NASDAQ has just announced that the Commission of Securities & Exchange have approved NASDAQ’s request for operating its first-ever AI powered order type.
It is labeled the M-ELO, which is the dynamic midpoint extended order and which makes it a “dynamic”. This essentially indicates that it is going to make use of AI and then recalibrate over time by itself.
The order types are actually a set of software instructions that aim at executing a specific trade of pairs at the specified market pricing limits. This type of automation has been around for quite a while, but this novel AI-powered order type is actually the first of its kind in making use of real-time execution of orders that are going to make use of AI.
The benefit of this is going to be that it will effectively speed up the orders that are placed within the system.
NASDAQ has also stated in a blog that:
“20.3% increase in fill rates and an 11.4% reduction in mark-out”
They have observed this advancement during their testing and research.
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