Securities Industry Automation Corporation

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Securities Industry Automation Corporation

Also called SIAC. On the New York Stock Exchange, AMEX, and affiliated exchanges, an organization that provides computer services. Consequently, SIAC runs DOT, which is a computerized order-entry system that sends smaller buy or sell orders to the appropriate specialist on the floor of a stock exchange, bypassing the floor broker. It also provides the Consolidated Quotation System and the Options Price Reporting Authority. The NYSE owns two-thirds of the SIAC, while AMEX owns the remainder.

Securities Industry Automation Corporation (SIAC)

A firm that processes and checks clearing data on securities transactions sent by purchase and sales departments of member brokerage firms. The purpose of SIAC, which is owned by the exchanges, is to alleviate much of the confusion and paperwork that ordinarily results from independent actions of an individual brokerage firm. See also contract sheet.
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