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IMC SINGLE DEALER PLATFORM

What is the IMC Single Dealer Platform?

The IMC Single Dealer Platform (SDP) is an expansion of our equities market making business and is a way for broker dealers to access our unique liquidity directly.

A quick look at the IMC SDP

Launched in May 2017, the IMC SDP allows broker-dealers to interact directly with meaningful liquidity in both U.S. listed single stocks and ETFs. By offering such access, users of the SDP will benefit from our proprietary technology and multi-asset approach to market making. Below is an overview of how the IMC SDP works and, more importantly, how together we can make it work for you.

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Counter-Party & Executions

Who is my counter-party?

IMC is the counter-party to every trade executed on the SDP. Our SDP does not match orders between users and does not route orders externally. We believe this fosters transparency and allows users to leverage our market making expertise.

What can I expect in terms of executions?

Executions on our SDP will occur at the national best bid or offer (“NBBO”), with opportunities for price improvement. Execution quality reports may be found here:

Execution Quality Reports

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Order types & Symbols

What order types are available?

Users are permitted to send ‘Immediate or Cancel’ time-in-force Limit orders. We also offer additional order type instructions such as ‘Min Qty’ and/or ‘Midpoint Peg’. Limit orders must be priced in allowable increments in compliance with Regulation NMS Rule 612 and the SEC’s Tick Size Pilot Program. The ‘Min Qty” qualifier allows users to identify a required share amount in order for a desired trade to occur. Orders marked as ‘Midpoint Peg’ seek executions at the midpoint of the NBBO.   

What symbols are eligible for trading?

U.S. listed Preferred & Single Stocks, and ETFs. Upon request, we will provide users with a ‘white list’ of active securities via FTP or daily email.

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Market Data

What Market Data does IMC’s SDP use?

Our SDP executes trades based on its formulation of the NBBO using direct data feeds from market centers (‘Direct Market Data Feeds’) and, in some instances, with market data received from the Securities Information Processor (‘SIP’). At any point in time, we use a single data feed per market center to derive the NBBO. Direct Market Data Feeds comprise our primary market data source, while the SIP is used for certain (e.g. lower volume) market centers.  If we determine not to use a Direct Market Data Feed for a market center for any reason, including but not limited to the Direct Market Data Feed becoming unreliable or potentially inaccurate, we may, at any time and at our sole discretion, execute transactions based on our formulation of the NBBO using SIP market data for any (or all) market centers.

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Security & Regulation

Does IMC take steps to prevent real-time information leakage?

Yes. We have established information barrier procedures, which are designed to prevent the misuse of material non-public information. For more information, please see:

IMC Trading System Disclosures

Is the SDP regulated?

Yes. The SDP is part of our registered broker-dealer and as such is regulated by SEC, FINRA and other SROs.

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Connection

How do I connect?

We provide principal market making liquidity to broker dealers via an IOC FIX gateway. Our SDP is currently located in Equinix NY2. Users perform conformance testing and connect to IMC via the FIX protocol (4.2).

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Reports & MPID

Where do you report the trades?

We report trades on the SDP to the NYSE TRF.

What is your Market Participant Identifier (MPID) and Market Identifier Code (MIC)?

The MPID and MIC code for our SDP is IMCS.

Want to know more?

For more information regarding the operation of our SDP, please see:

IMC Trading System Disclosures

Or contact us on:

Phone: 312-204-7520

Email: sdpinfo@imc.com