Electronic trading systems and methods

• US 20010044771A1
• Filed: 05/16/2001
• Published: 11/22/2001
• Est. Priority Date: 05/18/2000
• Status: Abandoned Application

• Current Assignee: Treasuryconnect LLP
• Original Assignee: Treasuryconnect LLP
• Inventors: Usher, Bruce, Witkow, Barry, Huntington, Douglas G.
• Application Number:
  US09/858,844
• Publication Number:
  US 20010044771A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Electronic trading systems and methods provide users with the opportunity to trade financial instruments such as equities, foreign exchange, bonds, and swaps. Swaps may be defined using specialized electronic swap term sheets. A user who proposes a swap may select other users and invite them to bid on the swap. The system may initiate an auction for a proposed swap. Bidding users may bid until the swap auction is complete. The swap may be confirmed, and swap terms downloaded to a user'"'"'s risk management or back office software.

Claims

1. A method for allowing users of an electronic swap trading system to obtain bids on swaps in an electronic swap auction, comprising:

providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet; and

providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.

2. The method defined in

claim 1

further comprising:

providing a user with an opportunity to indicate at least one invitee user from a plurality of users;

electronically inviting the at least one invitee user to participate in the auction for the swap; and

providing the at least one invitee user with an opportunity to participate in the auction for the swap.

3. The method defined in

claim 2

wherein electronically inviting the at least one invitee user to participate in the auction for the swap comprises sending the invitee user an e-mail message that indicates an invitation to participate in the auction.

4. The method defined in

claim 3

wherein sending the invitee user an e-mail message that indicates an invitation to participate in the auction comprises sending the invitee user an e-mail that contains an Internet link to an auctions page for the auction.

5. The method defined in

claim 2

wherein electronically inviting the at least one invitee user to participate in the auction for the swap comprises automatically paging the invitee user to participate in the auction.

6. The method defined in

claim 2

wherein:

the auction is an open auction; and

providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises displaying pending bids for the swap.

7. The method defined in

claim 6

wherein:

the pending bids are made by the at least one invitee user; and

displaying pending bids for the swap comprises keeping the identity of the one invitee user secret from another invitee user.

8. The method defined in

claim 2

wherein:

the auction has a best bid; and

providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to beat the best bid using a single action.

9. The method defined in

claim 2

wherein providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to retract a bid.

10. The method defined in

claim 2

wherein providing the at least one invitee user with an opportunity to participate in the auction for the swap comprises providing the at least one invitee user with an opportunity to bid by proxy.

11. The method defined in

claim 1

further comprising providing the user with an opportunity to indicate a desired auction from a plurality of auctions.

12. The method defined in

claim 1

further comprising providing the user with an opportunity to approve the auction with the terms indicated by the user using the electronic swap term sheet.

13. The method defined in

claim 1

wherein providing an electronic auction for the swap as indicated by the user using the electronic swap term sheet comprises providing the user with an opportunity to monitor bids.

14. The method defined in

claim 1

wherein providing an electronic auction for the swap as indicated by the user using the electronic swap term sheet comprises providing the user with an opportunity to accept a bid.

15. The method defined in

claim 1

wherein:

providing a user with an opportunity to indicate swap terms for a swap using an electronic swap term sheet comprises providing a user with an opportunity to indicate swap terms for a swap using a specialized electronic swap term sheet having a plurality of potential swap terms, wherein the potential swap terms are included in the electronic swap term sheet based on the user'"'"'s preferences; and

providing an auction for a swap as indicated by the user using the electronic swap term sheet comprises providing an auction for a swap as indicated by the user using the specialized electronic swap term sheet.

16. The method defined in

claim 15

wherein providing a user with an opportunity to indicate swap terms for a swap using a specialized electronic swap term sheet having a plurality of potential swap terms comprises providing a user with an opportunity to indicate swap terms for a swap using a specialized electronic swap term sheet having at least one specialized potential swap term selected from the group of swap terms consisting of:

interest rates, equity indexes, currencies, amortization schedules, call schedules, and floating rate indices.

17. The method defined in

claim 1

wherein:

the electronic auction has a first predetermined time period during which bids may be made electronically by users, wherein the first predetermined time period has an end; and

the method further comprises extending the first predetermined time period during which bids may be made electronically by users in response to at least one bid being made by a user during a second predetermined time period within the end of the first predetermined time period.

