Liquidity Seekers are U.S. registered broker dealers and subscribers to the PDQ ATS.  Liquidity Seekers participate at PDQ by routing orders to PDQ ATS seeking liquidity discovery and potential price improvement.  Liquidity Seeker orders are paused at PDQ for up to 20 milliseconds during which resident Liquidity Provider procedures may generate contra liquidity to execute against the order.  Partial-fill or unfilled orders will be routed out or cancelled based on the order type selected by the Liquidity Seeker.  Liquidity Seekers can connect to PDQ via their proprietary or participating third-party order management systems.

Liquidity Seekers will be charged a per share basic execution fee for all shares traded at PDQ ATS.  Special order types include per share special order fees in addition to the basic execution fee.

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

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

PDQ Liquidity Seeker Agreement
PDQ Subscriber Information Request
PDQ Subscriber Manual
Attachment 1
Uniform Service Bureau PDQ ATS
Form 9B

PDQ ATS Liquidity Seekers Guide (FIX Specification)

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 Seeker, Sponsored Participant or Sponsoring Subscriber please contact Subscriberservices@pdqats.com or call 224-521-2498.