Aces Pass-Thru

run by the Nasd ACES Pass-Thru automates trades between order-entry and market-maker firms that have established trading relationships with each other, designating securities at specified quantities for automatic execution. Once trading parameters are set, ACES Pass-Thru facilitates order entry, best-price order execution, and limited-order maintenance, as well as a variety of inventory control capabilities. Trades are then automatically reported for public dissemination and sent for comparison and clearing.