Nasdaq Gets SEC Approval for AI-Powered Order Type to Improve Trade Execution

Nasdaq gets SEC approval for first AI-driven order type called dynamic midpoint extended life order (M-ELO)

M-ELO uses reinforcement learning to adjust holding period in real-time to improve execution quality

Nasdaq research shows 20% increase in fill rates and 11% less mark-outs with new AI order type

Approval indicates potential of AI to increase market efficiency if successful

Could help Nasdaq gain market share from other exchanges