Abstract: A computerized trading system for facilitating transactions of financial instruments between a plurality of traders. The computerized trading system includes a user interface, a matching engine, and a trade restrictor. The trade restrictor may be configured to detect bids and offers deviating from an expected price range, from an expected time delay or having exceeded a certain volume, and to restrict booking of the bids and offers meeting these criteria. For example, bids and offers resulting a an inverted market may be cancelled or adjusted. The inverted market occurs when a new or existing bid is higher than a best offer, or a new or existing offer is lower than a best bid. The price range criteria can also be set using statistical ranges calculated based on current bids and offers, or bids and offers that have been supplied by the same trader of the bids and offers being restricted.

Abstract: A computerized trading system for facilitating transactions of financial instruments between a plurality of traders. A bid and offer recorder records bids and offers on financial instruments from traders. A matching engine is configured to match complementary bids and offers. A trade restrictor is configured to detect bids and offers that are automatically entered and restrict matching of the bids and offers by the matching engine. The trade restrictor may block trades between traders where both the bids and the offers are based on automated price feeds, encouraging banks to supply such automated price feeds and enhance the liquidity of the market. Price feed based trades can be detected by locating data in the bid or offer indicating automation or from the structure of the bid or offer, which may also contain a cancellation request for a previous bid or offer made within a short time period.