AEMISM - Amex's New Hybrid Market Trading Platform
AEMI (Auction & Electronic Market Integration) combines the best features of the auction market with new capabilities only possible in an automated trading environment. With AEMI you can expect:
- Reg NMS Compliance - Under Reg NMS, Amex will qualify as an automated trading center and will publish "automated" quotes by default. Incoming orders will be executed within a fraction of a second without human intervention, maintaining our competitiveness in a fast-paced trading environment.
- Choice of execution method - Investors can choose to have their orders executed automatically against published bids or offers with turnaround times measured in milliseconds, or handled by floor brokers with point of sale privileges.
- Immediate quote updates - Quotes will be published automatically in response to order flow, removing the need for manual updates by specialists and allowing continuous automated trading.
- Automated price improvement - Incoming orders may receive superior execution by interacting with orders already programmed to offer price improvement in the electronic environment.
- Price discovery in the auction market - The specialist auction market will continue to bring added liquidity, dampen volatility and enhance the stability of the market place
- Enhanced surveillance capabilities - Automated trading rules and flexible access to trading activity will allow sophisticated surveillance and assured integrity across the market.
AEMI brings together the best qualities of the electronic market and the auction market, to deliver the highest quality marketplace.
