Alternative Trading Systems
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Alternative Trading Systems (ATS) are SEC-approved non-exchange trading venues. They play an important role in public markets for allowing alternative means of accessing liquidity.
Most popular among varieties of ATS are ECNs and Crossing Networks. An example of an ECN would be Bloomberg's TradeBook. Examples of crossing networks would be Liquidnet, Pipeline, or Posit.
Examples of ATS:
- Electronic Communication Networks
- Call Markets - An auction market where orders are grouped until they reach a certain amount, and then executed together at a predetermined time.
- Matching Systems
- Crossing network
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