Patent application number | Description | Published |
20100114755 | AUTOMATED TRADING SYSTEMS - In an electronic trading system, prime brokerage services may be provided by assigning one or more dependent or child deal codes to a deal code. Prime broker trades are conducted via the dependent deal codes but appear to the market as deals with the parent deal code using credit assigned to the parent deal code. The prime bank customer is a dependent deal code of the customer bank which also trades on the system, allowing credit to be allocated by the customer dependent code for prime broker trades. A deal code may have several dependent deal codes which can trade with one another. Dependent deal codes can be used to expand the size of trading floors beyond that which can be supported by a single deal code and to assist in migration between system versions. | 05-06-2010 |
20100241555 | PRICE IMPROVEMENT IN ELECTRONIC TRADING SYSTEM - Price improvement in credit screened trading systems is achieved by entering a maximum price improvement (MPI) amount with a maker quote. The system prepares separate quote queues for each trading floor including only quotes where bilateral credit exists. Quotes are arranged using Price, MPI, time priority. When a quote is dealt, a dealable price improvement is calculated as the amount of the MPI required to improve the dealt quote's position in the queue. | 09-23-2010 |
20100268636 | DEAL MATCHING IN AN 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. | 10-21-2010 |
20110010288 | ANONYMOUS TRADING SYSTEM - 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. | 01-13-2011 |
20110016038 | CONVERSATIONAL DEALING IN AN 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. | 01-20-2011 |
20110276457 | COMPOUND ORDER HANDLING IN AN ANONYMOUS TRADING SYSTEM - 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. | 11-10-2011 |
20120041864 | VOCALISATION OF TRADING DATA IN TRADING SYSTEMS - A trading system such as an anonymous trading system for trading financial and other instruments can vocalise trading data to trader workstations as well as display it on a screen. Where a trader selects to receive vocal announcements, a trading floor identifier unique to his trading floor is also announced at random intervals. | 02-16-2012 |
20120066109 | SYSTEM AND METHOD FOR DERIVING DATA - Best bid and best offer rate data from deals concluded on an anonymous trading system in a fungible instrument such as a foreign currency pair are processed to derive indicative rates. A minimum indicative rates spread between bid and offer prices is defined. The indicative rate bide and offer prices are set to the received best bid and offer prices and alternatively an amount is added to the indicative offer rates and subtracted from the indicative bid rates until the spread between the indicative bid and offer rates is greater than or equal to the predefined minimum indicative rates spread and greater than the spread between the best bid and offer prices. | 03-15-2012 |
20120239547 | Trading System Having Increased Liquidity Provision - 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. | 09-20-2012 |
20120239549 | Automated Trading System - A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message. | 09-20-2012 |
20120239550 | Automated Trading System - A computer trading system includes a quote screening function configured to accept quotes specifying a quote amount in a price where the quote amount is greater than a minimum quote amount to produce screen quote messages and to reject quotes specifying a quote amount less than the minimum quote amount. A market view generator generates market views from those quotes which specify an amount greater than or equal to the minimum quote amount. An order screening function only-accepts orders specifying an amount less than a maximum transaction amount submitted in response to the market views to produce screened order messages. A transaction processor receives screened quote messages and screened order messages and matches appropriate messages with each other. The minimum quote amount is substantially equal to or greater than the maximum transaction amount whereby a screened order message can be matched entirely with one screened quote message. | 09-20-2012 |
20130282549 | COMPUTERIZED APPARATUS FOR ENHANCED TRANSMISSION OF ORDERS AND MARKET DATA BETWEEN TRADERS AND ONE OR MORE EXCHANGES - An automated market data distribution system uses proprietary order flow information to provide a trader (or an automated trading system) with an enhanced version of a received market data feed that avoids the need for the trader or automated trading system to always wait for a response to a prior order from such exchange before submitting further orders. The data distribution system preferably comprises a geographically distributed data network with market data enhancement and intelligent order routing capabilities in each region that not only provides each region with market data that is enhanced with order flow data from other regions, but that also employs statistical data and heuristics to re-route and/or cancel orders from a trader in one region to an exchange in another region. | 10-24-2013 |
20140040103 | ELECTRONIC TRADING SYSTEM HAVING INCREASED LIQUIDITY PROVISION - 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. | 02-06-2014 |