Which term describes the process of handling orders automatically through various trading venues?

The term that describes the process of handling orders automatically through various trading venues is Smart Order Routing. This approach utilizes algorithms to analyze market conditions and determine the best way to execute an order across different exchanges, thereby ensuring optimal prices and minimal market impact.

Smart Order Routing is essential in a fragmented market where multiple trading venues exist and can significantly enhance the efficiency of order execution. By integrating real-time data and comparing prices across platforms, it allows traders to capture better pricing opportunities, reduce transaction costs, and improve overall trading performance.

In contrast, the other terms do not encapsulate this automated and strategic approach to order management. Exchange Management generally refers to the oversight and operation of trading platforms rather than the order execution process itself. Manual Order Entry involves human inputs for placing trades, which lacks the efficiency and speed of automated systems. Brokerage Execution pertains to the generic execution of trades by brokers without emphasizing the automatic routing across various venues that Smart Order Routing specifically entails. Thus, Smart Order Routing is clearly the best representation of this automated handling process.