Direct Market Access (DMA) refers to electronic facilities that allow buy side firms to more directly access liquidity for financial securities they may wish to buy or sell. Using DMA, the firms still use the infrastructure of sell side firms but take over more of the control over the way a transaction ("trade") is executed. This is primarily motivated by lower transactions cost but also reflects a more activist profile among buy-side firms, especially hedge funds. Buy side is a financial term used in trading. ... Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ... In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange. ... A is a lightly regulated private investment fund. ...

DMA was previously provided by independent firms, but the acceptance of such facilities has led to consolidation and acquisition by established sell-side firms.