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Computer Assisted Execution System |
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Computer Assisted Execution SystemAn NASD inter-dealer automated execution system for listed 19c-3 securities. CAES is the NASD link to ITS (Intermarket Trading System). If an NASD dealer wishes to make markets in listed securities, he or she must register as an ITS/CAES market maker for those securities.Similar MatchesExecution costsExecution costsThe difference between the execution price of a security and the price that would have existed in the absence of a trade, which can be further divided into market impact costs and market timing costs. Advance Computerized Execution System (ACES)Advance Computerized Execution System (ACES)Refers to the Advance Computerized Execution System, run by Nasdaq. ACES automates Nasdaq between Nasdaq entry and Nasdaq Nasdaq that have established Nasdaq relationships with each other. Nasdaq are designated as specified for automatic Nasdaq. Best executionBest executionThe Stock Exchange rule that requires brokers to carry out a deal on behalf of a client at the best price available in the market.This begs the question, of course, of how long brokers should wait before executing the deal. If they think the market is falling, should they hang on a bit? Brokers have some discretion but generally speaking they execute deals immediately (as much for their own protection as anything else). 'Timely execution' means carrying out the deal within 20 minutes of receiving the client's instruction. Small Order Execution System (SOES)Small Order Execution System (SOES)Three-tiered system of automatic execution of an order at the best price. Size is either 200, 500, or, most often, 1000 shares. Execution only brokerExecution only brokerA broker who buys and sells shares on the instructions of clients but who offers no advice about what to buy and sell.Self-directed investors who want to make their own decisions are most suited to this service, and will probably be attracted by the lower dealing costs. Investors who want advice will need to use the services of an advisory of discretionary broker.The website of The Association of Private Client Investment Managers and Stockbrokers- http://www.apcims.co.uk - provides a list of brokers and the services which they offer. Further SuggestionsSubject to a print or execution or tradingtimely execution |
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