Ebs Group Limited

Chicago Mercantile Exchange Inc.

Ebs Dealing Resources, Inc.

Neena Jain

Edward Richard Howorka

Steven Iaccheo

Vladimir Neyman

James Shu

Nasir Ahmed Zubairi

John Edward Schoen

Gregory D Mills

Michael Merold

James H Sinclair

James A O'Hagan

Andrew Foray

Srivathsan Krishnasami

John Robert Capuano

August M Hochenberger

John C Gaudio

Roy S McPherson

Paul M Ginsberg

Peter Richard P Horsfall

David Jifeng Liu

Jeffrey Edward Power

Alastair G Crane

An anonymous computerized trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimizing the time for which credit is allocated to the system.

Anonymous trading system

An anonymous trading system for financial instruments comprises a network of broking nodes each performing a bid and offer matching function and a market view distribution function. Trader terminals are connected to the network via trading agent nodes. During deal execution a credit check is performed and once the deal is complete the identity of the counterparty becomes known to the other counterparty to the deal. The originating counterparty may send a More quantity message to the other party proposing a further deal at the same price. The other party may decline, partially accept, accept or accept and propose a still further amount. Credit for the further deal is drawn from an external source and the internal credit limits are temporarily increased or disabled to prevent the deal from being rejected.

Conversational dealing in an anonymous trading system

An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.

Trading system having increased liquidity provision

Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesised from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.

Compound order handling in an anonymous trading system

Benchmarks for the price of a financial instrument such as FX spot rate for a currency pair are calculated by an algorithm based on a previous benchmark and a market price. The market price is derived from a deal price and a quote price. The deal price is based on deals conducted since the last benchmark and the quote price is based on bids and offers entered since the last benchmark. For each of the deal and quote prices, a price, weight and scatter is calculated which is used to calculate a benchmark price, weight and scatter and a benchmark error.

Method and apparatus for deriving benchmarks for trading instruments

Execution of multiparty trades on a computerized trading system

Electronic trading system having increased liquidity provision

An anonymous computerised trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimizing the time for which credit is allocated to the system.

An anonymous trading system comprises a network of broker nodes, each of which have an equal status and can match orders, initiate deals and distribute prices. Trading agents are connected to some or all of the broker nodes. The network is arranged to conform to a series of rules and in a preferred embodiment the brokers are arranged as a clique tree.

Architecture for anonymous trading system

An anonymous trading system comprises an interconnected network of broking noted arranged in cliques which receive buy and sell orders from trader terminals via connected trading engines and which match persistent orders, executed deals and distribute price information to trader terminals. Where two orders are matched, a proposed deal message is sent by the matching broker. If another broker has processed an event which makes the matched quote unavailable the match fails and rematch may occur. Rematch may be attempted by an intermediate broker provided it owns one side of the match, or it received both sides of the match from brokers in different cliques. The intermediate broker attempts to match with the next available quote in the queue.

Deal matching in an anonymous trading system

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South Plainfield, NJ, United States of America

Neena Jain