Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211902 
Authors: 
Year of Publication: 
2001
Series/Report no.: 
Bank of Finland Discussion Papers No. 24/2001
Publisher: 
Bank of Finland, Helsinki
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.
Subjects: 
alternative trading system
ATS
ECN
exchange
equities market
bond market
oversight
supervision
systemic risk
investment services directive
Persistent Identifier of the first edition: 
ISBN: 
951-686-755-3
Document Type: 
Working Paper

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