Global electronic trading system
First Claim
Patent Images
1. A computer trading system, comprising:
- one or more computer systems storing a set of information indicative of credit relationships between a plurality of trading entities, wherein the plurality of trading entities includes a first trading entity, a second trading entity and a third trading entity, each of which is different, wherein the set of information indicates that a first credit path exists between the first and second trading entities, wherein the first credit path includes the third trading entity;
wherein the one or more computer systems store program instructions executable by the one or more computer systems to cause the one or more computer systems to;
receive a first proposal to trade from the first trading entity;
compute a second proposal to trade for the second trading entity based on the first proposal to trade and based on a current amount of credit available to the second trading entity over the first credit path; and
convey a limit order book to the second trading entity, wherein the limit order book includes the second proposal to trade.
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Abstract
Methods, systems, and computer readable media for facilitating trading two items (L,Q) from the group of items comprising commodities and financial instruments. At least two agents (2) want to trade the items (L,Q). There is a trading channel (3) between the two agents (2) allowing for the execution of trades. There are flow (trading) limits on the items being traded. A central computer (1) is coupled to the two agents (2). Said computer (1) is adapted to convey to each agent (2) current tradable bid and offered prices and sizes subject to the agent'"'"'s (2) trading limits.
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Citations
41 Claims
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1. A computer trading system, comprising:
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one or more computer systems storing a set of information indicative of credit relationships between a plurality of trading entities, wherein the plurality of trading entities includes a first trading entity, a second trading entity and a third trading entity, each of which is different, wherein the set of information indicates that a first credit path exists between the first and second trading entities, wherein the first credit path includes the third trading entity; wherein the one or more computer systems store program instructions executable by the one or more computer systems to cause the one or more computer systems to; receive a first proposal to trade from the first trading entity; compute a second proposal to trade for the second trading entity based on the first proposal to trade and based on a current amount of credit available to the second trading entity over the first credit path; and convey a limit order book to the second trading entity, wherein the limit order book includes the second proposal to trade. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 28, 36, 37, 38, 39)
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16. A method, comprising:
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a computer system receiving a first bid and/or offer to trade from a first trading entity, wherein the first bid and/or offer is for a first item; the computer system computing, based on the first bid and/or offer, a second bid and/or offer for a second trading entity, wherein the second bid and/or offer is for the first item, wherein the second bid and/or offer is further based on a current amount of credit available to the second trading entity over a first credit path between the first and second trading entities, wherein the credit path includes at least a third trading entity, wherein the computer system stores information indicating that the third trading entity has extended credit to the first and/or second trading entities; and the computer system conveying a first limit order book to the second trading entity, wherein the first limit order book includes the second bid and/or offer. - View Dependent Claims (17, 18, 19, 20, 21, 22, 29, 30, 34, 35, 40)
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23. A method, comprising:
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a computer system receiving, from a central computer system, an electronic limit order book for a first trading entity, wherein the electronic limit order book includes a plurality of bids and/or offers for a first item, wherein the plurality of bids and/or offers include a first bid and/or offer for the first item, wherein the first bid and/or offer has been computed by the central computer system based on a second bid and/or offer received from a second trading entity, and wherein the second bid and/or offer has further been computed by the central computer system based on a current amount of credit available to the first trading entity over a credit path between the second trading entity and the first trading entity that includes at least a third trading entity that is different from the first and second trading entities; wherein the central computer system stores information indicating that the credit path currently exists between the second trading entity and the first trading entity, including information indicating that the third trading entity has extended credit to the first trading entity and/or the second trading entity. - View Dependent Claims (24, 25, 31, 41)
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26. A method, comprising:
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a computer system sending information to a central computer system indicating that a first trading entity is willing to act as credit bridge to permit trading of items between a second trading entity and a third trading entity via the central computer system, wherein the central computer system stores information indicating that a credit path currently exists between the second and third trading entities, wherein the credit path includes the first trading entity, and wherein the sent information is usable by the central computer system to; compute, based on a proposal from the second entity to trade an item, a computed proposal for the third trading entity to trade the item based at least in part on a current amount of credit available to the third trading entity over the credit path; and compute a limit order book that includes the computed proposal for the third trading entity. - View Dependent Claims (32)
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27. An apparatus, comprising:
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means for storing a set of information indicative of credit relationships between a plurality of trading entities that includes first, second, and third trading entities, wherein the stored set of information indicates that a credit path between the first and second trading entities includes the third trading entity; means for receiving, from the first trading entity, a first proposal to trade a first item; means for computing, for the second trading entity, a second proposal to trade the first item, wherein the second proposal to trade is based on the first proposal to trade and a current amount of credit available to the second trading entity over the credit path; and means for conveying a limit order book to the second trading entity, wherein the limit order book includes the second proposal to trade. - View Dependent Claims (33)
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Specification