30 years: Capital markets & investment banking
Not all venues to match buyers and sellers are regulated as an exchange. In this video, Peter provides an overview of alternative trading systems.
Not all venues to match buyers and sellers are regulated as an exchange. In this video, Peter provides an overview of alternative trading systems.
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1 min 58 secs
Alternative Trading Systems define other mediums that facilitate trades, in addition to stock exchanges. These ATS serve the same function as a stock exchange but are different in regards to its regulation, efficiency of transactions and transparency of trades.
Key learning objectives:
Define ATS
Explain the differences between ATS and a stock exchange
Describe how ATS have influenced trading strategies and regulators
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Alternative Trading Systems (ATS) are venues to match the buy and sell orders of participants, and now account for much of the liquidity found in publicly traded shares worldwide.
Alternative Trading Systems have led to fragmentation, as individual securities are now traded across multiple venues. Brokers have responded by offering smart order routing and other strategies utilising technology to secure the best price across venues.
Regulators have stepped up enforcement actions against ATS for infractions such as trading against customer order flow or making use of confidential customer trading information.
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