Madrid Stock Exchange Computer Assisted Trading System (MSE CATS)
What Is the Madrid Stock Exchange Computer Assisted Trading System (MSE CATS)?
The term Madrid Stock Exchange Computer Assisted Trading System (MSE CATS) alludes to an electronic trading platform that was utilized by the Madrid Stock Exchange. The system, which depended on the Toronto Computer Assisted Trading System, was adopted in 1989. As the world's most memorable completely electronic trading system, CATS permitted Spanish markets to operate on a continuous basis. The utilization of the CATS was phased out by 1995 and was replaced by a more modern system known as the Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol.
Understanding the Madrid Stock Exchange Computer Assisted Trading System (MSE CATS)
The Madrid Stock Exchange, which is otherwise called the Bolsa de Madrid, was laid out in 1809. In 1831, the country passed a law formally making the exchange. It initially traded securities in banks, railroads, iron, and steel companies. The exchange assumed a key part in forming the country's economy and encountered a number of milestones, remembering the foundation of another settlement system for 1974 and the implementation of a completely electronic system in 1989.
The Madrid Stock Exchange Computer Assisted Trading System (MES CATS) was developed by the Toronto Stock Exchange (TSX). It was sent off in 1977 as the world's most memorable completely automated exchange system and the main platform to be adopted by a major stock exchange. Following its adoption in Toronto, other stock exchanges carried out the system all through the 1980s, including Madrid.
The Spanish market executed the CATS in 1989. At that time, the MSE underwent critical restructuring. The system increased productivity and transparency, permitting market participants to see the size and price of each order went into the market, as well as the identity of the brokers and other market intermediaries submitting the requests through the MSE CATS interface. The system looked for and found the best potential pairings of buy and sell orders, to provide fast, straightforward, and efficient executions.
In 1995, the system was phased and replaced by Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol, which is otherwise called Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol.
The SIBE platform was developed and laid out by the Madrid Stock Exchange.
Special Considerations
CATS was considered substantially more efficient than the traditional open outcry system in which human traders would place and pair orders from the physical trading floor upon its commencement at the TSX. Notwithstanding its unrivaled speed and exactness, it likewise created trade affirmations for parties on both the buy-and sell-sides. Traders were additionally able to keep up with permanent records inside the CATS. In time, this immense stash of historical transaction records would be viewed as a valuable source of market data in itself.
History of the Madrid Stock Exchange Computer Assisted Trading System (MSE CATS)
The MSE CATS was initially responsible for facilitating trading in seven [large-cap](/enormous cap) stocks, however this portfolio immediately expanded to 51 stocks toward the finish of 1989. It was credited for permitting automation of the price-setting process in a centralized, order-driven stock market, the same way it did in Toronto.
By 1995, the MSE decided to additionally invest in its automation technology, supplanting CATS with another electronic trading system known as the Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol. This new system effectively associated four Spanish stock exchanges, including Madrid, Valencia, Bilbao, and Barcelona. These four exchanges were combined to form a unified, continuous market through this new system, giving order satisfaction, price information, and other real-time market data.
Features
- The MSE CATS was phased out in 1995 and replaced by the Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol.
- The system depended on the CATS system initially developed and carried out by the Toronto Stock Exchange.
- It provided traders with order satisfaction, price quotation, trade affirmations, and record-keeping.
- MSE CATS helped increase the proficiency and transparency of the stock market.
- The Madrid Stock Exchange Computer Assisted Trading System was an electronic trading platform that operated in Madrid somewhere in the range of 1989 and 1995.
