Abstract: In an automated exchange system functions for automatic hedging and automatic price improvements are provided.

Abstract: A method of improving replica server performance in a replica server system is described. The method comprises the steps of; transferring input data from a primary replica to a secondary replica upon receiving same; storing said input data on the primary replica; processing said input data in the primary replica after storing said input data, thus creating original output data; sending confirmation data from the secondary replica to the primary replica upon receiving said input data; and sending out said original output data from the primary replica upon receiving said confirmation data from said secondary replica. Replica server system for inter alia performing the method is also enclosed.

Abstract: The invention discloses a function in an automated system for trading in one or several financial instruments. The function of the invention is used for calculating the price of an instrument which has been agreed upon between a first party, a seller, and a second party, a buyer, and comprises an automated sub-function for enabling the first and the second party to interactively define the instrument which is to be traded, an automated sub-function for retrieving data regarding the instrument, an automated sub-function for using said retrieved data to calculate a price for the instrument, and an automated sub-function for storing calculated prices.

Abstract: In an automated trading system for matching bids and offers entered into the system by a number of traders connected to the system, the system preferably comprises a server hosting a matching processor and an associated memory forming an orderbook of the system and wherein both fixed-income instruments paying a coupon and fixed-income instruments not paying a coupon (zero-coupon) are traded. The system is additionally designed to derive prices for bonds using information from stripped bonds.

Abstract: In a trading system providing an anonymous market orders in the market will be executed using cryptographic keys. All traders can view all orders and use their specific key to determine the particular rating of the order in accordance with the traders' own preferences. Since the same order information is sent to everybody the bandwidth requirements will be kept at a minimum and also the processing will be kept at a minimum.

Abstract: In an automated trading system wherein orders in an instrument in a specified currency are received and a trade in the instrument is performed when, for a certain volume of the instrument, a bid price matches an ask price, a method is provided for automatically generating an order in the instrument in said specified currency. The method comprised the steps of receiving from e.g. a currency market or a market maker a current exchange rate between a currency other than said specified currency and the specified currency; receiving from a trader an order in the instrument in said other currency; calculating a price of the order in the specified currency based on the received order and the current exchange rate; and generating the order in the instrument in the specified currency.

Abstract: In an automated exchange system functions for automatic hedging and automatic price improvements are provided.

Abstract: In an automated exchange system a separate virtual derivative instrument used in the matching process of the system. The reference instrument, i.e. the instrument in which derivative contracts are traded, is then preferably displayed together with the hedged derivative instruments. The reference instrument, i.e. the underlying contract, is presented with a price. The matching of the virtual hedged derivative contract can take place in a matching module of the automated exchange system. The trade can subsequently be captured in a separate module of the system where the combined deal is formed. When a trade in a virtual hedged derivative instrument is matched in the matching process of the system, the match is reported to a subsequent deal capture module where the corresponding different deals of the virtual hedged derivative contract the reference instrument are formed.