Electronic trading system including an auto-arbitrage feature or name switching feature
First Claim
1. An electronic trading system for traders, the system comprising:
- a plurality of trader terminals for receiving credit parameter data for use in determining whether to permit a trade, for receiving from traders trading data including at least one of bid and offer information, and for receiving arbitrage parameter data from the traders comprising at least one of a minimum spread parameter, an average spread parameter, a minimum size parameter, and a maximum size parameter, said plurality of trader terminals including a first trader terminal, a second trader terminal and a third trader terminal;
a communications network in communication with the plurality of trader terminals;
a computer in communication with said plurality of trader terminals via said communications network, said computer matching trades using said credit parameter data;
a detector for automatically detecting potential related trades, said related trades being treated as contingent trades between said first trader terminal and said second trader terminal and between said first trader terminal and said third trader terminal, for creating an arbitrage opportunity based on credit-related discrepancies within a market where a direct trade between said second trader terminal and said third trader terminal would be unavailable and based on monitoring said trading data, said credit parameter data and said arbitrage parameter data; and
an executing circuit for executing all the detected contingent trades, the executing circuit including a locking circuit for locking trading data for all said contingent trades so as to lock all said contingent trades prior to execution of any of said contingent trades to ensure that said all contingent trades remain available during the execution of said contingent trades;
wherein said executing circuit only executes all the detected contingent trades if the trading data for all the detected contingent trades is locked.
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Accused Products
Abstract
An electronic trading system includes a plurality of trader terminals for receiving credit parameter data, arbitrage parameter data, and trading data from a trading entity, and a computer connected to the plurality of trader terminals via a communications network that receives and stores the credit parameter data and the trading data. The system also includes a detector circuit or program for automatically detecting an available arbitrage opportunity including a plurality of trades based on the credit parameter data, the arbitrage parameter data, and the trading data. A similar electronic trading system includes an automatic name switch feature wherein the plurality of trader terminals receive name switch parameter data, credit parameter data, and trading data from the trading entity. A circuit or program automatically detects and executes available name switch transactions based on the credit parameter data, the name switch parameter data, and the trading data.
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Citations
20 Claims
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1. An electronic trading system for traders, the system comprising:
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a plurality of trader terminals for receiving credit parameter data for use in determining whether to permit a trade, for receiving from traders trading data including at least one of bid and offer information, and for receiving arbitrage parameter data from the traders comprising at least one of a minimum spread parameter, an average spread parameter, a minimum size parameter, and a maximum size parameter, said plurality of trader terminals including a first trader terminal, a second trader terminal and a third trader terminal; a communications network in communication with the plurality of trader terminals; a computer in communication with said plurality of trader terminals via said communications network, said computer matching trades using said credit parameter data; a detector for automatically detecting potential related trades, said related trades being treated as contingent trades between said first trader terminal and said second trader terminal and between said first trader terminal and said third trader terminal, for creating an arbitrage opportunity based on credit-related discrepancies within a market where a direct trade between said second trader terminal and said third trader terminal would be unavailable and based on monitoring said trading data, said credit parameter data and said arbitrage parameter data; and an executing circuit for executing all the detected contingent trades, the executing circuit including a locking circuit for locking trading data for all said contingent trades so as to lock all said contingent trades prior to execution of any of said contingent trades to ensure that said all contingent trades remain available during the execution of said contingent trades; wherein said executing circuit only executes all the detected contingent trades if the trading data for all the detected contingent trades is locked. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method for electronic trading using a computer and a plurality of terminals, the computer and plurality of trader terminals in communication via a communications network, the method comprising:
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receiving via said communications network, at said computer, from said plurality of trader terminals, credit parameter data, trading data and arbitrage parameter data, said trading data including bid and offer information, said arbitrage parameter data comprising at least one of a minimum spread parameter, an average spread parameter, a minimum size parameter and a maximum size parameter; storing said credit parameter data and said trading data via said computer; automatically detecting potential related trades via said computer, said potential related trades being treated as contingent trades between a first trader terminal and a second trader terminal of the plurality of trader terminals and between the first trader terminal and a third trader terminal of the plurality of trader terminals; creating an arbitrage opportunity via said computer based on credit-related discrepancies within a market if the computer determines a direct trade between the second trader terminal and said third trader terminal would be unavailable based on monitoring said trading data, said credit parameter data, and said arbitrage parameter data; locking trading data for all said contingent trades via said computer so as to lock all said contingent trades prior to execution of any of them, to ensure that said all contingent trades remain available during the execution of said contingent trades; and if said computer determines all said contingent trades are locked, executing said contingent trades. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer for use in an electronic trading system, the computer comprising:
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a network interface for connecting to a plurality of trader terminals via a communications network, for receiving credit parameter data, trading data and arbitrage parameter data from said of trader terminals, said trading data including bid and offer information, said arbitrage parameter data comprising at least one of a minimum spread parameter, an average spread parameter, a minimum size parameter and a maximum size parameter; a matching circuit for matching trades using said credit parameter data; a detector for automatically detecting potential contingent trades between a first trader terminal and a second trader terminal and between the first trader terminal and a third trader terminal making up an arbitrage opportunity created by credit-related discrepancies within a market where a direct trade between said second trader terminal and said third trader terminal would be unavailable by the computer based on said credit parameter data, said detecting based on monitoring said trading data, credit parameter data, and said arbitrage parameter data; and an executing circuit for executing said contingent trades; and a locking circuit for locking trading data for all said contingent trades so as to lock all said contingent trades prior to execution of any of said contingent trades to ensure that said all contingent trades remain available during the execution of said contingent trades; wherein said executing circuit is adapted to perform said contingent trades only if trading data for all said trades is locked. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification