PDQ

INSTITUTIONAL BROKERS:
» Can find size liquidity without “showing” the order
» Can make an order available to any number of price determination methodologies concurrently
» Can guarantee complete confidentiality (not even the broker knows)

QUANTS:
» Can update “orders” much faster
» Can use execution strategies heretofore available only on floors (viz. participate don’t initiate)

LIQUIDITY PROVIDERS:
» Can react to orders, not just anticipate orders
» Can provide a new category of large order liquidity

MARKET MAKERS:
» Can improve execution quality statistics
» Have access to an additional pool of liquidity and order flow
» Can reduce outbound layoff costs