18. The method defined in

claim 1

further comprising providing at least one bidding user with an opportunity to participate in the auction for the swap.

19. The method defined in

claim 18

wherein the method further comprises displaying pending bids for the swap.

20. The method defined in

claim 19

wherein displaying pending bids for the swap comprises keeping identities of bidding users secret.

21. The method defined in

claim 18

wherein:

the auction has a best bid; and

providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to beat the best bid using a single action.

22. The method defined in

claim 18

wherein providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to retract a bid.

23. The method defined in

claim 18

wherein providing the at least one bidding user with an opportunity to participate in the auction for the swap comprises providing the at least one bidding user with an opportunity to bid by proxy.

24. The method defined in

claim 1

further comprising providing the user with an opportunity to confirm a swap with a bidding user.

25. The method defined in

claim 24

wherein providing the user with an opportunity to confirm a swap with a bidding user comprises providing the user with an opportunity to confirm a swap by e-mail with the bidding user.

26. The method defined in

claim 24

wherein providing the user with an opportunity to confirm a swap with a bidding user comprises providing the user with an opportunity to confirm a swap using computer-based telephony.

27. The method defined in

claim 18

further comprising providing instructions to an electronic commerce system for the electronic exchange of funds from the user to a bidding user in accordance with the terms of the swap.

28. The method defined in

claim 1

further comprising downloading the indicated swap terms to a user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system.

29. The method defined in

claim 1

wherein providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet comprises providing a user with an electronic swap term sheet page.

30. The method defined in

claim 1

wherein providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet comprises providing a user with an opportunity to indicate terms for a swap selected from the group of swaps consisting of:

interest rate swaps, equity swaps, currency swaps, zero coupon swaps, basis-rate swaps, caps, floors, and collars.

31. The method defined in

claim 1

wherein providing an electronic auction for the swap comprises providing an electronic best-bid-wins auction for the swap having the terms indicated by the user using the electronic swap term sheet.

32. The method defined in

claim 1

wherein providing an electronic auction for the swap comprises providing an electronic English-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.

33. The method defined in

claim 1

wherein providing an electronic auction for the swap comprises providing an electronic Dutch-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.

34. The method defined in

claim 1

wherein providing an electronic auction for the swap comprises providing an electronic closed auction for the swap having the terms indicated by the user using the electronic swap term sheet.

35. A method for bidding on swaps using the Internet comprising:

accessing an auction page for a swap;

placing a bid on the swap using the auction page; and

confirming the swap when the auction is complete.

36. The method defined in

claim 35

wherein:

the method further comprises receiving an invitation to access the auction page for the swap; and

accessing an auction page for the swap comprises accessing the auction page in response to receiving the invitation.

37. The method defined in

claim 35

wherein placing a bid on the swap using the auction page comprises placing a proxy bid on the swap using the auction page.

38. The method defined in

claim 35

wherein confirming the swap when the auction is complete comprises electronically confirming the swap when the auction is complete.

39. The method defined in

claim 35

further comprising:

providing the terms to a risk management or back office system;

receiving a bid calculated by the risk management or back office system.

40. A method for allowing users of an on-line swap trading system to electronically effect swap trades comprising:

providing a first user with an opportunity to indicate terms of a swap using a swap term sheet page;

providing the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction;

electronically inviting the at least one invitee user to participate in the auction;

providing the at least one invitee user with an opportunity to place a bid on the swap in the auction;

completing the auction;

identifying a particular one of the at least one invitee user;

providing the first user and the particular one of the at least one invitee user with an opportunity to confirm the swap; and

providing the indicated swap terms to the user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system.

41. The method defined in

claim 40

wherein providing the at least one invitee user with an opportunity to place a bid on the swap in the auction comprises:

providing the terms to a risk management or back office system of an invitee user; and

receiving a bid calculated by the risk management or back office system of the invitee user.

42. A method for allowing users of an electronic derivatives trading system to bid on derivatives in an electronic derivatives auction, comprising:

providing an electronic auction for a derivative;

providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction; and

providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.

43. The method defined in

claim 42

wherein providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the derivative over the Internet.

