Bloomberg L.p.

Andrew Hausman

Karen D Tannenbaum

Alan Dweck

Lawrence C Waldorf

Anish Malhotra

Paul Brian Beatty, Jr

Guy Mock

Richard Anthony Lawson Braham

Vyacheslav T Rubinfine

Philip Enny

Nicholas D Field

Allyson Houchen

Ray Sansone

Systems, methods, and computer program products for establishing and using credit limits between counterparties and for managing risk in the trading of financial interests. A trading party may control the amount of future financial exposure that the trading party will incur with any counterparty in one or more future time periods in trades by the trading party during a trading session. Credit limits may be used to permit proposed trades to be completed or not depending upon available credit. Where there is insufficient credit, the trade may be blocked or otherwise prevented from progressing towards completion. If there is insufficient credit and if trading up to available credit is permitted, a partial trade for an amount up to the credit limit may be allowed. During a trading session, the credit remaining of a set credit limit between the trading party and the respective counterparty is changed according to trades executed between the trading party and the counterparty. After the end of the trading session, the remaining credit may be automatically reset to the set credit limit for each counterparty and future time period.

Counterparty credit limits in computerized trading

Improved systems, methods, and programs for customized distribution of data, particularly financial data. Individual users of networked computer systems have the capability to select and receive data from data streams produced by sources and made available simultaneously and in standardized format to numbers of client terminals. Selected data is mapped according to individual user specifications and may be used in client applications such as databases or spreadsheets, and stored in caches until users are ready to receive it. Data may be formatted and sent back to the stream source for use in applications operated at the source. The system also facilitates checking of data integrity, in particular by comparing sequences of records sent by the source and received by the client system.

Distribution and mapping of financial records from data stream

Programs, methods, and systems for variable pricing and conditional availability of proposals for trading of financial interests through the use of reference indices. The invention provides programs, methods, and systems for associating a proposal for a trade in at least one financial interest with at least one other financial interest or index, which may serve as a reference for effecting a condition of the proposal, including for example an availability of terms for the proposal to other traders, the executability of the proposal, etc.

Variable pricing for and conditional availability of proposals for trading of financial interests

Electronic trading of interests using reserves and a price change feature. A portion of a total desired trade quantity may be held in reserve, and thereby not disclosed in the relevant market. The invention provides for a subsequent trade order or quotation to be automatically initiated from the reserve when the disclosed order is accepted. The price of the subsequent order of a given reserve quantity will be different from the prior disclosed price. The process for disclosing a subsequent order may be fully or partially automatic, e.g., with or without a requirement for a response to a prompt by the trader entering the order. Preferably, the cycle of new orders with changed prices continues until the reserve is exhausted. The invention is useful for trading, for example, current or future interests in equities, fixed-income securities, currencies, and commodities such as foods, resources, energy, and emissions rights, and other interests.

Price change of orders from reserve in an electronic trading system

The invention provides systems, methods, and programs for improved computer trading of financial and other interests, including improvements in the making, acceptance, and control of proposals for transactions in interests. Among improvements provided by the invention are the presentation of terms of proposed transactions to trading parties in terms selected or otherwise designated by the trading parties. For example, terms of proposed transactions may be displayed in present or future values, such as in straight or split amounts for forward swap agreements. Prices in currency exchanges may be expressed in terms of any of the involved currencies. Improvements further include improved means for changing terms of proposed transactions, and especially groups or sets of proposed transactions; restrictions on repeated acceptance of transaction proposals; trading by users on each other's behalf; and improved display of transaction information associated with fellow traders.

Computer trading of interests

A trading system and method for trading forwards among a plurality of parties is presented. Among the features that the system implements are the following: counterparty enablement by forward term and/or region; a user selectable area on the monitor for executing again a trade that was just executed; a sweep trading feature for permitting a trader to sequentially aggress on a series of orders in the same forward; a spread-trading feature for allowing traders to directly trade on the difference between bid prices and offer prices for corresponding orders on a primary and secondary leg/link; providing a feature for joining orders wherein a trader may add a new bid or offer that has the same terms (e.g., price and quantity) of a perceived market best bid or offer; and enabling a party to make multiple bids and offers for the same forward within the same term at varying pricing.

Electronic trading system for forwards spread trades

Systems, methods, and computer program products for establishing and using credit limits between counterparties and for managing risk in the trading of financial interests. Credit filtered views of executable market information are provided to trading parties. By setting credit limits used to provide credit-filtered views, a trading party may control the amount of future financial exposure that the trading party will incur with any counterparty in one or more present-and/or future time periods in trades by the trading party during a trading session. The credit limit information may be used by a central computer to provide credit filtered market views to trading parties. During a trading session, the credit remaining of a set credit limit between the trading party and the respective counterparty is changed according to trades executed between the trading party and the counterparty.

Growing community of inventors

Summit, NJ, United States of America

Andrew Hausman