This paper describes the work carried out in the RACE Project R2039 ATMOS (asynchronous transfer mode optical switching). The project is briefly illustrated, together with its main goal: to develop and assess concepts and technology suitable for optical fast packet switching. The project's technical approach consisted in the exploitation of the space and wavelength domains for fast routing and buffering: The major achievements are then reported. Four different switch architecture concepts have been proposed, investigated and developed, all based on a high speed optical routing matrix electrically controlled at lower speed. The basic optical key components and subsystems (wavelength converters, space switches and optical buffers) are described in detail, with the outstanding results obtained and the corresponding projected performance. In particular, system demonstration of wavelength conversion at 10 and 20 Gb/s has been realized, to show the usefulness of the ATMOS technology both to implement optimized high performance optical packet-switching fabrics as well as transparent optical circuit-routing nodes. Four rack-mounted, reduced size demonstrators of basic switching matrices have been designed and implemented scalable to real system sizes. The obtained good results in terms of bit error rate and hardware integration are reported, showing that ATM switches are feasible with state of-the-art optical technology.