspen_ioc: An ASPEN IOC remains until the next match event completes, then cancels if unexecuted. midpoint_ioc: A Midpoint IOC can participate in multiple match cycles and is cancelable at any time. quantity_modifiers: MinQty: Minimum execution quantity permitted. MaxQty: Midpoint peg orders only. self_match_prevention: supported: true name: anti-internalization enrollment: available on request enforced_by: [Client ID, Broker MPID] lot_handling: Odd lots and mixed lots are treated the same as round lots. idempotency: supported: false note: Neither surface publishes an idempotency-key contract. Order de-duplication on the FIX gateway follows standard FIX ClOrdID semantics, which the venue does not document publicly as an idempotency guarantee, so no Idempotency pointer is asserted for this provider. pagination: applicable: false note: No HTTP collection endpoints exist. error_envelope: applicable: false note: 'No HTTP/JSON error envelope. Order rejects are FIX-level (the FIX specification is subscriber-gated); market data has no request/response error surface - integrity is handled by sequence gap detection and the rerequest specification.' rate_limiting: published: false note: No published rate-limit signaling. The venue instead publishes a Restricted Symbols list of NMS symbols where orders may be rejected to remain below certain regulatory volume thresholds. restricted_symbols: https://www.imperativex.com/restricted versioning: style: document-version on published specifications see: changelog/imperative-execution-changelog.yml cross_links: authentication: authentication/imperative-execution-authentication.yml lifecycle: lifecycle/imperative-execution-lifecycle.yml conformance: conformance/imperative-execution-conformance.yml data_model: data-model/imperative-execution-data-model.yml asyncapi: asyncapi/imperative-execution-iqx-asyncapi.yml sandbox: sandbox/imperative-execution-sandbox.yml x-evidence: - fetched: '2026-08-04' url: http://iqx.imperativex.com/IntelligentCrossMarketDataFeedSpec.v.1.11.pdf http_status: 200 - fetched: '2026-08-04' url: https://www.imperativex.com/faq http_status: 200