Research Discussion Papers, Bank of Finland
No 24/2001:
Securities market ATSs Concepts, their roles and related policy issues
Kari Korhonen ()
Abstract: The aim of this paper is to clarify the concept of
alternative trading systems (ATS) and to present an interpretation of their
role in the securities markets. The discussion focuses on trading venues
related to debt instruments and equities. Geographically, the American and
European markets are the focus of interest. In brief, the primary aim of
the paper is to demystify ATSs. Secondly, the paper analyses general policy
issues raised by ATSs and concludes with an analysis of selected issues
related to the Investment Services Directive. The main sources available on
the subject are reports published by market participant lead associations,
regulators or international organisations. As in all fields of the ’new
economy’, the most up-to-date information sources are publications issued
by operators themselves. Moreover, the use of news articles (often online
publications) has been deemed appropriate in this context.
Keywords: alternative trading system; ATS; ECN; exchange; equities market; bond market; oversight; supervision; systemic risk; investment services directive; (follow links to similar papers)
73 pages, November 21, 2001
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