An Alternative Trading System (ATS) is a non-exchange trading venue that matches buyers and sellers to trade securities, usually through electronic means. It operates independently of the traditional stock exchanges and is often used to facilitate large block trades with minimally impacting the market.
In the European Union, a Multilateral Trading Facility (MTF) is a financial trading platform that operates as an alternative to regulated exchanges. It allows for electronic trading and often matches buyers and sellers anonymously, akin to the U.S. Alternative Trading System (ATS).
