The application of defined rules and logic to automate decisions and actions that occur before the actual execution of a trade order. This includes compliance checks, risk analysis, and determining the optimal routing channel before the order reaches the EMS or SOR. This is sometimes referred to as a Wheel or Algo Wheel but extends far beyond specific use cases like Algo / Broker selection and can refer to any aspect of automation of an order such as “automated acknowledgement”, “Message / FIX manipulation”, or “order behaviour changes”.