computerized trading reconstruction system
A program that records details of every Transaction on the market. The name is generally used in reference of the Chicago Board of Trade's system of operation. However, similar systems are used on other markets, including forex. Information includes price, quantity, and time of the trade as well as the traders involved in the transaction. This management system allows trades to be queued up properly without redundancy. It also reduces paperwork and potential for mistakes through a standardized verification and certification process.
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