SHOP

See Alternative Trading System.

See Automated Trading.

A branch of computer science that is concerned with the automation of intelligent behavior. To be considered “intelligent”, should respond to situations flexibly, make sense of ambiguous or contradictory messages, recognize the different elements of a situation, find similarities between situations despite differences which may separate them and draw distinctions…

See Authorized Participant.

Electronic trading system that is an alternative to an organized exchange which matches orders for buyers and sellers of securities.

Multiple parties on the same platform can trade with each other. So, dealer to dealer, dealer to investor and investor to investor can all trade directly with each other. This is in contrast to the traditional model where a dealer supplies the price.

Automated trading whereby trades are executed using a set of pre-defined instructions or rules via computer programs. Trading is automated through one or more stages of the trading process – pre-trade or data analysis, trading signal generation or what to trade, and trade execution, i.e., when and how to trade.

See Algorithmic Trading.

See Sterling Overnight Index Average.

A transaction-based overnight interest rate that is unsecured. The rate will serve as the risk-free reference rate in Japan. TONAR is used in the overnight index swap (OIS) market as a reference rate.

See Tokyo Overnight Average Rate.

A transaction-based overnight interest rate that is secured and calculated from the swiss repo market. According to the six-group website “The point of departure of Switzerland’s yield curve is the SARON®, an overnight reference rate based on data from the Swiss franc repo market.”