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 Neovests OEMS.
CODA Blockis 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 ofCODA Markets parentPDQ Enterprises,said,CODA Block is a powerful new institutional marketplacethat prioritizesprice 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 delayand minimize theimpact from leakage, particularly for small- and mid-cap stocks.
Neovest clients who receive integrated auction alerts from CODA Block can instantly participate using Neovests 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.
Neovests 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 Blocks real-time auction alerts and Neovests one-click trading keep our global client base ahead of the curve, said Jarrett Sydell, Neovests 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.
