Computer-Assisted Execution System

A computerized order-entry system that sends buy or sell orders to market makers for over-the-counter trades.

computer-assisted execution system (CAES)

A system for the automatic execution of broker-dealer limit and market orders by market makers in the over-the-counter market. Broker-dealers may designate a particular market maker or may have the order automatically routed to the market maker offering the best price.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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