CODA Markets

CODA Flare

CODA Markets offers flexible and customizable routing solutions for our clients. All orders received by CODA benefit from potential price improvement through the unique liquidity providers and auction process within CODA. Following the CODA auction, any partial or unfilled orders are custom routed to exchanges and alternative trading systems, as directed by our clients. CODA’s custom routing solution utilizes the CODA Parallel Routing algorithm as well as the CODA Parallel Posting algorithm. With Parallel Routing, orders are broken up and sent to multiple destinations simultaneously to minimize market impact and source liquidity quickly. With Parallel Posting, orders that are not immediate-or-cancel are separated and sent simultaneously to multiple execution destinations. As an order is executed at one venue, CODA automatically rebalances remaining open orders at any remaining venues

For more information about CODA Flare, please CLICK HERE.


CODA (Centralized On Demand Auctions) Markets employs patented and proprietary technology to offer on-demand, order-driven auctions on a security by security, order by order basis. In pioneering this model, PDQ has created a revolutionary electronic market structure for all participants.

CODA Markets subscribers are able to specify the duration of their order-driven auction. Each CODA Markets auction is designed to meet the specific needs of today’s markets:

CODA Micro

With CODA Markets’ CODA Micro suite, clients specify that they are willing to pause their order for a configurable length of time, up to 20 milliseconds.

Orders in the CODA Micro are paused so that CODA can supply liquidity providers with a symbol-only request-for-trade (RFT) message. This message contains only the symbol and the fee or rebate for the order – not the size, side or price. It is a modern-day version of a floor broker asking the crowd, “What’s the market?”.

Liquidity providers in the CODA electronic crowd respond in the auction with their best markets. Responses that improve on the national best bid or best offer are matched in the market. Liquidity seekers and providers will only know what was traded. Partial or unfilled orders will be sent to the market to be executed via customized CODA Routing.

Benefits of CODA Markets’ CODA Micro include:

Effective Alpha Capture: Liquidity Seekers find liquidity quickly and quietly, with increased potential price improvement

Competition: Automated Liquidity Providers compete amongst each other to trade with Liquidity Seekers.

Aggregation: The competitive auction process naturally re-centralizes liquidity, reducing both the need to hunt for liquidity and information leakage while promoting higher average trade size.

Post-Auction Options: Rest residual orders in CODA Markets’ non-displayed Managed Order Server to provide liquidity to future auctions, or utilize customizable routing and execution options to access liquidity in other market venues.

Accessing CODA Markets CODA Micro:

On a broker-neutral basis, traders can participate in CODA Micro through CODA Markets’ network of more than 50 authorized broker-dealer firms.

In addition, traders can access MicroAuction directly via their OMS/EMS front end as a CODA Markets subscriber.

For more information about CODA Markets’ CODA Micro suite, click here.


With CODA Markets’ CODA One, clients achieve all of the same benefits of the CODA Micro suite, with the added benefit of being able to source conditional liquidity from a wide variety of market sources.

Liquidity seekers can initiate auctions with a 2,500 share minimum order size. Liquidity providers are required to provide a 500 share minimum response in order to participate in the auction.

Benefits of CODA Markets’ CODA One product include:

Unique Liquidity: Up to a one second pause in order execution, allowing unique liquidity (including conditional liquidity) to aggregate in response to each order.

Aggregation: Allows customers with different latency sensitivities and time horizons to match, mitigating the effects of market fragmentation. Aggregates natural orders and market makers’ algorithmic orders in a controlled trading environment.

Minimized Leakage: Diminishes gaming possibilities with a random auction process up to one second long.

CODA Block

CODA Block, formerly known as Auction30, is an innovative, on-demand block auction facility for the institutional community that unleashes latent block liquidity and true price discovery opportunities in a non-displayed, multi-lateral auction order book where orders compete based on price and size–not speed, access fees or preferencing.

CODA Block addresses many of the chronic and corrosive market structure and trade quality issues like sourcing liquidity, information leakage and fragmentation that continue to vex today’s institutional investors.

CODA Block Characteristics

• Block/Large order focus • Ability to price auctions outside NBBO allows passively/aggressively priced liquidity to inject significant untapped liquidity and price competition into each auction • 30 second non-displayed order entry period attracts diverse liquidity with no information leakage • Uniquely effective tool to source liquidity for tough-to-trade issues and orders like small cap stocks and large ADV orders • Trade Protection Rules safeguard execution quality and foster trader confidence • Single multi-lateral trade report to TRF (Trade Through Rule Compliant)

For more information about CODA Block, click here

For the detailed workflow on CODA Block, CLICK HERE.

ALISA Research: Advanced Liquidity Studies and Analytics

The ALISA Research platform uses advanced technologies to ingest large quantities of market data over short periods of time. As a result, ALISA is able to answer almost any question about the cost or availability of liquidity in markets. The first product from ALISA is the Liquidity Protection Rule (LPR). The purpose of the Liquidity Protection Rule is to prevent a CODA Block auction from moving a stock’s price an unreasonable distance based on the size of the print and the liquidity profile of the stock. For more information about the LPR, please CLICK HERE. For more information about the LPR, please CLICK HERE.

To become a subscriber to the ALISA Research platform, please