CODA Micro is a next-generation sub-second “pause” auction market which
allows Liquidity Seekers to initiate customized, non-displayed auctions where
diverse electronic Liquidity Providers compete to trade in a fair and independent venue.
Liquidity Seekers pre-select their preferred CODA Micro matching protocol:
A Liquidity Seeker initiates a CODA Micro auction with a marketable order which sends an electronic symbol-only “Request for Trade” to CODA Micro’s qualified Liquidity Provider community who respond instantly with their best one or two-sided market for each auction.
The liquidity seeking order is then matched against the competitive responses based on the matching protocol selected and the executed trade is printed to the Trade Reporting Facility (TRF).
Liquidity seeking orders that don’t match entirely in CODA Micro can be routed out via CODA FLARE, posted to CODA’s Managed Order Facility so the subscriber can participate in future auctions, or cancelled back, all based on the Liquidity Seeker’s preferences.