An automated trading system (ATS) is a computer trading program that automatically submits trades to an exchange.
An example of an early ATS is Instinet.
This allows traders to input trades invisibly to the market, with a crossing price determined by a VWAP measure. Instinet also enables anonymous conversations and negotiations to take place between bidders, and so reduces informational costs to the participants.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment