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).
Apex proprietary data as of 9/30/2023, includes conditional shares.
The Power of Auctions — Amplified
More size flexibility — less leakage
Place orders in or outside the spread
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
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
The ability to match within milliseconds
Initiate a sub-second auction that transacts at or within the NBBO (National Best Bid and Offer)
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
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