44. The method defined in

claim 42

wherein:

providing an electronic auction for a derivative comprises providing an electronic auction for a swap; and

providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the swap.

45. A method for allowing users of an electronic trading system to bid on financial instruments in an electronic auction, comprising:

providing an electronic auction for a financial instrument;

providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction;

completing the auction; and

downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users.

46. The method defined in

claim 45

wherein:

providing an electronic auction for a financial instrument comprises providing an electronic auction for a swap; and

providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the swap.

47. The method defined in

claim 45

wherein providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction comprises providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument over the Internet.

48. A method for allowing users of an electronic trading system to obtain bids on financial instruments in an electronic auction, comprising:

providing a user with an opportunity to indicate terms for an offer for a financial instrument using a specialized electronic term sheet; and

providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet.

49. The method defined in

claim 48

wherein providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet comprises providing an electronic auction over the Internet.

50. A method for allowing users of an electronic trading system to obtain bids on financial instruments comprising:

providing a user with an opportunity to indicate terms for an offer for a financial instrument;

providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;

electronically inviting the indicated at least one other user to participate in the electronic auction; and

providing the electronic auction for the financial instrument having the offer terms indicated by the user.

51. The method defined in

claim 50

wherein providing the electronic auction for the financial instrument having the offer terms indicated by the user comprises providing the electronic auction over the Internet.

52. The method defined in

claim 50

wherein electronically inviting the at least one other user to participate in the electronic auction comprises sending the at least one other user an e-mail message that indicates an invitation to participate in the auction.

53. The method defined in

claim 50

wherein electronically inviting the at least one other user to participate in the electronic auction comprises sending the at least one other user an e-mail message that contains an Internet link to an auctions page for the auction.

54. The method defined in

claim 50

wherein electronically inviting the at least one other user to participate in the electronic auction comprises automatically paging the at least one other user to participate in the auction.

55. The method defined in

claim 50

wherein providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument comprises providing the user with an opportunity to indicate at least one other user using a specialized list of users.

56. A method for allowing users of an electronic trading system to bid on financial instruments comprising:

providing an electronic auction for a financial instrument offered by an offering user;

providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.

57. A method for allowing users of an electronic trading system to bid on financial instruments, comprising:

providing an electronic auction for a financial instrument offered by an offering user;

providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.

58. A method for allowing users of an electronic trading system to obtain bids on derivatives in an electronic derivatives auction, comprising:

providing an offering user with an opportunity to indicate terms for an offer for a derivative;

providing a bidding user with an opportunity to bid on the derivative in an electronic derivatives auction based on the offer; and

electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.

59. An electronic trading system for allowing users to obtain bids on swaps in an electronic swap auction, comprising:

a server configured to receive terms for a swap and to provide an electronic auction for the swap; and

an access device configured to;

(1) provide a user with an opportunity to indicate terms for the swap using an electronic swap term sheet, and (2) provide the user with access to the electronic auction.

60. The system defined in

claim 59

wherein:

the access device is further configured to provide the user with an opportunity to indicate at least one invitee user from a plurality of users;

the server is configured to send an electronic invitation to the at least one invitee user to participate in the auction for the swap; and

the system further comprises a second access device configured to provide the at least one invitee user with an opportunity to participate in the auction for the swap.

61. The system defined in

claim 60

wherein the electronic invitation is an e-mail message that indicates an invitation to participate in the auction.

62. The system defined in

claim 60

wherein the electronic invitation is an e-mail that contains an Internet link to an auctions page for the auction.

63. The system defined in

claim 60

wherein:

the system further comprises a paging/dialing system; and

the server is further configured to provide instructions to the paging/dialing system to automatically page the invitee user to participate in the auction.

64. The system defined in

claim 60

wherein:

the auction is an open auction;

the server is further configured to provide pending bids to the second access device; and

the second access device is further configured to display the pending bids for the swap.

65. The system defined in

claim 64

wherein:

the pending bids are made by the at least one invitee user;

the server is further configured to provide pending bids to the second access device while keeping the identity of the one invitee user secret; and

the second access device is further configured to display pending bids for the swap comprises keeping the identity of the one invitee user secret from another invitee user.

66. The system defined in

claim 60

wherein:

the auction has a best bid; and

the second access device is further configured to provide the at least one invitee user with an opportunity to beat the best bid using a single action.

