CODA’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.
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.
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.
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.
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.
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.
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.
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.
Email: email@example.com or call 224.521.2498 to speak with a CODA Markets representative.