automated order system investment & finance definition

A computerized trading order-entry system that sends single-order entries directly to the appropriate specialist on the exchange floor. The New York Stock Exchange’s system is called Super DOT. The Philadelphia Stock Exchange uses PACE (Philadelphia Automated Communication and Execution System) and Autom (Automated Options Market). The NASDAQ stock market uses the Small Order Execution System (SOES), which automatically executes agency orders in NASDAQ SmallCap securities for 1,000 shares or less. Another system is Auto-Ex.