Direct Market Access - DMA

When byusider investors (mutual funds, hedge funds, other managed funds) want to get around going through broker dealers and other commission or spread-eating entities, they...DMA. That is, they garner an electronic direct-connect to an exchange through which they direct their own buy and sell orders, in the form of the order book that is displayed for all the other "book managers" trading in that security.

Why would a buysider want to "go direct"?

The commission-saving thing is obvious. But less obvious might be the possibility that it has been accumulating a large position in XYZ company on which it has now soured, and wants to sell its position...but doesn't want brokers whispering that 84 million shares are coming for sale soon.

So there are all kinds of ways it can manage its trading better when it's "right there" in the trading pit, albeit electronically virtually, and glean for itself how the jungle drums are beating, regarding appetite for all those shares soon coming for sale.