Auction ATS
Launched in 2009, CODA is the first and longest-running auction ATS (alternative trading system) — delivering over a decade of market driven innovations.
Add More Than Just Speed
CODA delivers a proven, efficient, order-driven auction market structured to enhance your quality, price, and more — beyond just your speed.
- CODA Auctions require Contra parties to aggressively compete for every order.
- CODA Auctions allow multilateral crossing to occur which is unique in the industry.*
- CODA Auctions disseminate only the symbol portion of the order to reduce information leakage.
- Private crossing rooms available to interact with a specific contra-party.
* Through CODA Fuse, an auction driven product that provides for multilateral executions inside and outside the NBBO (National Best Bid and Offer).
1st Auction ATS
The industry's first electronic order-driven auction market, launched in 2009
185B Liquidity-seeking shares
Received per month
40B Liquidity-providing shares
Per month
Apex proprietary data as of 9/30/2023, includes conditional shares.
The Power of Auctions — Amplified
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More size flexibility — less leakage
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Place orders in or outside the spread
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Execute in our ATS or outside through an ISO (intermarket sweep order)
Fill Marketable Orders at Any Size
Meet our unique auction process.
- Multiple counterparties
- Single print
- Tapping internal and external liquidity
- 94% of flow is executed faster than 2 ms*
* As of 5/31/2023.
Minimize Your Information Leakage
Meet our approach to reducing leakage.
- Trade attributes are held within the system
- Side, size, and price are not shared
- Only the symbol is shared
- Unfilled balance can be routed at clients’ choice
Get Customized Execution
The tailored way to execute your order with your criteria.
- We work with you ahead of time to custom build strategies based on your terms and conditions
- Place an order and select the custom strategy you want
- We seek liquidity both inside and outside of our market based on your selected strategy
- We return executions based on where the liquidity is found
Products and Services At-a-Glance
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CODA Fuse
Trade with more than two counterparties
Capture diverse algorithmic liquidity from multiple source and order types
Virtually eliminate leakage with multilateral execution in a single print -
CODA Micro
The ability to match within milliseconds
Initiate a sub-second auction that transacts at or within the NBBO (National Best Bid and Offer) -
CODA Flare
Flexible, customizable routing and posting
Get access to liquidity in or out of the Apex CODA marketplace -
ALISA Analytics Services
Advanced proprietary market-analytics system
Helping to evaluate liquidity conditions, cost across the entire market, and CODA performance
Take the Next Step
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