67. The system defined in

claim 60

wherein:

the second access device is further configured to provide the at least one invitee user with an opportunity to retract a bid; and

the server is further configured to retract the bid from the auction.

68. The system defined in

claim 60

wherein the second access device is further configured to provide the at least one invitee user with an opportunity to bid by proxy.

69. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to indicate a desired auction from a plurality of auctions.

70. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to approve the auction with the terms indicated by the user using the electronic swap term sheet.

71. The system defined in

claim 59

wherein:

the server is further configured to provide bids to the access device as bids are posted; and

the access device is further configured to provide the user with an opportunity to monitor bids.

72. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to accept a bid.

73. The system defined in

claim 59

wherein:

the access device is further configured to;

(1) provide a specialized electronic term sheet to the user, wherein the specialized electronic term sheet a plurality of potential swap terms and the potential swap terms are included in the electronic swap term sheet based on the user'"'"'s preferences, and (2) provide the user with an opportunity to indicate swap terms for a swap using the specialized electronic swap term sheet; and

the server is further configured to provide the auction for a swap as indicated by the user using the specialized electronic swap term sheet.

74. The system defined in

claim 73

wherein the specialized potential swap terms are selected from the group of swap terms consisting of:

interest rates, equity indexes, currencies, amortization schedules, call schedules, and floating rate indices.

75. The system defined in

claim 59

wherein:

the electronic auction has a first predetermined time period during which bids may be made electronically by users, wherein the first predetermined time period has an end; and

the server is further configured to extend the first predetermined time period during which bids may be made electronically by users in response to at least one bid being made by a user during a second predetermined time period within the end of the first predetermined time period.

76. The system defined in

claim 59

further comprising at least one second access device configured to provide a bidding user of a plurality of bidding users with an opportunity to participate in the auction for the swap.

77. The system defined in

claim 76

wherein:

the server is further configured to provide pending bids to the second access device; and

the second access device is further configured to receive the pending bids.

78. The system defined in

claim 76

wherein:

the server is further configured to provide pending bids to the second access device while keeping the identities of each bidding user secret from each bidding user; and

each second access device is further configured to display pending bids for the swap while keeping identities of other bidding users secret to each bidding user.

79. The system defined in

claim 78

wherein:

the auction has a best bid; and

each second access device is further configured to provide each bidding user with an opportunity to beat the best bid using a single action.

80. The system defined in

claim 78

wherein each second access device is further configured to provide a bidding user with an opportunity to retract a bid.

81. The system defined in

claim 78

wherein each second access device is further configured to provide a bidding user with an opportunity to bid by proxy.

82. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to confirm a swap with a bidding user.

83. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to confirm a swap by e-mail with the bidding user.

84. The system defined in

claim 59

wherein the access device is further configured to provide the user with an opportunity to confirm a swap using computer-based telephony.

85. The system defined in

claim 59

wherein the server is further configured to provide instructions to an electronic commerce system for the electronic exchange of funds from the user to a bidding user in accordance with the terms of the swap.

86. The system defined in

claim 59

wherein the access device is further configured to the indicated swap terms to a user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system.

87. The system defined in

claim 59

wherein the access device is Internet enabled and further configured to provide a user with an electronic swap term sheet page.

88. The system defined in

claim 59

wherein the terms for a swap are selected from the group of swaps consisting of:

interest rate swaps, equity swaps, currency swaps, zero coupon swaps, basis-rate swaps, caps, floors, and collars.

89. The system defined in

claim 59

wherein the server is further configured to provide an electronic best-bid-wins auction for the swap having the terms indicated by the user using the electronic swap term sheet.

90. The system defined in

claim 59

wherein the server is further configured to provide an electronic English-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.

91. The system defined in

claim 59

wherein the server is further configured to provide an electronic Dutch-style auction for the swap having the terms indicated by the user using the electronic swap term sheet.

92. The system defined in

claim 59

wherein the server is further configured to provide an electronic closed auction for the swap having the terms indicated by the user using the electronic swap term sheet.

93. An electronic trading system for allowing users to bid on swaps using the Internet comprising:

a server;

an Internet enabled access device configured to;

download an auction page for a swap from the server;

place a bid on the swap using the auction page;

provide the user with an opportunity to provide the bid to the server; and

provide the user with an opportunity to electronically confirm the swap when the auction is complete.

