Abstract: A trading system such as an anonymous trading system for trading financial and other instruments can vocalize 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.

Abstract: A deal feed system for passing deal tickets to back office systems comprises a deal feed contributor which receives tickets from trades on a plurality of trading systems on a plurality of trading floors, a database for storing the tickets, and a distributor for passing the tickets to back office systems. Virtual deal codes are defined to which a plurality of real deal codes map. The virtual deal codes to which a ticket relates is stored in a table with a reference to the stored ticket. A deal code table is updated with the range of the virtual deal code and the update transmitted to the bank office systems and to traders.

Abstract: 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.

Abstract: 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.

Abstract: An anonymous trading system comprises one or more matching engines, one or more market distributors and one or more trader terminals for input of orders from institutions trading on the system. The trader terminals are connected to the system through bank nodes. A broker terminal is connected through a bank node and enables voice brokers to trade on the system on behalf of client traders. The voice brokers terminal can be configured for any client trader and will display the market view for that trader. Trades in which the broker terminal participates are not concluded until a manual credit check has been performed.

Abstract: 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.

Abstract: 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.

Abstract: An anonymous trading system is configured to receive a price stream from a bank or other institution. The price stream is converted into a quote stream and input into the trading system via an automated trading interface. The quote stream has its own deal code. The deal code credit limits are set so that the only parties that have credit with the deal code are other deal codes of the same institution. At least one of these deal codes represents a prime broker bank and prime broker customers therefore have access to the institution's price stream to the exclusion of other parties trading on the system. A distributor distributes the quotes from the trading system to the prime broker customers' traders, to prime broker customer automated trading interfaces, and to prime broker customer deal feed systems for logging of deal tickets and communication of those deal tickets to back office systems.

Abstract: 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.

Abstract: 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 bid and offer prices are set to the received best bid and offer prices and alternately 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.

Abstract: 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.

Abstract: A trading system such as an anonymous trading system for trading financial and other instruments can vocalize 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.

Abstract: An anonymous trading system allows parties to divide potential counterparties into tiers according to their perceived creditworthiness and the risk involved in trading with them. Price adjustments are applied to order prices for all tiers other than the first so that second and subsequent tier counterparties trade at less favorable prices. An offer is converted into a series of linked orders, one per tier, all at different prices. Tier identifiers attached to the orders are compared to ensure that the correct tier prices are displayed to counterparties.

Abstract: Quotes entered into an automated trading system may comprise a visible, or primary, amount, and a linked or hidden amount. The visible amount only is shown to other traders on the system but part or all of the linked amount may be dealt if the order with the quote is match is for an amount greater than the visible amount. If, after matching and deal confirmation, all the visible amount has been dealt, but some or all of the linked amount remains, a fresh order for the remaining linked amount is generated and submitted to the trading system for matching. The new quoted may be visible only or may have a visible component up to a limit specified by the maker on submission of the original quote, with the remainder being linked. Maker quotes converted to taker quotes by an auto-match routine may be resubmitted for undealt linked amounts in the same way. In one aspect of the invention, linked amounts are matched and dealt before visible amounts.

Abstract: 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.

Abstract: Quotes entered into an automated trading system may comprise a visible, or primary, amount, and a linked or hidden amount. The visible amount only is shown to other traders on the system but part or all of the linked amount may be dealt if the order with with the quote is match is for an amount greater than the visible amount. If, after matching and deal confirmation, all the visible amount has been dealt, but some or all of the linked amount remains, a fresh order for the remaining linked amount is generated and submitted to the trading system for matching. The new quoted may be visible only or may have a visible component up to a limit specified by the maker on submission of the original quote, with the remainder being linked. Maker quotes converted to taker quotes by an auto-match routine may be resubmitted for undealt linked amounts in the same way. In one aspect of the invention, linked amounts are matched and dealt before visible amounts.

Abstract: 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.

Abstract: In a trading system market data from a matching engine is distributed by a broker to a plurality of trading floors repeatedly every T seconds, typically one second. This one second distribution period is divided into a plurality of time slots and each trading floor is randomly assigned to a slot. Data for a given trading floor is calculated and distributed during the time slot assigned to that floor. The position of a trading floor relative to others is varied by swapping a pair of adjacent time slots every J distribution periods.

Abstract: 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.

Abstract: 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.