Free Site Registration

Neovest OEMS Can Now Directly Access CODA Block’s 30-Second Auction Market

Traders Magazine Online News, December 15, 2017

John D'Antona Jr.

Neovest, the broker-neutral institutional trading software provider, and CODA Markets, a provider of on-demand equity auctions, announced the integration of real-time auction alerts and “one-click” order routing to CODA Block from within Neovest’s OEMS.

CODA Block is a unique multilateral auction facility for executing large orders in a single transaction. With CODA Block, users initiate auctions on-demand, summoning aggregated manual and algorithmic liquidity from the buy-side and the sell-side without revealing the direction or size of their trading interest.

Don Ross, CEO of CODA Markets parent PDQ Enterprises, said, “CODA Block is a powerful new institutional marketplace that prioritizes price competition and liquidity aggregation to enhance liquidity discovery and minimize trading costs. Our goal for Neovest clients is to help them capture new natural, large-sized trading opportunities, reduce execution delay and minimize the impact from leakage, particularly for small- and mid-cap stocks.”

Neovest clients who receive integrated auction alerts from CODA Block can instantly participate using Neovest’s one-click order-entry functionality. With this, they can quickly and confidently respond to CODA Block alerts during the 30-second auction period, or initiate their own CODA Block auctions at their discretion. Neovest clients can request CODA Block access through their existing electronic broker-dealers.

“For Neovest clients wishing to aggressively seek or passively provide larger sized liquidity outside or within the NBBO, CODA Block is a unique and powerful market facility that puts institutional traders’ needs – not for-profit markets’ – first,” Ross added.

Neovest’s client base includes over 650 firms globally on both the buy- and sell-sides, encompassing more than 3,000 active users. CODA Markets, through its CODA Micro, CODA Block and order routing facilities, serves more than 100 broker-dealers and handled over 2.7 billion shares per day in November 2017.

“CODA Block’s real-time auction alerts and Neovest’s one-click trading keep our global client base ahead of the curve,” said Jarrett Sydell, Neovest’s Global Head of Product Management. “Our clients now know instantly when a 30-second auction has begun, ensuring critical opportunities for block liquidity are seen and executed.”

For more information on related topics, visit the following channels:

Comments (0)

Add Your Comments:

You must be registered to post a comment.

Not Registered? Click here to register.

Already registered? Log in here.

Please note you must now log in with your email address and password.