94. The system defined in

claim 93

wherein the access device is further configured to:

receive an invitation to access the auction page for the swap; and

provide the invitation to the user.

95. The system defined in

claim 93

wherein the access device is further configured to provide the user with an opportunity to place a proxy bid on the swap using the auction page.

96. The system defined in

claim 93

wherein the access device is further configured to electronically confirm the swap when the auction is complete.

97. The system defined in

claim 93

wherein the access device is further configured to:

provide the terms to a risk management or back office system; and

receive a bid calculated by the risk management or back office system.

98. An electronic trading system for allowing users to electronically effect swap trades comprising:

a first access device configured to;

provide a first user with an opportunity to indicate terms of a swap using a swap term sheet page;

provide the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction; and

electronically invite the at least one invitee user to participate in the auction;

a second access device configured to

provide the at least one invitee user with an opportunity to place a bid on the swap in the auction;

a server configured to provide the first user and the particular one of the at least one invitee users with an opportunity to confirm the swap; and

wherein the first and second access devices are further configured to provide the indicated swap terms to the a risk management or back office system to provide for straight-through processing of the swap by the risk management or back office system.

99. The system defined in

claim 98

wherein the second access device is further configured to:

(1) provide the terms to a risk management or back office system of an invitee user, (2) receive a bid calculated by the risk management or back office system of the invitee user, and (3) provide the bid to the server.

100. An electronic trading system for allowing users to bid on derivatives in an electronic derivatives auction, comprising:

a server configured to provide an electronic auction for a derivative; and

a plurality of access devices each configured to;

(1) provide to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction, and (2) provide to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.

101. The system defined in

claim 100

wherein each access device is Internet enabled and configured to provide to each user of the plurality of users an opportunity to electronically bid on the derivative over the Internet.

102. The system defined in

claim 100

wherein the derivative is a swap.

103. An electronic trading system for allowing users to bid on financial instruments in an electronic auction, comprising:

a server configured to provide an electronic auction for a financial instrument;

a plurality of access devices wherein each access device is configured to;

(1) provide to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction, (2) automatically complete the auction, and (3) download a winning bid of the auction to a risk management or back office system.

104. The system defined in

claim 103

wherein:

the financial instrument is a swap; and

each access device is further configured to provide to each user of a plurality of users an opportunity to electronically bid on the swap.

105. The system defined in

claim 103

wherein each access device is further configured to electronically bid on the financial instrument over the Internet.

106. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:

a server configured to provide an electronic auction for a financial instrument; and

an access device configured to provide a user with an opportunity to indicate the terms using a specialized electronic term sheet.

107. The system defined in

claim 106

wherein

the server is an Internet and application server;

and

the access device is Internet enabled.

108. An electronic trading system for allowing users to obtain bids on financial instruments comprising:

a server;

an access device configured to;

provide a user with an opportunity to indicate terms for an offer for a financial instrument;

provide the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;

provide an electronic invitation to the indicated at least one other user to participate in the electronic auction; and

wherein the server is further configured to provide the electronic auction for the financial instrument to the access device having the offer terms indicated by the user.

109. The system defined in

claim 108

wherein:

the server is an Internet and application server; and

the access device is Internet enabled.

110. The system defined in

claim 108

wherein the electronic invitation is an e-mail message that indicates an invitation to participate in the auction.

111. The system defined in

claim 108

wherein the electronic invitation is an e-mail message that contains an Internet link to an auctions page for the auction.

112. The system defined in

claim 108

wherein:

the system further comprises a paging/dialing system; and

the server is further configured to instruct the paging/dialing system to automatically page the at least one other user to participate in the auction.

113. The system defined in

claim 108

wherein the access device is further configured to provide the user with an opportunity to indicate at least one other user using a specialized list of users.

114. An electronic trading system for allowing users to bid on financial instruments comprising:

a first access device configured to provide an offering user with an opportunity to indicate a financial instrument to trade;

a server configured to provide an electronic auction for the financial instrument;

a plurality of second access devices configured to provide to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by completing the auction.

