- πΊπΈUnited States dcam
#11 shows that the parsing is performed by the base system, not the Link module.
For the record, I've run into this problem too. There's a third-party system used at work that has un-keyed query parameters. I had to tell our content editors "You can't link to it from Drupal because its URLs are incompatible with how Drupal parses them" and they had to develop workarounds for the problem like using tiny URL services.