CATS Trading System

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The Computer Assisted Trading System (CATS) was an automated stock exchange system that went live in 1977. The Toronto Stock Exchange developed it. Harold B. Hofmann was the Vice President of Operations at the Toronto Stock Exchange and the one who introduced the CATS system. CATS enabled full automation of the price-setting process of a stock exchange. Other stock exchanges like the Paris Bourse have used technologies used by the system in the early 1908s. Some stock exchanges used it as assistance to open outcry, whilst others used it as a stand-alone trading system. CATS used a ‘double action’ algorithm to set prices and match orders. It was the world’s first fully automated order matching system.


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