CATS (trading system)

Source: Wikipedia, the free encyclopedia.

CATS (Computer Assisted Trading System) was an automated exchange system developed by the

Paris Bourse purchased this system in the early 1980s and implemented it as CAC (Cotation Assistée en Continu
).

CATS handled the process of order matching and price setting through a "double auction" algorithm. It is credited for having been the first system to allow for a full automation of the price setting process in a centralized, order-driven stock market.[citation needed]

Notes

  1. ^ "Interview: Donald Unruh: On Life After CATS". The Sell Side. 20 May 1991.

References

  • Domowitz, I. 1990 "The Mechanics of Automated Trade Execution Systems", Journal of Financial Intermediation 1(2): 167–194.
  • Domowitz, I. and Wang, J. 1994 "Auctions as Algorithms: Computerized Trade Execution and Price Discovery", Journal of Economic Dynamics and Control 18(1): 29–60.
  • Toronto Stock Exchange, 1982 CATS The First Five Years
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