ARCHITECTURE FOR ANONYMOUS TRADING SYSTEM

• US 20080120377A1
• 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: Iaccheo, Steven, Jain, Neena, Neyman, Vladimir, Howorka, Edward, Shu, James
• Granted Patent: US 7,937,306 B2
• Time in Patent Office: Days
• US Class Current: 709/204
• 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 anonymous trading system for trading fungible instruments comprising:

a communications network for transmitting electronic messages;

a plurality of order input devices connected to the communications network each for generating electronic price quotation messages including bid and/or offer prices and for communication to a trader of price quotation messages received from others of said plurality of order input devices over the network;

a plurality of broking nodes connected to the network for matching orders input into the system from the order input devices, for executing deals where orders are matched and for distributing price quotation messages to the order input devices in response to the price quotation messages and the order matching;

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

2. An anonymous trading system for trading fungible instruments comprising:

a communications network for transmitting electronic messages;

a plurality of order input devices connected to the communications network each for generating electronic price quotation messages including bid and/or offer prices and for communication to a trader of price quotation messages received from others of said plurality of order input devices over the network;

a plurality of broking nodes connected to the network for distributing price quotation messages to the order input devices in response to the price quotation messages and the order matching;

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