PDQ Enterprises LLC, which operates a U.S. equity market, hired two former New York Stock Exchange executives to help pitch its platform to large investors.
Peter Jenkins and James Ross joined PDQ as managing directors to run a new institutional equities division, according to a statement from the company. While both previously worked for the NYSE, they were most recently employed by AX ATS, a trading platform that shut in 2013.
The PDQ market, one of more than 50 venues where U.S. stock transactions take place, has marketed itself as a refuge from high-speed traders. Each order is held for as many as 20 milliseconds to let buying or selling interest accumulate, in theory helping big investment firms execute larger trades. That contrasts with other markets, where execution times are measured in less than a millisecond, or thousandth of a second.
“PDQ’s process is uniquely positioned to provide improved market efficiencies for the institutional trader by delivering safe pools of liquidity to those seeking a larger execution size,” Chief Executive Officer Keith Ross, who once ran Chicago-based high-speed trading firm Getco LLC, said in the statement.
Created by Christopher Keith, an NYSE official during the 1970s and 1980s who served as the Big Board’s chief technology officer, PDQ says its computer algorithms mimic the human brokers who once facilitated all of the nation’s trading. The company’s name stands for Procedure Derived Quotes.
At NYSE, Jenkins managed the exchange’s relationships with large investors. Ross was CEO of MatchPoint Trading Inc., which NYSE Group Inc. bought in 2006 to handle trades of baskets of stock at predetermined times. Both will work for PDQ in Westport, Connecticut.