NEW YORK–(BUSINESS WIRE)–No more disguising orders, no more waiting in line to trade one at a time, no more concentrating your volume to the beginning and end of the day (aka the “liquidity smile”) — a new tool is transforming daily life for institutional investors in U.S. equity markets. Launched by CODA Markets, an Apex Fintech Solutions company focused on alternative equity trading systems, Apex CODA Fuse is a first-of-its-kind intraday auction product that equips investors with the tools to help prioritize liquidity over speed by enabling a single order to trade simultaneously with multiple counterparties.
“In the U.S. equity markets today, speed is everything. The first one to the liquidity wins, and everyone else gets in line. The stock market was never supposed to be like this. And now Apex CODA Fuse puts an end to that,” said Bill Capuzzi, CEO at Apex Fintech Solutions, the parent company of CODA Markets.
Apex CODA Fuse replaces the conventional one-trade-at-a-time model with a simultaneous, multilateral model where every participant can easily converge to discover the liquidity they seek, at one price with little to no market impact. It can also be embedded directly into the trader’s algorithmic routing logic so that auctions are executed almost instantaneously, fluidly, and continuously throughout the trading day.
Since soft launching in the fall of 2021, Apex CODA Fuse has quickly scaled. In March 2022, over 240,000 daily auctions were initiated in Apex CODA Fuse representing 2 billion shares per day sent to auction, resulting in over 3 million shares executed daily.
“In a landscape that includes a variety of bilateral and sequential equity marketplaces, CODA Markets has differentiated itself by delivering a more fair and efficient market where your trading success is not governed by the speed of your technology,” said Don Ross, Head of Institutional & Trading at Apex Fintech Solutions. “And now Apex CODA Fuse takes this approach to the next level.”
Key Benefits for Investors
- Enhances liquidity and price discovery by helping to bring a fragmented market together to find the right price based on market supply and demand, supporting lower market impact costs.
- Enhances productivity: Know in milliseconds whether liquidity was found.
- Executes more of an institutional order with lower market impact.
- Trade with multiple participants simultaneously:
- Neutralizes advantages of speed.
- Eliminates need for serial, bi-lateral trades at multiple venues.
- Minimizes information leakage and opportunity costs.
About CODA Markets
CODA Markets, Inc. is the operator of an innovative on-demand auction-based alternative trading system to optimize liquidity aggregation for market participants. The CODA model helps to consolidate a fragmented market by bringing buyers and sellers together at a single point in time to execute at a price determined by supply and demand, rather than speed of the fastest participant. CODA Markets, Inc. is a registered broker-dealer, member FINRA and SIPC, and wholly owned by Apex Fintech Solutions, LLC.
About Apex Fintech Solutions
Apex Fintech Solutions LLC, the “fintech for fintechs,” is the parent company of Apex Clearing Corporation, a custody and clearing platform that’s powering innovation and the future of digital wealth management, and Apex Pro, a trusted clearing partner to broker-dealers, ATS’s, routing firms, professional trading firms, hedge funds, institutions and emerging managers. We offer cryptocurrency trading and custody services through Apex Crypto LLC, a wholly owned subsidiary of Apex Fintech Solutions. Collectively, our suite of solutions creates an environment where companies with the biggest ideas in fintech are empowered to change the world. If you’ve got the guts to dream, we’ve got the guts to help you realize those dreams.
Genevieve Pirrong/Sara Widmann
Gasthalter & Co.