CODA Markets, Inc. operates CODA, an independent Alternative Trading System (ATS) that optimizes liquidity aggregation for all market participants via an innovative auction process. 

CODA Markets’ on-demand auctions neutralize the speed arms race through a pause that allows for competition among trade responses, while also minimizing the potential for gaming or order leakage and the transaction costs associated with execution delays and fragmentation. 

CODA Markets, Inc. is a registered broker-dealer, member FINRA and SIPC, and wholly owned by PDQ Enterprises, LLC. CODA Markets, Inc. was formerly known as PDQ ATS, Inc.

Website 

http://www.codamarkets.com 

Industry 

Capital Markets 

Company size 

11-50 employees 

Headquarters 

Glenview, IL 

Type 

Privately Held 

Founded 

2008 

Specialties 

auctions, latent liquidity, advanced analytics, call auctions, market structure, institutional trading, ATS, off-exchange liquidity, block trading, market making, equities, algos, trading, and innovation