With many brokers, orders placed for exchange-listed securities are not executed through the order books of those exchanges. Instead, retail brokers often execute these orders with designated market makers who pay commissions to those brokers for the order flow ("flow") meaning the investor may or may not have received the best deal.

MERJ offers Direct Market Access (DMA) to the Order Book to participants of all types and sizes for Central Limit Order Book (CLOB) driven markets. DMA is provided to all MERJ Direct Participants and clients of certain Members providing DMA services.

✦ Level playing field: Every order is treated the same and only prioritized by price and time.

✦ Visibility: the CLOB is a "lit" order book and all orders are shown to the entire marketplace.

✦ Order Book Depth: participants are able to view the number of securities and the price at which various market participants are willing to trade given security.

✦ Limit Orders: participants are able to use limits orders to buy or sell their securities at specific prices.

✦ Tighter spreads: by publicly displaying limit orders in the Central Limit Order Book, market spreads become tighter over time which benefits all market participants.

✦ Peace of mind: rest easy knowing that your orders are being supervised by a regulated Exchange.