PDQ

Currently, PDQ has five order types.

1) Limit
2) Market
3) Immediate or Cancel at PDQ
4) Fill or Kill at PDQ
5) Managed Order

The Limit and Market Order types are PDQ’s basic order types and will either find contra side liquidity within PDQ or route to another execution venue. However, the IOC at PDQ and FOK at PDQ types allow liquidity seekers the opportunity to assemble contra liquidity of block size. Any order sent to PDQ as FOK will only be filled if PDQ is able to generate sufficient contra liquidity to execute against the full size of the liquidity seeking order. If sufficient liquidity is not found at PDQ the order is cancelled. Additionally, in the case of an IOC at PDQ order, only the portion of the IOC order to which PDQ generated contra liquidity is filled with the residual being returned to the customer. A PDQ Managed Order is an order that resides at PDQ to be matched against other LS order flow.