PDQ CODA BLOCK Routing Strategy Release


Wednesday, March 21, 2018, to traders were given the access to the PDQ algorithm CODA Block.

CODA Block is an Auction facility for large orders. Orders sent to this destination will participate on intraday auctions hosted by the PDQ/CODA Market.

Highlights of the Strategy

  • Traders can either initiate auctions or participate in ongoing auctions
  • Auctions occur 30 seconds after being initiated by an order (orders must stay open for at least 30 seconds to participate)
  • The first order received on a symbol will initiate the auction; if there is no opposite side interest, the order (TIF DAY orders) can be kept open and participate on later auctions
  • Orders sent as “IOC” will remain open for 30 seconds or until the auction (if already initiated by another order) concludes; if not executed, the IOC orders will then cancel back
  • Minimum share quantities:
  • Small-cap instruments: 2000 shares
  • Mid-cap instruments: 5000 share
  • Large-cap instruments: 10,000 shares
  • Orders with lesser share quantities will be rejected

For more information, please read the official CODA Block webpage and the CODA Block Reference Guide.

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