Block Liquidity Discovered on CODA Markets

CODA Block is an innovative, on-demand 30 second block auction facility that aggregates diverse buyside and algorithmic liquidity through a non-displayed auction order book and a multi-lateral trade based on price competition.

The Four Stages of CODA Block

  • 1

    Auction Initiation

    10K+(Large Cap) 5K+(Mid Cap) or 2K+(Small Cap) marketable minimum shares to initiate; Symbol-only alert sent to designated CODA Block subscribers.

  • 2

    30 second Order Entry Period

    Responding order are non-displayed, not executable until the end of the Order Entry Periods and must be 1K+ shares.

  • 3

    Auction Price & Share Allocation

    The auction clearing price is determined where the most shares can trade and in accordance with CODA Block Trade Protection Rules. Qualifying shares allocated pro-rata: 100% to Initiator.

  • 4

    Post Auction

    A Single, multi-lateral TRF print. Protected Market “Top of Book” Sweep applied when auction price is outside the NBBO.

CODA Block - Key Features and Benefits

Block Auction Model

CODA Block builds a competitive auction order book and executes a multi-lateral trade fueling liquidity discovery and block trading opportunities.

Full Auction Price Discovery

CODA Block trades outside, within or at the NBBO promoting true price completion and unleasing block liquidity residing outside the NBBO.

On-Demand Operation

CODA Block initiators aggregate liquidity at the moment when liquidity is most needed increasing execution efficiency, control and fill rate potential.

Seamless Integration with Leading Market Access Providers

A broad community of EMS/OMS platform and high and low touch BDs
put CODA Block at the trader’s fingertips and into their existing workflows.

Easy to Initiate, Simple to Participate

CODA Block relies on basic order parameters to initiate/participate via conditional, managed, algorithmic or manual order functionalities. No complex order types.

CODA Block Trade Protection Rule

CODA Block rules safeguard block execution quality and foster trader confidence.