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.

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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

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.

Learn more about CODA Fuse


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

Learn more about CODA Fuse

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

Learn more about CODA Flare

Products and Services At-a-Glance

  • 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

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  • 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)

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  • CODA Flare

    Flexible, customizable routing and posting
    Get access to liquidity in or out of the Apex CODA marketplace

    Learn More

  • 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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