Nasdaq's ACE in the Hole How the Little Guy Is Striking Back
Traders Magazine, September, 2002 by Desmond MacRae
Competition in the order management business could become more intense because of improvements in a Nasdaq product.
The reegineered product, known as ACES, or the Advanced Computerized Execution System, is available free to order delivery firms. And it gives users more control over orders routed to them.
ACES, say Nasdaq executives, has come a long way since it was introduced in 1988. ACES links all Nasdaq participants. Indeed, Nasdaq has turned the product into an order delivery system for dealers, a system which is especially useful for small firms.
Today, small volumes from individual firms are not large enough to support the cost of installing BRASS, the SunGard Trading Systems' product, say some trading pros. A majority of Nasdaq orders are now routed...
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