SuMMary 277 are attractive. The system may monitor the process in the hope of deducing automated strategies that may be exploited. For example, if an execution immediately results in an order being replenished, the system may assume that a hidden order is operating in the venue. When orders do not execute, the price may be adjusted in pursuit of executions. These algorithms can employ great sophistication and must be modified frequently because others will adapt to strategies to gain an advantage. ouTPuTS Buy-side trading produces the orders and is responsible for market data although we do not address the data until the execution is completed in Step 4. Data Produced