NASDAQ trading systems

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Market makers have the ability to add, delete, return one or all routes orders.

ACES significantly reduces paperwork and time of telephone calls. Participation is voluntary, you only need to register. Orders in ACES are accepted from 7:00 am. But they will not be exposed to 8 hours. You can cancel the order before 18:30, but prohibited setting up of new orders or replacement. 18:30 stops messaging, and all the daily orders are automatically deleted.

Computer-Assisted Execution System / Intermarket Trading System (CAES / ITS)

CAES - it's automatic execution system for securities listed on the Exchange.

ITS - Trade relations between the NASDAQ and American stock exchanges. CAES and ITS allow firms - NASD members to send and receive orders for the purchase and sale of shares from the list listed on the exchange.

The difference between the two is that the CAES permit the transactions among market makers - members of NASDAQ in any CQS security, maintenance CAES. ITS A permit to conduct transactions only between the market-maker - and a member of the NASDAQ exchange on of listed securities.

CAES/ITS- trading is available through NWII and CTCI.

Orders can be shipped CAES particular market maker or without any preference. On March 16, 2000 authorized the SEC to participate in ECN CAES on an equal basis with market makers and communicate through ITS. How does CAES? CAES market makers enter quotes on CQS securities as well as securities for NASDAQ. CAES for each performance automatically performs the following actions:

- Send confirmation to both parties;
- Sends a report on the deal on monitors NASDAQ / CQS-terminals;
- Sends the transaction clearing is triggered.

How the ITS? Market-makers enter quotes ITS Securities CQS as well as for securities NASDAQ. On the floor of ITS-exchanges will display the best price with a combined capacity of market makers CAES.

Matching system, trade reporting and analysis

Consider some of the main system.

Automated Confirmation Transaction Service (ACT)

ACT provides market participants to perform three important functions after the transaction: a report of the transaction, the comparison of transactions and risk menezhment. Participation in the ACT is mandatory for all members of the NASDAQ, which have a clearing relationship with the clearing houses (Section 17A of the Act). Of all the details of the transaction (price, number of shares) must be reported within 90 seconds. ACT distributes the latest trading information via tape sales and NASDAQ Trade Dissemination Service. Clearing firms have access to ACT by STSI communication - can monitor and control the trade of their correspondents and receive a report at the end of the day. These additional features are not available for clearing firms that have access to the ACT through NWII.

OptiMark

OptiMark allows the participants to anonymously represent their interests in a wide range of prices and lots, receive trade profiles (Profiles), display complex trading strategies in the form of graphs, as well as levels of preference in coordinates price / lot. Profiles, known as NASDAQ Quote Montage Profiles, reflect internal quotation for the price of supply and demand on the market makers, ECN, exchange specialist. The OptiMark Matching Module measures and ranks all significant trade interests in a particular security in less than 3 seconds.

Primex Auction System

Primex Auction System (PAS) - NASDAQ trading system for the exchange of shares. Allows the sale of all NASDAQ-and exchange of shares, the use of market and limit orders for anonymous participation. The system sends the order of all the participants in an anonymous basis. Orders are executed on an auction basis, according to the proposed price. It is possible to increase prices and improve liquidity. Participants enter the system through: Primex Workstation (PW); CTCI; Application Programming Interface (API); API Financial Information Exchange (FIX). Participation in the PAS for all members of NASDAQ - voluntary.

MarketWatch

Speaking of trading systems, it is necessary to focus on the activities of the Department of MarketWatch, constantly monitors the work of the NASDAQ Stock Market through an automatic analysis system of trading activity for the day, week and month in real time. This department consists of two divisions: StockWatch and TradeWatch.

StockWatch is monitoring the activity of the securities market NASDAQ, through all the materials of companies listed in the listing, watching on-line for the price and volume using an automatic monitoring system StockWatch Automatic Tracking system (SWAT).

The system uses a variety of complex statistical models and parameters that give the alarm to any unusual movement in price or volume for each security traded on the market.

Analysts StockWatch investigate the reasons for the activity and sent to the brokerage firm a warning. TradeWatch responsible for the immediate solution of the communication of the unusual trading activity - it is written in the rules of NASDAQ.

Other trading systems and markets

Finally, mention must be made of less interest to the Russian investor systems and markets:

Fixed Income Pricing System (FIPS) - an electronic system for trading Bond. Shows quotes about 50 bonds. Its purpose - to enhance the most active segment of the market bonds and provide supervision for all bonds with ratings of BB + or lower by Standard & Poor's.
OTC Bulletin Board (OTCBB) - e-market of securities not listed on NASDAQ, NYSE, AMEX.
Mutual Fund Quotation Service (MFQS) / PORTAL Market - an electronic system for qualified investors. Gives institutional investors the opportunity to diversify their portfolios of foreign securities.