Automated trading system

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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. More than simply being an order book, Instinet enables anonymous conversations and negotiations to take place between bidders, and so reduces informational costs to the participants.

A newer ATS is Pipeline.

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