Smart Order Routing
Routing Strategies
SMART
Balances execution objectives using a mix of order types and routing tactics across dark & lit venues.
SAVE
Seeks displayed liquidity while minimizing transaction costs. Prioritizes lower-cost liquidity providers before sweeping dark & lit venues.
DARKMAX
Seeks liquidity across dark & grey venues to minimize market impact. Prioritizes counterparties and order types with larger fills and stronger post-trade mark-outs.
MIDPLUS
Seeks midpoint-or-better liquidity across dark & lit venues using sweep, multi-post, and cycling techniques.
LITSWEEP
Intelligently sweeps lit venues, evaluating depth of book and distributing child orders to reduce slippage and quote fade.
HAMMER
Leverages percentage-of-touch liquidity to source immediate fills for oversized and highly aggressive orders across dark & lit venues.
HIDETAKE
Takes displayed liquidity when available but stays completely hidden cycling through dark venues otherwise.
NETPEG
Attempts to immediately fill at, or better than, limit price before passively pegging to the near side of the NBBO.
CUSTOM
Work with a CODA product specialist to build a customized routing strategy aligned with your execution objectives.
Intelligent Routing. Smarter Execution. Better Outcomes
Built for Performance. Designed for you.
STRATEGIC ALGOS
MidPlus
Midpoint SOR. Seeks midpoint liquidity from dark pools, liquidity providers and exchanges. Traders have control over venues (dark-only, lit-only, both etc.) and can post the order at one or multiple venues.
Dark Post
Dark-only SOR. Seeks liquidity from dark pools and liquidity providers (optional). Traders have control over venues and can post the order at one or multiple venues.
Zeus
Outsized order SOR. Seeks liquidity from dark pools, liquidity providers, and exchanges intelligently and is optimized for sub vs. super-dollar stocks with a focus on cost.
Post Only
Passive peg SOR. Pegs to the passive side of the NBBO and moves with the bid/offer. Optionality to ping liquidity for rebate prior to posting.
15-Sec TWAP
Complete 20% of order immediately, balance 25% target range moving to 27% and get-it-done level with favorable price move.
PERFORMANCE ALGORITHMS
VWAP
An all-day algo strategy. Uses dynamic volume profiles as it aim to achieve the volume weighted average price while minimizing slippage. Monthly TCA reports available.
TWAP
An all-day algo strategy. Equally distributes the order volume over a define time. The algorithm throttles and randomizes order placement to minimize noticeable patterns. Monthly TCA reports available.
POV
A liquidity seeking participation strategy. The algorithm tracks volume and executes the order at the prescribed rate. When block prints occur, the algorithm deploys proprietary catch-up logic to measurably reach the target participation rate.
Tim Lang, the CEO and Founder of Global Liquidity Partners, is an equity trading professional with over 40 years of Wall Street experience. Tim’s vision of GLP in 2010 was driven by his belief that there was a technology void in the equity marketplace due to all of the emerging fragmentation of trading venues. His goal was to create a best-in-class, performance-driven equity execution services platform. His role at GLP is all-inclusive as he remains active in strategy design, marketing, client relationship management and staffing.
Jason joined CODA Markets in 2015. As the Director of Execution Services, Jason builds and maintains CODA’s custom routing strategies and downstream relationships. Jason is also actively involved in the Security Trader’s Association of Chicago as the current Vice President and founder of the Young Professionals group for students and industry professionals under 30. Jason studied Finance and Economics at Colorado State University and DePaul University. Outside of work, Jason likes to hunt, fish, and other outside activities. He holds FINRA Series 7, 24, and 66 licenses.
Upon joining CODA 12 years ago, Joe has been at the forefront of the ATS’s auction products, such as CODA Fuse, while enabling customizable trading solutions for all customers. Bringing with him his previous equities experience in both buyside and sellside roles, Joe drives innovation at the CODA Markets ATS with his understanding of market dynamics and a passion for leveraging technology to strive for best execution. Joe received his Bachelor of Economics and Finance degree from Loyola University in New Orleans. Outside of work, Joe enjoys playing hockey, tending to his chickens, and spending time with his family. He holds FINRA Series 7, 99, and 63 licenses.
Zack is Head of Sales for CODA Markets, managing a team focused on obtaining new business and maintaining strong relationships with our existing client community. Prior to joining CODA, Zack spent a decade at a similar firm as Head of Execution Services after cutting his teeth in enterprise datacenter solutions at Dell. Electronic Trading was a natural fit after years of implementing robust systems, networks, and redundancy plans while at Dell. Working from New York and Los Angeles, Zack likes getting to know our clients, on both coasts, through various activities outside of work. He earned a degree from James Madison University in International Affairs and Spanish. Outside of work, Zack can be found at the beach, hiking with my family, or watching just about any sport. He holds FINRA Series 7, 57, 63, 24 and 99 licenses.