How shares & other securities would be traded on the ATS?
When a client gives an instruction to his stockbroking firm to buy or sell a particular stock, the broker will enter the order on his terminal. The order will instantaneously be routed electronically to the Stock Exchange. The ATS automatically matches the orders against each other, resulting in trades. The ATS records the sale price, quantity, buyer and seller and time of the trade. Trades that are executed by the ATS are known as on-market trades. Orders entered into the ATS are matched under the supervision of the SEM. The order book maintained by the ATS for each security is divided into bids and offers and prices are determined and trades effected in accordance with specific rules depending on order parameters set out in the Trading Procedures.
