                                                61

     .  1986 .  -
        .   1990 . 
      
FORES (Floor Order Routing and Execution System}.

       , 
   .      ,  saitori,
   ,   ,     
,  .   ,     
           .

    (     9.00  11.00
  13.00  15.00,       ) saitori   
itayose,      .  
,   ,     -
         . ( 
,    ,   . 4,   
. 4.14.4.)

 , saitori   ,  .,  
      . ,   
         
   ,        -
,   ,       -
 .           
,      ,      .
          NYSE 
 ,           . 
 NYSE     ,       -
   ,    ,   
    .      
     ,      -
    (    ).

  

 1977 .        CATS (Computer-
Assisted Trading System).        30 -
.        ,    ,
  700,     .    -
        
,   NYSE.   CATS  ,     
       .   -
    ,      -
         
.

 CATS  ,    ,   
,     .     
      .     -
           -
     (..         -
        ,     -
     ).       -
         ,  -
          ,   -