Sorry to be so naive but what are automated trades. I presume when a share hits a certain price the system either buys or sells with no human input. Just looking at the trades for KMR and it is nearly all AT!!!!

I'll try.
Imagine you placed an advert (an entry in the order book - computerised) to sell 1000 ABC shares at 1 each. The advert would run until you cancelled it. Eventually, someone would pay you the 1000 and take the shares. You may have to wait some time, because others are advertising their shares at 95p, so they would be bought first. Only when they ran out would your advert attract attention.
Conversely, if you wanted to buy 1000 ABC shares at 1 each you would read all those adverts (the order book) and find someone willing to sell at that price. if the stock is strong, they may only be willing to sell at 105p and you would have to either pay the premium or leave an order to buy if and when anyone reduces their price, or a new seller comes along willing to sell at that price. Suddenly its not down to MM's getting in the middle and making a cut.
Its about as clear as I can make it. Hope it helps.
Alan

Another way of looking at it:

When you phone your broker to buy or sell, the trade is normally reported as an 'O' trade.

If you buy or sell over SETS (typically institutions, funds, and more savvy traders) the trade is reported as 'AT'.

Most FTSE companys are almost entirely AT trades - and the last AT trade executed is what determines the current price. There's a special Automated trade at the end of every closing auction, reported as a UT trade around 4.35pm, that determines the closing price.

Why can't I make it sound that simple???
DOH!!
Alan

Alan - I posted a description similar to yours a few years ago on the other side.

The images are a bit out of date (as is the price of ARM!!!), but the principles still apply, and it illustrates post 3 from this thread quite well.

Level 2 & SETS trading

Penny Black, huh?
Wondered why you looked so familiar :o)

Of course you need a login to use the link

thanks very much guys, definately understand now. KMR being a ftse stock, it all makes sense. Cheers