Advanced Computerized Execution System (ACES) - Is an NASD

NASD

NASD may refer to:*National Agricultural Safety Database, maintained by the Centers for Disease Control and Prevention*National Amalgamated Stevedores and Dockers, a British trade union...

 subscription service paid for by market maker

Market maker

A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. From a market microstructure theory standpoint, market makers are net sellers of an option to be...

s that allows order-entry firms trading in Nasdaq Capital Market and Nasdaq global market stock

Stock

The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

s access to a market maker's internal trading system to route to them using the ACES "Pass-Through". The market maker then executes the order internally, and sends a confirmation and trade

Trade

Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...

 report back through ACES to the order entry firm.

ACES also automatically sends the trade information to Automated Confirmation Transaction Service (ACT

ACT

ACT may refer to:* Australian Capital Territory, the capital territory of the Commonwealth of Australia* ACT , a college placement exam in the United StatesIn aviation:...

) for reporting.