An automated order entry system is a computer system installed by exchanges to route stock and option orders directly to the trading pit. The electronic automated order entry system routes small orders directly to the appropriate specialist on the exchange floor, bypassing floor brokers. Both round and odd lots orders can be entered on such an automated order entry system terminal. They are intended to speed the execution of orders. The automated order entry system enables fast entry, execution, and confirmation of the orders. An automated order entry system usually has limits on the size of orders. SUPERDOT (NYSE), AUTO EX (AMEX), SOES (NASDAQ) and RAES (CBOT) are examples of the automated order entry system. An efficient automated order entry system combines speed, accuracy, ruggedness and versatility in handling the ever-increasing workload of the exchanges. |
