Series 24: ACES Pass-Through System

ACES Pass-Through System

The Advanced Computerized Execution System (ACES) is a service run by NASDAQ for market makers and order entry firms. It allows order entry firms to route their orders directly to a specific market maker and gain access to its trading platform. Market makers are willing to pay to secure access to an order entry firm’s orders, believing that such access will help them increase total orders filled and thus increase revenues. Because the ma