AlphaX US

Innovation delivered.

AlphaX US is a US equity ATS offering broker-dealers a venue focused on execution performance, customization opportunities, and transparency in executing trading strategies. AlphaX US is excited to collaborate with our Participants to provide innovation and seamless integration into their trading platforms.

Key Benefits

Focus on Execution Quality

Focus on Execution Quality

Find liquidity and opportunities for price improvement.
Ease of Integration

Ease of Integration

Implement and integrate functionality seamlessly into your trading platform.
Tailored Experience

Tailored Experience

Customize your trading interactions for an improved experience and increased transparency.

Key Features

Periodic Auction Matching

Periodic Match Events every 40ms (randomized +/- up to 20%)

Single Match Event: Multiple executions, maximizing both shares traded and price improvement

Match at midpoint of buyer and seller order book prices, capped by NBBO

Price/time priority, constrained by Participant parameters

Order Types & Attributes

Counterparty Selection allows trading with directed or internalized flow without the need for a private room

Firm and Conditional orders supported

Order Types: Market, Limit, Peg* (Prim/Mid/Mkt)

Day and AOC (next Auction or Cancel)

Minimum execution quantity

*Offsets supported on Prim & Mkt Peg

Tiering / Segmentation*

Granular approach to Tiering allows Participants to focus on relevant performance parameters

Participants can opt out of executing with any Tier below their own

Based on quantitative mark-outs

*Tiering is not yet available

Analytics & User Interface

AlphaX Hub interface for managing order routing strategies

Analytics provide insights for enhanced performance 

“What-if” scenario back-testing to refine trading strategies coming soon

June 2026 Average Daily Statistics

Notional Traded

$520,197,425

Notional Traded
Shares Executed

5,877,415

Shares Executed
Unique Symbols Executed

3,294

Unique Symbols Executed
Average Fill Size

94

Average Fill Size

Quarterly Averages: Daily Trading Results

Shares Executed Market Share Notional Traded

Figures represent all trades on AlphaX US for the applicable period, and are single-counted to include only one side of the transaction as reported by FINRA.

Award

Innovation in Alternative Trading System

The Trade, Leaders in Trading New York
2025 Award Winner

Award

Most Innovative Third-Party Technology Vendor: Trading, Risk & Compliance

WatersTechnology, American Financial Technology Awards
2025 Award Winner