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.
10K+(Large Cap) 5K+(Mid Cap) or 2K+(Small Cap) marketable minimum shares to initiate; Symbol-only alert sent to designated CODA Block subscribers.
Responding order are non-displayed, not executable until the end of the Order Entry Periods and must be 1K+ shares.
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.
A Single, multi-lateral TRF print. Protected Market “Top of Book” Sweep applied when auction price is outside the NBBO.
CODA Block builds a competitive auction order book and executes a multi-lateral trade fueling liquidity discovery and block trading opportunities.
CODA Block trades outside, within or at the NBBO promoting true price completion and unleasing block liquidity residing outside the NBBO.
CODA Block initiators aggregate liquidity at the moment when liquidity is most needed increasing execution efficiency, control and fill rate potential.
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.
CODA Block relies on basic order parameters to initiate/participate via conditional, managed, algorithmic or manual order functionalities. No complex order types.
CODA Block rules safeguard block execution quality and foster trader confidence.