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Global Liquidity Partners Adds CODA Block 30-Second On-Demand Auction
Traders Magazine Online News, December 4, 2017
Global Liquidity Partners LLC (GLP) introduced a fully automated algorithm-based block auction capability in collaboration with CODA Markets. The new solution gives users of GLP’s algorithmic strategies the ability to seek block liquidity by both initiating and responding to CODA Block auctions, while simultaneously executing client orders through existing liquidity sources.
GLP is focused on delivering superior equity execution strategies in a fragmented marketplace. GLP solutions are driven by advanced technology, unique smart order routing and advanced strategy design.
CODA Block is a unique multilateral auction facility for executing large orders in a single transaction. Users can initiate an auction 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. CODA Block is part of the CODA Markets family of innovative on-demand auction-based facilities.
“The ability to work algo orders and anonymously seek larger available liquidity through the CODA platform without the need for manual intervention is particularly desirable in the small and mid-cap space,” said GLP CEO Tim Lang.
Don Ross, CEO of CODA Markets parent PDQ Enterprises, said, “CODA's 30-second auction brings traders together in a market structure that prioritizes price competition and liquidity aggregation above all. GLP customers can expect to find more trading opportunities, enjoy better fill rates and experience very little leakage, especially for small- and mid-cap stocks.”
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