CODA Markets

What CODA Markets does

CODA Markets, Inc. operates an on-demand multilateral auction-based Alternative Trading System (ATS) under SEC Regulation ATS, targeting U.S. registered broker-dealers and qualified institutional investors. The platform aggregates buy-side and algorithmic liquidity simultaneously to execute trades multilaterally in a single print, contrasting with traditional bilateral sequential execution on lit exchanges. The core product suite centers on time-segmented auction types: CODA Block for large orders (minimum 2,000–10,000 shares depending on market cap) with a 30-second response window, CODA Micro for sub-second auctions (3–20 milliseconds), and CODA Fuse (now Apex CODA Fuse post-Apex acquisition) for aggregated algorithmic/intermarket liquidity. Supporting infrastructure includes CODA Flare intelligent routing across external venues, CODA Pulse client alerting, and the proprietary ALISA analytics platform that powers the per-stock Liquidity Protection Rule calibration.

The underlying technology is a patented on-demand auction engine with conditional order matching and symbol-only auction alerts (no side, size, or price disclosed) designed to minimize information leakage and front-running during large-order execution. Revenue is generated through transaction fees on executed volume under a tailored, flexible subscription-based pricing model with multi-year institutional contracts. The company does not sell directly to end traders but distributes through subscriber broker-dealers and EMS/OMS platform integrations. Founded in 2014 by former high-speed market-maker Don Ross under parent company PDQ Enterprises, LLC, CODA Markets was acquired by Apex Fintech Solutions in January 2022, with founder Don Ross becoming Head of Institutional & Trading at Apex and Jason Wallach serving as COO of CODA Markets, Inc. The company is headquartered in Glenview, Illinois, with 11–50 employees and FINRA/SIPC registration.

Name

CODA Markets

Legal name

CODA Markets, Inc.

Website

https://www.pdqenterprises.com/

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

CODA Markets operates a patented on-demand multilateral auction-based Alternative Trading System (ATS) for U.S. institutional traders, aggregating buy-side and algorithmic liquidity simultaneously to execute block and sub-second trades with minimal information leakage. Owned by Apex Fintech Solutions since January 2022.

Ownership category

akta.pro rank

Product category

Alternative Trading System (Institutional Equities Execution)

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industries

Multi-Asset Auction & Periodic Matching Platforms (FSAFAEAK), Multi-Asset Smart Order Routing (SOR) & Aggregation Venues (FSAFAEAH)

Keywords

• Alternative trading system
• Multilateral auction trading
• Block trading platform
• Institutional equities execution
• On-demand liquidity aggregation

Headquarters

HQ city

Glenview

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Transaction/Trading Fees: CODA Markets generates revenue through transaction fees charged on trades executed through its ATS platform. The platform facilitates multilateral auctions for institutional traders, with fees likely assessed on executed volume. The company states a 'tailored and flexible pricing structure' suggesting customized arrangements with subscribers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

CODA Markets operates a SEC-registered Alternative Trading System (ATS) under Regulation ATS that runs on-demand multilateral auctions to aggregate institutional equity liquidity. Its product suite includes CODA Block for large-order auctions, CODA Micro for sub-second auctions, CODA Fuse/Apex CODA Fuse for aggregated algorithmic liquidity, and CODA Flare for intelligent routing, supported by the ALISA analytics platform. The platform is offered via subscription to U.S. registered broker-dealers and qualified institutional investors.

Product overview

CODA Markets operates a suite of complementary electronic trading products organized around an on-demand multilateral auction model for institutional equity trading. The core portfolio consists of four execution products — CODA Fuse (aggregated algorithmic/intermarket auction), CODA Block (large-order on-demand block auction, 30-second window), CODA Micro (sub-second micro auction, 3–20ms window), and CODA Flare (intelligent routing across external liquidity venues) — supported by a companion notification tool, CODA Pulse, and a proprietary analytics platform, ALISA (Advanced Liquidity Studies and Analytics). ALISA in turn powers the Liquidity Protection Rule (LPR) and its accompanying LPR Calculator, which set dynamic per-security price guardrails for all CODA auctions. CODA Markets is a FINRA-registered ATS operator, a member of FINRA and SIPC, and is wholly owned by Apex Fintech Solutions. The company was acquired by Apex in January 2022, with the original Fuse platform subsequently rebranded as Apex CODA Fuse.

