Been ten years since I was last in it, but a lot of large investment firms (before automated trading was prevalent in the older large institutions) don't have p

Been ten years since I was last in it, but a lot of large investment firms (before automated trading was prevalent in the older large institutions) don't have people responding to the market ad hoc. Trades are executed infrequently (weekly, if not monthly) and are approved upfront during trade planning meetings to define the qualifying parameters for a particular order.