ARCHITECTURE FOR ANONYMOUS TRADING SYSTEM

• US 20080120223A1
• Filed: 01/28/2008
• Published: 05/22/2008
• Est. Priority Date: 06/23/2000
• Status: Active Grant

• Current Assignee: EBS Group Ltd. (CME Group Incorporated)
• Original Assignee: EBS Group Ltd. (CME Group Incorporated)
• Inventors: Jain, Neena, Iaccheo, Steven, Neyman, Vladimir, Howorka, Edward, Shu, James
• Granted Patent: US 8,027,895 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

An anonymous trading system comprises a network of broker nodes, each of which have an equal status and can match orders, initiate deals and distribute prices. Trading agents are connected to some or all of the broker nodes. The network is arranged to conform to a series of rules and in a preferred embodiment the brokers are arranged as a clique tree.

Claims

1. An electronic trading system comprising:

a plurality of broking nodes for matching anonymous bids and offers entered into the system by counterparties and for executing matched bids and offers to complete a deal, the broking nodes being arranged as a plurality of cliques, wherein each clique comprises a plurality of logically connected broking nodes, with each broking node in the clique being connected to all other broking nodes in the clique and any two cliques being connected by a single path whereby the plurality of broking nodes form a clique tree.

2. An electronic trading system comprising:

a plurality of broking nodes for distributing price quotation messages, the broking nodes being arranged as a plurality of cliques, wherein each clique comprises a plurality of logically connected broking nodes, with each broking node in the clique being connected to all other broking nodes in the clique and any two cliques being connected by a single path whereby the plurality of broking nodes form a clique tree.