CATS (trading system) 4733115 190048682 2008-02-08T22:05:38Z Klapper 3804592 de '''CATS (Computer Assisted Trading System)''' is an automated exchange system developed for the [[Toronto Stock Exchange]] in 1977. CATS was one of the first technologies allowing for a full automation of the price-setting process in a stock exchange. This technology was implemented in several other stock exchanges in the 1980s. In some cases, it was used as an assistance to [[Open outcry|open-outcry]], but in others it allowed for a full dismantlement of the open-outcry institution. 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. ==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. [[Category:Stock exchanges in North America]] [[Category:Business software]] [[de:Computer Assisted Trading System]]