PDQ Enterprises, the developer of PDQ ATS, today announced it has entered into an arrangement with REDI Global Technologies LLC to participate as an execution venue on the REDIPlus® platform.
The PDQ ATS offering consists of access to an electronic algorithmic crowd through both the first to respond / first to match engine as well as an electronic auction model.
With access to 97% of the world's equities and derivatives electronic exchanges through registered broker-dealers, the REDIPlus execution management system provides a single platform for seamless order routing of equities, futures and options across the Americas, Europe and Asia.
PDQ ATS is powered by an algorithm hosting facility and response mechanism that is designed to emulate the interaction and dynamism of traditional floor brokers, while retaining the anonymity and confidentiality of a dark pool. This "electronic algorithmic crowd" enables liquidity-seeking firms to discover contra-side liquidity and assemble block interest from multiple firms simultaneously by asking the electronic version of 'what is the market'. Rather than holding an order book of resting liquidity, PDQ ATS empowers its community of liquidity providers to respond to order flow via their proprietary algorithmic trading procedures, generating real competition for order flow. Orders that are not fully executed at PDQ can take advantage of PDQ's custom routing strategies and deep network of both dark and lit liquidity sources.
"Our integration with REDI is yet another milestone for PDQ, and we are very pleased that REDI's diverse client base will now also have the option to access PDQ ATS' innovative technology," said Ed O'Malley, President, PDQ ATS. PDQ ATS has experienced significant growth over the past year, seeing over 275M shares of marketable activity per day coming through the system, and we believe the connection to REDIPlus will only help us grow market share."
The first of its kind in high-speed equity trading, the PDQ ATS auction model brings efficiency to the market by offering increased liquidity discovery and price improvement through an "electronic algorithmic crowd" competing for orders. When an order is received by PDQ's auction model at the secure PDQ facility, the order is paused for a full 20 milliseconds, and in that time algorithms respond with their most competitive quotes to build a mini book where the responses are prioritized on a price-time basis. At the end of the 20 milliseconds the trade is matched against the newly created book.