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What's Up With ATSs?

Traders Magazine, January 1999

John A. Byrne

What is an alternative trading system (ATS)? The definition used by regulators counts Reuters Holdings' Instinet. A hugely successful electronic-agency broker, Instinet charges commissions to institutions and dealers whenever they execute stock transactions, often negotiated between the bid and ask spread.

Under the same definition, Instinet is an electronic communications network. At the same time, it is a global broker in 40 markets servicing more than 10,000 terminals, an Instinet spokesman said. Instinet has a physical presence too, staffing a floor in New York with 100 traders.

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