CODA Markets, Inc. operates CODA, an independent Alternative Trading System (ATS) that optimizes liquidity aggregation for all market participants via an innovative auction process. CODA Markets’ on-demand auctions neutralize the speed arms race through a pause that allows for competition among trade responses, while also minimizing the potential for gaming or order leakage and the transaction costs associated with execution delays and fragmentation. CODA Markets, Inc. is a registered broker-dealer, member FINRA and SIPC, and wholly owned by PDQ Enterprises, LLC. CODA Markets, Inc. was formerly known as PDQ ATS, Inc. www.codamarkets.com