NASDAQ trading systems


NASDAQ Stock Market - the largest market share in the world. It features more than 5500 companies. Daily bought and sold more than 1 billion shares. The use of advanced computer and communications technology allows millions of investors to do automatic monitoring the market, make transactions and receive trade reports in real time from all over the globe.

Tools and Services

To implement all the functions on the NASDAQ Stock Market has a variety of technical and service. Its purpose - to provide market participants with all necessary conditions for transactions, analyze and report on the transaction, information and communication with other markets.

NASDAQ Stock Market participants have access to the market through direct or indirect electronic communication computer resources. Primary device for access to the market - NASDAQ Workstation II (NWII), commissioned in 1995, it consists of two components:

Trade Network NASDAQ;
software that allows market participants to conduct various kinds of negotiations, to trade and to report on the proposals made.
Each NWII connected to the server, which, in turn, is connected to a host computer via a double NASDAQ T1 telecommunications line.

NWII software can be installed on a personal computer and is optimized to suit individual requirements. Subscribers NWII can have three levels of service, which allow you to:

1. Only see the inside of quotation information. Orders can not be entered, transactions carried out.

2. Request quotes from market makers to enter orders and trade reports.

3. All of the above plus the ability to enter quotes for securities.

Members can have access to the market through Computer-to-Computer Interface (CTCI). CTCI - this is a two-way communication line (point-to-point), which allows you to transfer transactions from your computer to the computer system participant NASDAQ. CTCI has been designed for companies operating as a service bureau to contact on behalf of NASDAQ companies with complex structures. Currently in NWII and CTCI the following services:

Order Confirmation Transaction Service (SelectNet);
the Small Order Execution System (SOES, SuperSOES);
Advanced Computerized Execution System (ACES);
Computer-Assisted Execution System / Intermarket Trading System (CAES / ITS);
OptiMark;
Primex Auction System (PAS).
To increase the value and the number of positions NWII for each security NASDAQ market makers use the Application Programming Interface (API). It can be used only subscribers NWII and PAS.

An order fulfillment

On the NASDAQ Stock Market, the following major systems of order execution:

SelectNet;
SOES, SuperSOES;
ACES;
CAES / ITS.
Opportunities SOES, SuperSOES SelectNet and well known to readers of the magazine "Sun" of previous publications. Therefore, we will focus on other systems NASDAQ.

Advanced Computerized Execution System (ACES) ACES facilitates entry of orders and provides routing between client firms (order-entry firms) and market makers that have established relationships with each other. Using NWII and CTCI, authorized client firms through ACES direct orders for execution directly into the internal market maker system and receive confirmation back on their performance.