Ebs Group Limited

Srivathsan Krishnasami

Edward Richard Howorka

Neena Jain

Gregory D Mills

John Robert Capuano

August M Hochenberger

John C Gaudio

Michael Merold

Steven Iaccheo

Vladimir Neyman

James Shu

Alastair G Crane

Roy S McPherson

Paul M Ginsberg

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 comprises a network of broker nodes each of which perform price matching, deal execution and market distribution. Trader terminals on trading floors are connected to a given broker node via a trading agent node. Credit may be stored for a given trading floor at its trading agent node or at a credit agent node which stores credit limits for a group of trading floors. Where the credit limits of a party to a proposed deal are stored at a credit agent node, the deal execution process is routed through that credit agent node to check for available credit. The system allows institutions to adopt any combination of local and global credit assignments with counterparties with which it wishes to trade.

Credit limit storage in an anonymous trading system

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New York, NY, United States of America

Srivathsan Krishnasami