cats is operated by BS cats GmbH as an off-exchange market network, allowing clients to interact bilaterally with product issuers and market makers all over Europe in a fully automated environment (STP). cats also supports several highly scalable order (OMS) and execution management (EMS) services as well as routing to external markets in more than 1.8 Million products. BS cats GmbH is licensed by BaFin, the German Financial Supervisory Authority.
cats-os is the solution for request-for-quote (RfQ) based off-exchange trading and routing of securities online, in real-time.
For the market maker, it provides immediate access to the order flow providers of investment products efficiently and in a cost effective manner. For the order flow community of online and private banks, cats-os provides a transparent off-exchange trading platform with real-time tradable prices and volumes. Multiple industry standard interfaces to facilitate users to embed cats-os into their front, middle and back office systems thereby allowing them to gain STP and risk management advantages.
cats-ls facilitates order-driven off-exchange bi-lateral trading within the same community of users providing market orders, limit orders, stop-loss and buy-in orders, in a wide range of securities. The cats-ls order flow providers order records are never visible to the market maker. The price feed from the market maker of every tick is processed against the open orders. If an order is triggered, the cats-ls system submits a 2-way request for quote to the market maker execution engine; the process is building on the successful cats-os STP model. Trade execution price will be at limit or better (“Best Price Execution”). No customer order matching is undertaken with all trades executed against the client selected market maker.