COMPOUND ORDER HANDLING IN AN ANONYMOUS TRADING SYSTEM
6 Assignments
0 Petitions
Accused Products
Abstract
Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker'"'"'s trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesised from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker'"'"'s trading agent converts it into a joint execution order.
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Citations
51 Claims
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1-34. -34. (canceled)
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35. A computer system for trading synthesized currency pairs between traders, the computer system comprising:
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a plurality of order input devices, at least one of said order input devices for entering into the computer system a joint execution order comprising two or more linked orders;
means for synthesizing bid and offer orders for transactions between a pair of currencies forming a synthetic currency pair having a first currency and a second currency from bid and offer orders entered into the computer system for transactions between a currency pair comprising the first currency and a third currency and bid and offer orders entered into the computer system for transactions between a currency pair comprising the second currency and the third currency;
means for matching and executing joint execution orders, the means for matching and executing performing only one of;
executing, as separate trades, all of the linked orders of the joint execution order; and
rejecting all of the linked orders of the joint execution order, and wherein;
the computer system further includes means for converting a bid or offer order in said synthetic currency pair into a joint execution order comprising an order in each of said currency pair comprising the first and third currency and said currency pair comprising the second and third currency. - View Dependent Claims (36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48)
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49. A computer system for trading synthesized currency pairs between traders, the computer system comprising:
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means for synthesizing bid and offer orders for transactions between a pair of currencies forming a synthetic currency pair having a first currency and a second currency from bid and offer orders entered into the computer system for transactions between a currency pair comprising the first currency and a third currency and bid and offer orders entered into the computer system for transactions between a currency pair comprising the second currency and the third currency;
means for matching and executing joint execution orders, the means for matching and executing performing only one of;
executing, as separate trades, all linked orders of a joint execution order entered into the computer system; and
rejecting all linked orders of a joint execution order entered into the computer system, and wherein;
the computer system further includes means for converting a bid or offer order in said synthetic currency pair into a joint execution order comprising an order in each of said currency pair comprising the first and third currency and said currency pair comprising the second and third currency.
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50. A method of trading synthesized currency pairs between traders on a computer system, the method comprising:
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synthesizing bid and offer orders for transactions between a pair of currencies forming a synthetic currency pair having a first currency and a second currency from bid and offer orders entered into the computer system for transactions between a currency pair comprising the first currency and a third currency and bid and offer orders entered into the computer system for transactions between a currency pair comprising the second currency and the third currency;
matching and executing joint execution orders by performing only one of;
executing, as separate trades, all linked orders of a joint execution order entered into the computer system; and
rejecting all linked orders of a joint execution order entered into the computer system, and wherein;
the method further includes converting a bid or offer order in said synthetic currency pair into a joint execution order comprising an order in each of said currency pair comprising the first and third currency and said currency pair comprising the second and third currency. - View Dependent Claims (51)
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Specification