The IMC Single Dealer Platform (SDP) is an expansion of our equities & ETF market making business and is a way for broker dealers to access our unique liquidity directly.
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.
IMC is the counterparty 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.
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
Users are permitted to send ‘Immediate or Cancel’ time-in-force Limit & Market 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.
U.S. listed Preferred & Single Stocks, and ETFs. Upon request, we can provide users with a ‘white list’ of active securities. IMC can also provide an Indication of Interest feed via FIX.
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.
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
Yes. The SDP is part of our registered broker-dealer and as such is regulated by SEC, FINRA and other SROs.
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).
We report trades on the SDP to the NYSE & Nasdaq TRF.
The MPID and MIC code for our SDP is IMCS.
For more information regarding the operation of our SDP, please see: IMC Trading System Disclosures