Multiple protocol trading system
First Claim
1. An electronic trading system that allows for trading of a financial instrument in accordance with a plurality of trading protocols, said system comprising:
- a matching engine;
a first trader interface in communication with said matching engine wherein said first trader trades from within a pool of the financial instrument utilizing a workup protocol through said first trader interface; and
a second trader interface in communication with said matching engine wherein said second trader trades from within said pool of the financial instrument utilizing a FIFO protocol through said second trader interface,wherein an order book is maintained for each of said plurality of trading protocols, said order books being physically or logically separated, andwherein said order books for each of said plurality of trading protocols are linked together and made available to users of any one trading protocol to form said pool of the financial instrument.
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Abstract
A multi-protocol trading system in which traders preferring different trading protocols may coexist within the same system, and access the same liquidity pool, while maintaining their trading rule preferences. The system supports two protocol preferences: a workup preference and a FIFO preference, and includes a single integrated order book that stores orders received from both workup and FIFO traders. Received orders are matched against orders in the order book in accordance with a FIFO and/or workup protocol, as a function of preferences selected by the traders and/or the system operator. Alternatively, the system includes a pair of order books, a workup order book and a FIFO order book. Customers submit linked orders having a workup leg and a FIFO leg which may be matched against the workup and/or FIFO order books, as a function of preferences selected by the traders and/or the system operator.
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Citations
18 Claims
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1. An electronic trading system that allows for trading of a financial instrument in accordance with a plurality of trading protocols, said system comprising:
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a matching engine; a first trader interface in communication with said matching engine wherein said first trader trades from within a pool of the financial instrument utilizing a workup protocol through said first trader interface; and a second trader interface in communication with said matching engine wherein said second trader trades from within said pool of the financial instrument utilizing a FIFO protocol through said second trader interface, wherein an order book is maintained for each of said plurality of trading protocols, said order books being physically or logically separated, and wherein said order books for each of said plurality of trading protocols are linked together and made available to users of any one trading protocol to form said pool of the financial instrument. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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Specification