Apex Fintech Solutions announced today that it has acquired PDQ Enterprises, the parent company of CODA Markets, Inc., operator of an innovative auction-based alternative trading system (ATS) and smart order router that aims to optimize liquidity aggregation for all market participants.
The acquisition of PDQ will enable Apex to expand and evolve its trading and execution capabilities, creating opportunities to deliver increased liquidity, improved execution quality and new products to clients. Founded by the former CTO of the New York Stock Exchange, PDQ is a pioneer in equity market structure and innovator of on-demand auction markets. CODA, an independent, agency-only FINRA regulated broker-dealer, offers a suite of auction-based execution solutions.
Bill Capuzzi, CEO of Apex Fintech Solutions, commented:
“Our acquisition of PDQ is fueled by the synergies that exist between us, and our aligned vision for the future of the industry. The pioneering work that PDQ has done to revolutionize equity market structure furthers the Apex mission to be the market leading financial technology and data provider driving disruption and innovation for the future of wealth creation. The equity markets are more fragmented than they’ve ever been, and that has caused inefficiencies for institutions and retail investors alike. Together with PDQ, we can meet these challenges head on and create a better marketplace.”
PDQ’s mission to improve investment performance through intelligent trading design and advanced technology is reflected in its subsidiary, CODA Markets. Known for spearheading innovation in the development of on-demand auction markets, CODA Markets aims to increase investment returns for participants by taking time out of the trading process. The CODA marketplace facilitates hundreds of thousands of competitive stock auctions every day, anchored by billions of shares of unique on-demand aggregated liquidity.
The company’s most recent innovation is CODA Fuse, a first-of-its-kind intraday auction product that helps equip investors to prioritize liquidity over speed by enabling a single order to trade simultaneously with multiple counterparties. Embedded directly into a trader’s algorithmic routing logic, the goal of CODA Fuse auctions is to execute instantaneously, fluidly and continuously throughout the trading day.
“At PDQ and CODA, it’s always been our mission to continuously deliver smarter, more inclusive trading solutions,” said Don Ross, CEO of PDQ Enterprises. “With the backing of the team and talent from Apex, that mission will be accelerated. In our discussions leading to this deal, our collective teams have identified numerous product and operating synergies that will enable us to deliver on our promise of fair and efficient markets, ensuring trading success for both institutional and retail investors. We are enthusiastic about the road ahead and thrilled to be part of the Apex team.”