CODA’s patented on-demand auction technology was designed to slash trading costs by creating and then aggregating liquidity at a single point in time with minimal market impact.
When a trader calls an auction in a stock, liquidity providers respond with bids and offers – within 20 milliseconds for CODA Micro (unless seeker has chosen “first to respond“ option) and 30 seconds for CODA Block. CODA technology then aggregates and prioritizes the bids and offers, based on price and size, and executes matches. Any remaining part of the initial order can then be sent instantaneously, using intelligent state-of-the-art CODA routing technology, to other marketplaces for execution in accordance with trader specifications.
CODA subscribers don’t chase liquidity; CODA liquidity providers compete to provide it on demand. And what CODA cannot trade in the auction it can route intelligently and instantaneously to other venues.
Auctions called on CODA are unique to CODA, giving liquidity providers access to new, diverse sources of order flow to which they can respond at their discretion.
CODA auction alerts are symbol only. That’s it. No side, no size, no price.