Deal matching in an anonymous trading system
First Claim
1. A computer trading system for trading instruments comprising:
- a first broker node, a second broker node and at least one intermediate matching node connected between the first and second broker nodes, each broker node performing a broking function and the nodes together comprising a distributed network; and
a plurality of trader terminals connected to the distributed network; and
wherein each of the nodes comprises;
a store of orders available for trading; and
a matching facility for matching compatible orders submitted by each of the plurality of trading agents, wherein the intermediate matching node further includes;
means for intercepting a message requesting a deal which has been transmitted from the first broker node to the second broker node;
means for detecting that the deal proposed by the first broker node will fail; and
means for proposing an alternative match with a quote from the store of order available for trading.
6 Assignments
0 Petitions
Accused Products
Abstract
An anonymous trading system comprises an interconnected network of broking noted arranged in cliques which receive buy and sell orders from trader terminals via connected trading engines and which match persistent orders, executed deals and distribute price information to trader terminals. Where two orders are matched, a proposed deal message is sent by the matching broker. If another broker has processed an event which makes the matched quote unavailable the match fails and rematch may occur. Rematch may be attempted by an intermediate broker provided it owns one side of the match, or it received both sides of the match from brokers in different cliques. The intermediate broker attempts to match with the next available quote in the queue.
149 Citations
14 Claims
-
1. A computer trading system for trading instruments comprising:
a first broker node, a second broker node and at least one intermediate matching node connected between the first and second broker nodes, each broker node performing a broking function and the nodes together comprising a distributed network; and
a plurality of trader terminals connected to the distributed network; and
wherein each of the nodes comprises;
a store of orders available for trading; and
a matching facility for matching compatible orders submitted by each of the plurality of trading agents, wherein the intermediate matching node further includes;
means for intercepting a message requesting a deal which has been transmitted from the first broker node to the second broker node;
means for detecting that the deal proposed by the first broker node will fail; and
means for proposing an alternative match with a quote from the store of order available for trading.- View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
Specification