Liquidity Providers are U.S. registered broker dealers and subscribers to the PDQ ATS.  Liquidity Providers participate at PDQ by coding their proprietary algorithmic trading procedures to the PDQ API and operating their procedures within the PDQ ATS facility.  Liquidity Provider procedures are given the opportunity to respond in 20 milliseconds or less to liquidity seeking order flow from other broker dealers participating at PDQ ATS as Liquidity Seekers. Spawned contra liquidity from Liquidity Providers is matched with Liquidity Seeker orders on a "first-to-respond first-to-match" basis.

Liquidity Providers will be a credited a per share rebate for any contra liquidity generated by their Liquidity Provider procedure and executed against a Liquidity Seeking order at PDQ ATS.

Non-broker dealers, which may include some proprietary trading desks and hedge funds, can participate as Liquidity Providers at PDQ ATS through a Sponsored Participant Agreement with PDQ ATS and an existing PDQ ATS Liquidity Provider serving as their Sponsoring Subscriber.

Any firm interested in becoming a PDQ Liquidity Provider can access the appropriate subscriber documentation at the links below:-

PDQ Liquidity Provider Agreement 
PDQ Liquidity Provider Interface Specification 
PDQ Subscriber Information Request
PDQ Subscriber Manual
Attachment 1
Uniform Service Bureau
Form 9B

Submit all documentation to:

PDQ ATS Inc.
2624 Patriot Blvd.
Glenview, IL 60026
Attn: Subscriber Services
Or Fax to 224-521-2720

For further details on becoming a Liquidity Provider, Sponsored Participant or Sponsoring Subscriber please contact Subscriberservices@pdqats.com or call 224-521-2498.