CODA’s on-demand auction process aggregates unique liquidity for each liquidity-seeking order, creating competition among all market participants for every trade. Liquidity-seeking orders contain a symbol-only request for trade, requiring liquidity providers to respond with their best market to increase their chances of matching the trade.
For liquidity seekers, this means enhanced execution quality and improved pricing opportunities. Unmatched auction order flow can be routed out to CODA Markets’ extensive network of connected marketplaces. CODA Markets’ tailored and flexible pricing structure also reduces overall execution costs when compared to exchanges or ATS alternatives.