Differentiator

Problem solved

Functional benefit

Products and services

• CODA Fuse Multilateral execution platform that captures diverse algorithmic liquidity from multiple sources and order types, enabling multilateral trading in a single print with aggregated Conditional Interests to virtually eliminate information leakage. For institutional broker-dealers and execution traders.
• Apex CODA Fuse Enhanced intraday multilateral auction trading tool built within the Apex Fintech Solutions ecosystem, providing multilateral matching of aggregated conditional orders in a single print for institutional brokers using low-touch workflows, algos, and conditional order strategies.
• CODA Block Multilateral on-demand auction facility for executing large orders (minimum 2,000-10,000 shares depending on market cap tier) in a single transaction. Users initiate symbol-only auctions to summon aggregated buyside and algorithmic liquidity without revealing direction or size, with a 30-second response window and Liquidity Protection Rule guardrails.
• CODA Micro User-initiated sub-second auction (3-20 milliseconds) that transacts against aggregated buyside and algorithmic liquidity at or within the NBBO. Users pre-specify auction pause lengths and matching protocols (best-price or first-responder priority), with unmatched portions auto-routed via CODA Flare.
• CODA Flare Intelligent order routing service providing access to liquidity wherever it resides, in or out of the CODA marketplace. Combines user specifications with CODA analytics to route unfilled portions of orders for best execution nationally, with parallel routing to multiple market centers and parallel posting with automatic rebalancing.
• CODA Pulse Client notification application for CODA Block subscribers delivering real-time block auction alerts, with filtering by ticker or sector, auction alert history, and direct hotline access to CODA Block operations and technical support staff.
• ALISA (Advanced Liquidity Studies and Analytics) Proprietary market-analytics system built and operated by PDQ Enterprises. Powers the Liquidity Protection Rule calibration, provides TCA reporting, and supports the LPR Calculator tool that returns per-security auction price-guardrail parameters based on 20-day trade pattern analysis.

Quantifiable outcome

• Small-cap trades result in 'Top 5 trades' 25% of the time
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

One partnership is on record.

• Global Liquidity Partners (GLP)minorChannel Partner/ Reseller/ Distributor · 1 December 2017Global Liquidity Partners added CODA Block auctions as a new block liquidity source in December 2017, providing their clients with access to CODA's on-demand auction functionality.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Nasdaq: Nasdaq operates major U.S. equities exchanges and dark pool alternatives, representing a broad incumbent venue against which CODA Markets' institutional ATS competes for execution share.
• NYSE (Intercontinental Exchange): NYSE, owned by ICE, operates the largest U.S. equities exchange alongside its own dark pool and ATS infrastructure — a broad incumbent against which CODA's niche multilateral auction ATS competes for institutional flow.
• Cboe Global Markets: Cboe Global Markets operates U.S. equities exchanges and acquired BIDS Trading, making it a broad incumbent with both exchange and ATS/block-trading exposure that overlaps with CODA's institutional execution franchise.

Direct peers

• Liquidnet: Liquidnet is a block-trading ATS that connects institutional buyers and sellers of large equity orders, comparable to CODA Block's large-order multilateral auction facility targeting the same buy-side liquidity-seeker segment.
• IEX: IEX operates an independent ATS focused on institutional equities trading with a speed-bump and structural protections against information leakage — directly comparable to CODA's auction-based, anti-leakage value proposition in U.S. equities.
• BIDS Trading: BIDS Trading is an institutional block-trading ATS with size-discovery and priority mechanisms, directly comparable to CODA Block's on-demand multilateral block auction model for U.S. equities.
• Luminex Trading: Luminex operates an institutional equities ATS with features oriented toward reducing market impact for block trades, overlapping directly with CODA's multilateral auction-based execution offering.
• Instinet BlockCross: Instinet's BlockCross is a block-trading crossing network operated by Nomura's Instinet, comparable to CODA Block as an institutional equities ATS focused on minimizing information leakage for large orders.
• POSIT (Virtu Financial): POSIT, owned by Virtu Financial, operates an equities crossing network and ATS that intermediates institutional block trades — competing directly with CODA Block in the institutional block-trading market.

Emerging players

• Alpha Trading: Alpha Trading operates a smaller equities ATS focused on institutional order flow, an emerging direct competitor in the same multilateral institutional trading venue category as CODA Markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CODA_Markets

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CODA Markets