Nasdaq announced that the United States Securities and Exchange Commission has approved its request to operate the first exchange AI-driven order type on Sept. 8. Called the dynamic midpoint extended life order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and, essentially, recalibrate itself in real-time. Order types are a set of software instructions that execute specific trade pairs at exact market pricing thresholds. This form of automation has been around for a while, but the new AI-driven order type is the first of its kind.
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