A:- All other matching platforms (Exchanges, ECNs or Dark Pools) provide a vehicle to display (or hide) resting bids and offers. These venues may also advertise and expose customer orders by sending IOIs out to other market participants. PDQ changes the dynamics of the existing marketplace by allowing an electronic algorithmic trading crowd to "spawn" liquidity, both anonymously and confidentially. All order information used to trigger contra liquidity is contained at the PDQ facility. PDQ provides algorithmic traders the capability to effectively act "locally" by being able to respond to Request for Trade notifications, thereby creating a crowd with electronic pricing efficiency. This converts the current stochastic electronic market into a dynamic and interactive marketplace by creating previously unknown liquidity.

A:- Liquidity Seeking firms are able to discover contra side liquidity and assemble block interest from multiple firms simultaneously by asking the electronic version of "What is the Market?". PDQ's algorithmic trading crowd will generate real competition for your order flow anonymously and confidentially. The pinging of multiple venues in search of liquidity is no longer needed.

A:- Liquidity Providing firms no longer have to anticipate order flow, but can now respond to order flow. This not only reduces trading risk and eliminates adverse selection, but also provides a higher probability of execution while making markets of larger size. Liquidity Providers will be credited a per share rebate for any contra liquidity generated by their resident algorithms and matched at PDQ.

A:- During the PDQ process, a liquidity seeking order arrives at PDQ where it is paused for 1-20 milliseconds and a Request for Trade ('RFT') notification is sent simultaneously to all interested algorithms resident at the PDQ facility. Liquidity Provider algorithms are now able to create (or spawn) contra liquidity. Because the Liquidity Provider algorithm makes its trading decision after receiving the RFT, the algorithm is able to respond with greater size and a potentially better price.

A:- Algorithms responding to order flow are hosted and operated at the PDQ facility. They are compiled binary libraries and confidential to the Liquidity Providers. These algorithms are updated by a unidirectional TCPIP connection. The algorithms can only receive data, there is no mechanism for them to transmit information back to a parent algorithm about Liquidity Seeking orders at PDQ.

A:- U.S. registered brokers dealers can become subscribers of PDQ as a Liquidity Provider, Liquidity Seeker or both. Descriptions of each subscriber type as well as required subscriber documentation can be found and/or downloaded at the following links:
Liquidity Provider
Liquidity Seeker
Non-broker dealers can access PDQ through a sponsored participant agreement with PDQ ATS and a valid Liquidity Provider or Liquidity Seeker Sponsoring Subscriber.