direct access trading (DAT)
An Internet-based order entry and execution system offered by some brokerage firms that permits an investor to place trades directly with market makers and specialists, using an Electronic Communication Network (ECN). Direct access trading can provide faster order fulfillment but also entails some extra risk because the order is not reviewed by a registered representative prior to submittal.
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time and sales
direct access trading (DAT)
level III data
basket order
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