Advanced Computerized Execution System (ACES) - Is an NASD subscription service paid for by market makers that allows order-entry firms trading in Nasdaq Capital Market and Nasdaq global market stocks access to a market maker's internal trading system to route to them using the ACES "Pass-Through". The market maker then executes the order internally, and sends a confirmation and trade report back through ACES to the order entry firm.
ACES also automatically sends the trade information to Automated Confirmation Transaction Service (ACT) for reporting.