Series 24: ACES Pass-Through System

Taken from our Series 24 Online Guide

ACES Pass-Through System

The Advanced Computerized Execution System (ACES) is a service run by NASDAQ for market makers and order entry firms that allows order entry firms to route their orders directly to specific market makers and gain access to its trading platform. Market makers are willing to pay to secure access to an order entry firm’s orders, thinking to increase the number of orders it will fill and therefore its rev

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