Credit management for electronic brokerage system
First Claim
1. A computerized trading system for enabling a plurality of traders to trade with one another, the trading system comprising:
- a central computer system including at least one computer, the central computer system receiving quotes;
a plurality of trader terminals, each of the trader terminals being associated with a respective trader, at least some of the traders sending one or more of the quotes to the central computer system via their respective trader terminals;
the central computer system forwarding best dealable quote information to each trader terminal of at least a subset of the trader terminals indicating which of the quotes received by the central computer system is the best quote which can be accepted by the trader using the respective trader terminal as a function of credit information related to such trader; and
each trader terminal of the subset displaying the best dealable quote which the trader associated with that trader terminal can accept as a function of the best dealable quote information sent to it whereby such best dealable quote has been prescreened for credit.
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Accused Products
Abstract
An anonymous trading system (FIG. 1) identifies the best bids and offers (QuoteSubmit, FIG. 3) from those counterparties (WS A1a1) with which each party (WS A1fb1, WS A1b2, ... WS A2a2) is currently eligible to deal, while maintaining the anonymity of the potential counterparty and the confidentiality of any specific credit limitations imposed by the anonymous potential counterparty. To that end, each bid or offer (QuoteSubmit, FIG. 3) for a particular type of financial instrument is prescreened by the system for compatibility with limited credit information (for example, a one bit flag indicating whether a predetermined limit has already been exceeded) and an anonymous “Dealable” price (24,26) is calculated for each of the traders (WS A1b, . . . WS A2a) dealing with that particular financial instrument.
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Citations
45 Claims
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1. A computerized trading system for enabling a plurality of traders to trade with one another, the trading system comprising:
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a central computer system including at least one computer, the central computer system receiving quotes; a plurality of trader terminals, each of the trader terminals being associated with a respective trader, at least some of the traders sending one or more of the quotes to the central computer system via their respective trader terminals; the central computer system forwarding best dealable quote information to each trader terminal of at least a subset of the trader terminals indicating which of the quotes received by the central computer system is the best quote which can be accepted by the trader using the respective trader terminal as a function of credit information related to such trader; and each trader terminal of the subset displaying the best dealable quote which the trader associated with that trader terminal can accept as a function of the best dealable quote information sent to it whereby such best dealable quote has been prescreened for credit. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A computerized method of providing information to a plurality of traders using respective trader terminals, the information relating to quotes which can be accepted by the traders, the method comprising:
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sending quotes to a central computer system comprising at least one computer; determining at the central computer system which quotes can be accepted by each trader as a function of credit information related to that trader; forwarding information to each respective trader terminal the information being based upon the determination and indicating the best quote that can be accepted by the trader using that trader terminal; and
displaying at each respective trader terminal the best quote the trader using that trader terminal can accept. - View Dependent Claims (20, 21, 22, 23, 24)
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25. A method of trading on a computerized trading system, the method comprising:
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entering a quote into the computerized trading system on behalf of a first trading entity; the computerized trading system determining whether the quote should be offered to a second trading entity as a function of the amount of credit the first trading entity has extended to the second trading entity; the computerized trading system offering the quote to the second trading entity if the determination is positive and not offering the quote to the second trading entity if it is negative; the second trading entity indicating that entity'"'"'s desire to accept the quote; and
thereafterthe computerized trading system rechecking the amount of remaining credit the first trading entity is extending to the second trading entity and determining whether all or a portion of the quote can be accepted as a function of the amount of remaining credit.
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26. A method for permitting a plurality of market makers to trade anonymously with a plurality of market takers over a computerized trading system, at least some of the market takers using respective taker terminals to trade with one or more of the market makers, the method comprising:
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entering quotes from the market makers into the computerized trading system; entering credit information into the computerized trading system, the credit information being related to the amount of credit at least entities associated with the market makers extend to at least some entities associated with the market takers; and determining, for each of a plurality of taker terminals, a best quote which can be accepted by the respective market taker using the respective taker terminal as a function of at least both; (a) the quotes entered into the computerized trading system; and (b) at least a portion of the credit information entered into the computerized trading system and related to the respective market taker using the respective taker terminal; and displaying the respective best quote at the respective taker terminals. - View Dependent Claims (27, 28, 29, 30, 31, 32)
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33. A method of trading on a computerized trading system, the method comprising:
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entering a quote into the computerized trading system on behalf of a first trading entity; the computerized trading system determining whether the quote should be offered to a second trading entity as a function of at least the amount of remaining credit a first credit granting entity, which is associated with the first trading entity, has extended to a second credit granting entity, which is associated with the second trading entity; and
thereafterthe computerized trading system offering the quote to the second trading entity if the determination is positive and not offering the quote to the second trading entity if the determination is negative, whereby the quote has been prescreened for credit. - View Dependent Claims (34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
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Specification