April 22 2008: PDQ engineers new order crossing capability. All crossed orders will be printed to a Trade Reporting Facility (TRF).

March 17, 2008: PDQ introduces new Managed Order type. Liquidity seeking customers can interact with other liquidity seeking order flow by posting Managed Orders to the PDQ facility.

February 19, 2008: PDQ is pleased to announce connectivity to Sterling Financial. Customers seeking price improvement and liquidity discovery can now route orders through PDQ via the Sterling Financial order management system.

February 15, 2008: PDQ is pleased to announce connectivity to NYSE Arca. Customers utilizing PDQ’s unique price and liquidity improvement benefits may now route orders to NYSE Arca via PDQ.

February 4, 2008: PDQ is pleased to announce connectivity to BATS. Customers utilizing PDQ’s unique price and liquidity improvement benefits may now route orders to the BATS market center via PDQ.

Janurary 3, 2008: PDQ announces reciept of a Patent on order routing and off floor trading technology

December 28, 2007: PDQ receives funding and enters into a strategic relationship with Wedbush Morgan Securities to facilitate the roll out of PDQ’s order response technology. PDQ’s platform remains agency only and 100% neutral.

November 12, 2007: PDQ introduces two new order types, "IOC at PDQ" and "FOK at PDQ". Both order types offer a new secure and confidential method for seeking liquidity on an Immediate or Cancel or a Fill or Kill order. These orders will be managed within the secure PDQ facility and be filled by secure resident algorithms, revealing no order information to the contra party.

PDQ Enterprises LLC

New York
40 Worth Street, 13th Floor New York, NY 10013

phone: 212-343-9410
fax: 212-343-9403

Chicago
2624 Patriot Boulevard
Glenview, IL 60026

Trading Operations:
224-521-2709

phone: 224-521-2700
fax - 224-521-2720

info@pdqenterprises.com

Spawning a new Dimension in Trading

PDQ stands for Procedure Derived Quotations. PDQ is a response mechanism that allows algorithmic procedures to provide liquidity to customer orders. It will also be employed for active algorithmic order management.


In 2000 it was estimated that 40 - 45% of all trades were algorithmically driven and priced. In 2008, the estimate is surpassing 70%. As algorithmic trading secures a larger and larger percentage of the market the need for algorithms to be able to respond to order flow is compelling. The products of PDQ will allow liquidity providers, i.e. specialists, market makers and dealers to respond to order flow with their algorithmic models and provide significant additional liquidity to the markets.


By creating the capability for algorithmic traders to respond to order flow PDQ will create many benefits for the marketplace and its participants. Among them are: greater efficiency; increased liquidity; anonymous large block trades; reduced risk in handling large trades; confidentiality for all participants; complex quoting; off loading of messages and traffic from exchanges; rebuilding of the specialist function; and altering the ECN cost structure.


Specific market participants will recognize the following enhancements with PDQ:


Institutions: Improved liquidity, enhanced block trading, interaction with the “real” market, mobilization of latent volumes.


Liquidity Providers: Algorithmic response to liquidity requests, more efficient quoting, less risk for each trade and less systemic risk.


Exchanges: More volume, deeper liquidity, new revenue, less quote traffic.


While using PDQ, algorithmic traders will effectively act “locally” by being able to respond to requests for trade thereby creating an electronic crowd. This will convert the current stochastic electronic market back into a dynamic and interactive marketplace. By recreating the crowd electronically PDQ will move the markets toward consolidation. Also PDQ plans to alter the ECN cost structure by recognizing the reduced risk that Liquidity providers have with PDQ.


PDQ represents the next generation of electronic trading.