Coda Markets - Micro and Block

Coda Markets - Micro and Block is the on-demand, auction-based alternative trading system (ATS) operated by CODA Markets, an affiliate of Global Liquidity Partners. The ATS is a dark venue that runs two distinct auction types — Micro and Block — allowing brokers and traders of US equities to seek liquidity through scheduled or on-demand auctions rather than continuous displayed quoting. It sits within a broader CODA Markets offering that also includes Smart Order Routing, Direct Market Access, and the CODA X Clubhouse, all aimed at professional, institutional, and retail brokers. CODA Markets describes itself as delivering "tailored liquidity access, advanced routing capabilities, and exceptional client service for brokers and traders of US Equities." The firm's connectivity footprint is substantial: it advertises 40+ vendor connections to leading OMS/EMS vendors and connectivity hubs, 75+ liquidity destinations spanning dark venues, ATSs, conditional venues, market makers, and single dealers, and 250+ routing strategies designed to improve speed, optimize executions, and lower costs. The company states that access to many liquidity destinations drives order volume and execution quality, with 10 billion shares routed daily. The Micro and Block ATS is part of a product family that includes CODA Fuse, an auction product associated with the ATS, and CODA X Clubhouse. CODA Markets is led by CEO and founder Tim Lang, an equity trading professional with more than 40 years of Wall Street experience, whose vision for Global Liquidity Partners in 2010 was driven by a belief that a technology void existed in the equity marketplace amid emerging fragmentation of trading. The management team includes Kristen Murphy as Controller, Mark DeRolf as Chief Compliance Officer, Ryan Mitchell as Chief Operating Officer, Zack Wilezol as Head of Sales, Chris Barrus as Head of Business Intelligence, Joe Costa as Head of ATS & Institutional Equities, and Marc Bleskin as Head of Trade Operations. As an affiliate of Global Liquidity Partners, CODA Markets positions itself as a best-execution partner combining sophisticated technology with exceptional service, addressing performance optimization, stability, cost reduction, and evolving market structure and regulatory requirements. The Micro and Block ATS is therefore best understood as the auction-liquidity component of a broader electronic trading and routing platform for US equities.

CODA Markets traces its origins to Global Liquidity Partners, founded in 2010 by Tim Lang, an equity trading professional with more than 40 years of Wall Street experience. Lang's vision for GLP was driven by his belief that there was a technology void in the equity marketplace due to the emerging fragmentation of trading. CODA Markets operates as an affiliate of Global Liquidity Partners, providing tailored liquidity access, advanced routing capabilities, and client service for brokers and traders of US equities. The Coda Markets - Micro and Block ATS is an on-demand, auction-based alternative trading system (dark) offering two auction types. It forms part of a broader CODA Markets product suite that includes Smart Order Routing, Direct Market Access, CODA X ATS, and CODA X Clubhouse. The ATS's auction products include CODA Fuse, and the firm enables customizable trading solutions for customers. Joe Costa joined CODA 12 years ago and has been at the forefront of the ATS's auction products. Over time, CODA Markets has built out connectivity and routing infrastructure. The company advertises 40+ vendor connections to leading OMS/EMS vendors and connectivity hubs, 75+ liquidity destinations including dark venues, ATSs, conditional venues, market makers, and single dealers, and 250+ routing strategies. It states that access to many liquidity destinations is driving order volume and execution quality, with 10 billion shares routed daily. Marc Bleskin joined CODA Markets in 2015 as Head of Trading Operations, responsible for monitoring and support of the trading system and connectivity to member firms and exchanges. Chris Barrus joined the electronic trading industry in 2018 at SpeedRoute LLC, where he developed expertise in custom smart routing strategies and trading economics. Tom joined CODA Markets in 2024 as a lead Product Manager focused on Operations Infrastructure. As an affiliate of Global Liquidity Partners, CODA Markets positions itself as the premier partner for professional, institutional, and retail brokers alike, whether optimizing performance, enhancing stability, reducing costs, or addressing evolving market structure and regulatory requirements. The Micro and Block ATS is the auction-liquidity component of this broader electronic trading platform for US equities.

• 2024

  Tom joined CODA Markets as a lead Product Manager focused on Operations Infrastructure.

• 2018

  Chris Barrus joined the electronic trading industry at SpeedRoute LLC, developing expertise in custom smart routing strategies and trading economics.

• 2015

  Marc Bleskin joined CODA Markets as Head of Trading Operations.

• 2010

  Global Liquidity Partners founded by Tim Lang, driven by a belief in a technology void in the equity marketplace amid emerging fragmentation of trading.

Best-execution partner for professional, institutional, and retail brokers, combining sophisticated technology with exceptional service.

• Coda Markets - Micro and Block ATS

  On-demand auction based alternative trading system (dark) offering two auction types.

• Smart Order Routing

  Dynamic routing strategies to improve speed, optimize executions, and lower costs.

• Direct Market Access

  Direct market access solution for brokers and traders of US equities.

• CODA X ATS

  Alternative trading system offering from CODA Markets.

• CODA X Clubhouse

  CODA Markets offering listed among its trading solutions.

• CODA Fuse

  Auction product associated with the CODA ATS.

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