Manual Execution

The axe would be our favorite, although the Ned Stark-decapitation-style sword has a lot of drama. Kind of a toss-up. But not the lazy injection needle or guillotine...we’re talking hands-on, medieval-style capital punishment: decapitation with an axe, garroting, etc. We're talking getting your hands dirty. You know...manual execution.

The term also comes up when trading in financial markets.

You want to buy 100 shares of GE. Instead of logging onto a computer and executing the trade automatically (meaning a trade that executes strictly through computer-to-computer interaction), you go the old-fashioned route. You call your broker. They call down to the specialist on the NYSE floor. That person starts yelling and throwing her arms around and scribbling furiously on little scraps of paper. Eventually, she gets the attention of the person selling GE. The two yell some stuff back and forth to each other. Deal done.

That process represents manual execution.

The term refers to trading that involves people (not just computers), usually in the form of a dealer or broker, along with the folks working on the exchange floor. Obviously, the automatic way goes a lot faster. But hey, maybe you like to do things the quaint, old-tyme way...maybe you keep a chamber pot under your bed and have someone deliver milk to you daily. Who are we to judge?