Our Quest: Maximum liquidity at the lowest cost.

PDQ’s CODA works for the entire trading ecosystem. We eliminate the inequities created by the race to faster and faster trades.

We deliver profound improvements to modern-day liquidity formation, retaining the benefits of sophisticated market technology while minimizing its drawbacks.

We are a team of visionaries and problem solvers, committed to the best market for all traders.

With CODA, every trade reaches its full potential because all it takes is a moment to unlock the benefits of aggregation, diversity and fair competition.

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PDQ Enterprises is independently owned and operated by a deeply experienced team of technologists, market structure experts and representatives from nearly every part of the equity market ecosystem.

Board Of Directors Management Team


Every trade flowing through CODA (Centralized On Demand Auctions) gets a specially designed pause – a stoppage in time – where we can assemble the optimal liquidity for your order and auction if off to produce the best value.

CODA offers a range of products and services designed to maximize the availability of liquidity at the lowest cost for market participants, with a focus on the liquidity challenges faced by the institutional community.

CODA Flare CODA AUCTION SUITE ALISA Research: Advanced Liquidity Studies and Analytics

Shares Executed (Internally and Routed, 2015)
Successful Order-Driven Auctions (2015)
Compound Annual Growth (2009 – 2015)
Connected Subscribers
Connected Liquidity Destinations
Connected Vendors


Liquidity Seekers

By evolving from a speed arms race to an intelligence arms race, alternative trading systems can provide exactly what the market needs: maximum unique liquidity at the lowest cost.

For those who seek unique liquidity from alternative trading venues, including institutional investors, electronic retail brokers, block trading desks and active retail traders, trading at CODA Markets puts control back in the hands of liquidity seekers, regardless of speed, technology or size limitations.

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Liquidity Providers

Markets should allow buyers and sellers to achieve exactly what they each want at a moment in time – the best price for their order.

For those who provide liquidity as a service to equity markets, including traditional market makers, proprietary trading desks and algorithmic trading firms, CODA Markets’ on-demand auction process and its quote response mechanism provide a secure environment to operate. Liquidity providers are the bidders in each CODA order-driven auction and retain complete control over how and when they respond to each auction.

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What makes CODA different?
PDQ’s pioneering equity auction products were developed with a singular purpose – to provide a more effective market structure for all participants. As an independent equity market where modern technology benefits all, CODA uniquely solves today’s market issues by putting control back in the hands of the trader and fostering competition to provide best prices among liquidity providers. CODA is unique among equity trading venues in its technology, providing a secure marketplace for improved pricing opportunities and sourcing unique liquidity.

How does an order-driven auction work?
When a trader enters an order, liquidity providers respond with their best available markets during a pause of up to 20 milliseconds in the CODA Micro product, up to one full second in CODA One, and up to 30 seconds in CODA Block. CODA technology creates an auction book for each trade that aggregates and prioritizes the responses to each order based on price-time priority. At the end of the auction pause, the trade is matched against the newly created book. CODA supplies liquidity providers with the symbol of the trade only – not the size, side or price – and as a result, the process diminishes market impact and the potential for predatory trading practices. Additionally, the on-demand auction process creates competition for each order among all market participants, thereby improving trading efficiencies.

How does the CODA process improve my execution?
CODA auctions auction markets are bound by the same NBBO trading rules as other equity exchanges and ATS markets. At CODA, however, liquidity seekers benefit from the competition among liquidity providers to offer their best markets in response to each liquidity-seeking order. Liquidity seekers also retain a high degree of control at CODA , including choice of counterparty type, if desired.

I am a Liquidity Seeking firm. How will CODA benefit my trading?
Trading at CODA puts control back in the hands of liquidity seekers, regardless of speed, technology or size limitations. Its secure trading environment aggregates liquidity from multiple sources, allowing for more streamlined block trade execution. CODA’ model controls information leakage when matching the buyer and seller, enabling efficient execution of block trades. By providing institutions with access to unique liquidity, CODA’s on-demand auctions bridge the gap between institutions and brokers in a way that provides advantages to both sides.

I am a Liquidity Providing firm. How will CODA benefit my trading?
CODA’ on-demand auction process and its quote response mechanism provide a secure environment where liquidity providers have access to unique liquidity-seeking orders. Liquidity providers act as the bidders in each CODA auction, and choose if, when and how to respond to each order in a highly controlled dynamic. CODA’s unique order flow is diverse and growing. As an independent ATS, CODA attracts subscribers of all types. Liquidity providers benefit from direct and immediate access to unique liquidity across a spectrum of industry participants.

How does the CODA process create unique liquidity?
An auction order at CODA initiates responses specific to that order, creating tradable liquidity where it did not previously exist. Liquidity seekers and institutional traders benefit from the opportunity to solicit and consolidate unique market liquidity in CODA’s anonymous and secure trading environment.

How does CODA minimize order information leakage?
CODA’s advanced technology provides a secure, safe marketplace for all investors. Auction responders are only supplied with the symbol of each trade – not the size, side or price, and trades are only disclosed upon execution, minimizing market impact. Additionally, CODA’s ability to aggregate liquidity from multiple sources in response to each order means more efficient trading for institutional and block trades.

Who can become a CODA subscriber?
U.S. registered brokers dealers and qualified institutions can become subscribers of CODA subscribers. Sponsored access is also available for non-broker dealers through an eligible CODA broker-dealer subscriber.

Who do I contact for more information about CODA?
Email: subscriberservices@codamarkets.com or call 224.521.2498 to speak with a CODA Markets representative.



CODA Markets has relationships with more than 150 subscribers, 40 liquidity destinations and 25 connected vendors. For more information regarding accessing CODA Markets’ innovative auction markets, please contact Subscriber Services at subscriberservices@codamarkets.com.

Glenview, ILWestport, CTNew York City

PDQ Enterprises, LLC

CODA Markets


2624 Patriot Blvd
Glenview, IL 60026



CODA Markets


181 Post Road West
Westport, CT 06880



CODA Markets

One Grand Central Place


60 E 42nd Street, Suite 1130
New York, NY 10165



For Media Inquiries:

Mark Meadows (Propllr PR)

Phone: 302-353-8258

Email: mark@propllr.com

Operations/Technical Support:

Phone: 224-521-2709