PDQ

PDQ stands for Procedure Derived Quotations. In 2000 it was estimated that 40 - 45% of all trades were algorithmically driven and priced. In 2008 the estimate is approaching 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 (which will be referred to as LPs in this document) to respond to order flow with their algorithmic models and provide significant additional liquidity to the markets.