115. An electronic trading system for allowing users to bid on financial instruments, comprising:

a first access device configured to provide an offering user with an opportunity to indicate a financial instrument to trade;

a server configured to provide an electronic auction for a financial instrument;

a plurality of second access devices configured to provide to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

wherein the first and second access devices provide the offering user and a bidding user of the plurality of bidding users with an opportunity to create a binding agreement to trade the financial instrument by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.

116. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:

a first access device configured to provide an offering user with an opportunity to indicate terms for an offer for a financial instrument;

a second access device configured to provide a bidding user with an opportunity to bid on the financial instrument in an electronic auction based on the offer; and

an electronic commerce system configured to electronically transfer funds between the offering user and the bidding user in accordance with the bid and the offer.

117. An electronic swap trading system for allowing users to obtain bids on swaps in an electronic swap auction, comprising:

means for providing a user with an opportunity to indicate terms for a swap using an electronic swap term sheet; and

means for providing an electronic auction for the swap having the terms indicated by the user using the electronic swap term sheet.

118. A system for allowing users to bid on swaps using the Internet comprising:

means for accessing an auction page for a swap;

means for placing a bid on the swap using the auction page; and

means for confirming the swap when the auction is complete.

119. An on-line swap trading system for allowing users to electronically effect swap trades comprising:

means for providing a first user with an opportunity to indicate terms of a swap using a swap term sheet page;

means for providing the first user with an opportunity to invite at least one invitee user to bid on the swap in a auction;

means for electronically inviting the at least one invitee user to participate in the auction;

means for providing the at least one invitee user with an opportunity to place a bid on the swap in the auction;

means for completing the auction;

means for identifying a particular one of the at least one invitee user;

means for providing the first user and the particular one of the at least one invitee user with an opportunity to confirm the swap; and

means for providing the indicated swap terms to the user'"'"'s risk management or back office system to provide for straight-through processing of the swap by the user'"'"'s risk management or back office system.

120. An electronic derivatives trading system for allowing users to bid on derivatives in an electronic derivatives auction, comprising:

means for providing an electronic auction for a derivative;

means for providing to each user of a plurality of users an opportunity to electronically bid on the derivative in the auction; and

means for providing to each user of the plurality of users the bids of the other users while keeping the identities of the other users secret.

121. An electronic trading system for allowing users to bid on financial instruments in an electronic auction, comprising:

means for providing an electronic auction for a financial instrument;

means for providing to each user of a plurality of users an opportunity to electronically bid on the financial instrument in the auction;

means for completing the auction; and

means for downloading a winning bid of the auction to a risk management or back office system of one user of the plurality of users.

122. An electronic trading system for allowing users to obtain bids on financial instruments in an electronic auction, comprising:

means for providing a user with an opportunity to indicate terms for an offer for a financial instrument using a specialized electronic term sheet; and

means for providing an electronic auction for the financial instrument having the offer terms indicated by the user using the specialized electronic term sheet.

123. An electronic trading system for allowing users to obtain bids on financial instruments comprising:

means for providing a user with an opportunity to indicate terms for an offer for a financial instrument;

means for providing the user with an opportunity to indicate at least one other user whom the user wishes to invite to participate in an electronic auction for the financial instrument;

means for electronically inviting the indicated at least one other user to participate in the electronic auction; and

means for providing the electronic auction for the financial instrument having the offer terms indicated by the user.

124. An electronic trading system for allowing users to bid on financial instruments comprising:

means for providing an electronic auction for a financial instrument offered by an offering user;

means for providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by completing the auction.

125. An electronic trading system for allowing users to bid on financial instruments, comprising:

means for providing an electronic auction for a financial instrument offered by an offering user;

means for providing to each bidding user of a plurality of bidding users an opportunity to electronically bid on the financial instrument in the auction; and

means for creating a binding agreement to trade the financial instrument between the offering user and a bidding user of the plurality of bidding users by providing the offering user and a bidding user an opportunity to electronically confirm the trade of the financial instrument.

126. An electronic trading system for allowing users to obtain bids on derivatives in an electronic derivatives auction, comprising:

means for providing an offering user with an opportunity to indicate terms for an offer for a derivative;

means for providing a bidding user with an opportunity to bid on the derivative in an electronic derivatives auction based on the offer; and

means for electronically transferring funds between the offering user and the bidding user in accordance with the bid and the offer.