Asynchronous Transfer Mode (ATM) shared buffer switches have numerous advantages, but have the principal disadvantage that all switch traffic must pass through the bottleneck of a single memory. To achieve the most efficient usage of this bottleneck, the shared buffer is made blockable, resulting in a switch architecture that we call "throttled-buffer", which has several advantageous properties. Shared buffer efficiency is maximized while decreasing both capacity and power requirements. Asynchronous operation is possible, whereby peak link data rates are allowed to approach the aggregate switch rate. Multicasting is also efficiently supported. The architecture and operation of this low-cost switch are described in detail.