Institutions, Block Trading Desks and Broker Dealers
PDQ ATS empowers Liquidity Seeking (“LS”) firms with customized solutions from which they can enhance operational processes, discover new contra liquidity, gain potential price improvement and assemble block interest from multiple firms simultaneously, anonymously and confidentially, at the exact moment of execution. These automated processes are realized through the interaction with an electronic algorithmic crowd of Liquidity Providing (“LP”) firms (i.e., automated market makers and proprietary trading desks).
PDQ receives orders from liquidy seeking firms (i.e. institutional, agency, retail, and block trading desks) that are paused for up to 20 miliseconds as a Request-for-Trade (“RFT”) notification is sent to all LP algorithms simultaneously. The LP algorithms respond with contra side liquidity and the orders are marched on either a “first-to-respond first-to-match” basis, or via our market first, groundbreaking auction model.
Current matching platforms (Exchanges, ECNs or Dark Pools) provide a vehicle to display (or hide) resting bids and offers. These venues may also advertise and expose customer orders by sending IOIs out to other market participants. PDQ changes the dynamics of the existing marketplace by allowing an electronic algorithmic crowd to “spawn” liquidity, both anonymously and confidentially with its RFT process.
Any firm interested in becoming a PDQ Liquidity Seeker can access the appropriate subscriber documentation at the links below:-
PDQ Liquidity Seeker Agreement
PDQ Subscriber Information Request
Attachment 1
Uniform Service Bureau PDQ ATS
Form 9B
PDQ ATS Liquidity Seekers Guide (FIX Specification)
Submit all documentation to:
PDQ ATS Inc.
2624 Patriot Blvd.
Glenview, IL 60026
Attn: Subscriber Services
Or Fax to 224-521-2720
For further details on becoming a Liquidity Seeker, Sponsored Participant or Sponsoring Subscriber please contact Subscriberservices@pdqats.com or call 224-521-2498.
Benefits to PDQ Liquidity Seekers:
1) Multiple market makers actively competing for their order flow.
2) Discover “new” contra side liquidity that was previously unknown in the market.
3) Opportunity to interact with this “new” liquidity while en route to the displayed market and at a discounted rate.
4) Interact with an electronic algorithmic crowd and assemble block interest from multiple firms simultaneously instead of breaking up an order and spraying small pieces to numerous venues.
5) If no liquidity is found in PDQ the LS order is routed out or cancelled based on order type. PDQ’s unique custom routing feature also allows LS firms to create specific routes which further reduces execution costs.
6) Order detail is contained within the PDQ facility, which eliminates the possibility of any information leaking into the market.