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 orders available for trading.
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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.
50 Citations
26 Claims
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1. A computer trading system for trading instruments comprising:
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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 orders available for trading. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computer trading system for trading instruments, the system comprising:
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a plurality of nodes coupled together thereby forming part of a network, each node comprising a store of orders available for trading; a first node which sends a notification of a first quote over the network; a second node which sends a notification of a hit of the first quote over the network; wherein the first node further sends a notification through the network that the first quote is no longer available; the network determines that the notification of the hit will not match with the first quote because the first quote is no longer available; the network receives a notification of a second quote, from the store of orders, from a third node for a trade corresponding to the hit; and the network matches the hit with the second quote. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23)
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24. A method for performing a trade in a trading system, the method comprising:
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sending a notification of a first quote from a first node to a network coupled to the first node; sending a notification of a hit of the first quote from a second node to the network;
sending a notification that the first quote is no longer available to the network before the notification of the hit matches the first quote;receiving a second quote from a store of orders available for trading from a third node for a trade corresponding to the hit; and matching the hit with the second quote. - View Dependent Claims (25)
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26. A trading system comprising:
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a plurality of terminals coupled to a broker network, each terminal effective to send quotes and hits through the network to other terminals; wherein; the network is effective to match quotes and hits and remove quotes from the terminals when a match is made; and when two hits are sent through the network regarding a particular quote in a store of orders available for trading, the network matches one of the hits with the particular quote in the store of orders and attempts to match the other hit with another quote in the store of orders.
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Specification