This paper discusses modeling and simulation of ATM Traffic Management. It presents a survey on the requirements needed for such task considering previous work in the area. The survey encloses the following topics: the modeling approach; the requirements for trustworthy performance and QoS analysis; and the choice of the simulation environment where the models will be implemented. The paper also presents a new ATM network model implemented in a communication systems simulation environment called SimNT 2.0. The network model covers SVC routing and management, ATM traffic management functions, packet and cell transport/processing and clients behavior. The TM functions taken into account include per-VC queuing, weighted fair-share scheduling, traffic shaping, effective bandwidth connection admission control, selective cell discarding, leaky-bucket traffic policing and traffic contract configuration and negotiation. Numerical results briefly demonstrate the network model.