Abstract: In an automated trading system for matching bids and offers entered into the system by a number of traders connected to the system, a server hosts a matching processor and an associated memory forming an orderbook of the system where both fixed-income instruments paying a coupon, referred to as bonds, and fixed-income instruments not paying a coupon (zero-coupon), referred to as stripped bonds, are traded. The system derives prices for bonds using information from stripped bonds.

Abstract: A system and method for generating an update data set to be sent to remote terminals. The update data set comprises operators describing differences between two data sets, so that a remote terminal is able to transform an old data set into a more recent data set. The system comprises a comparator for comparing data elements in the data sets, and a selector for selecting operators based on a change parameter stored in a memory.

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 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, a separate virtual instrument is used in the matching process of the system. The virtual instrument guarantees that both a derivative instrument and its underlying instrument are traded together. The underlying instrument, i.e. the instrument in which derivative instruments are traded, is then preferably displayed together with the virtual instruments. The underlying instrument is presented with a price. The matching of the virtual instrument can take place in a matching module of the automated exchange system. After a trade in a virtual instrument is matched in the matching process of the system, the match is reported to a subsequent deal capture module where the corresponding different trades or deals of the virtual instrument are formed. The trades or deals formed in the deal capture module do not need to be matched because the number of instruments and the price can be deduced from the information relating to the virtual instrument.

Abstract: A computerized CSD-system includes an instruments register in which the instruments have attributes which define them. The instruments are configured in a hierarchical multi-level structure. A first instrument on a first level in the hierarchy is linked to instruments on a second, lower level in the hierarchy. The link between instruments on the first and second levels of the hierarchy is defined by all of the attributes in the instruments on the second level also included in the instrument on the first level to which the instruments on the second level are linked. An amendment to an attribute in an instrument causes the same amendment in the same attribute of those instruments which are linked to the amended instrument and which are on lower levels in the hierarchy than the amended instrument. Each instrument is only allowed a link to one instrument above it.

Abstract: A Central Securities Depository (CSD)-system carries out corporate actions in financial instruments. All financial instruments in the CSD-system are defined based on at least one of four functional basic building blocks: a first block for generating payments, a second block for requesting payments, a third block for adding holdings in an instrument, and a fourth block for removing holdings in an instrument.

Abstract: A securities settlement system for settling trades in central depository systems is disclosed. The securities settlement system includes a credit line structure forming a tree structure with a number of levels with credit nodes. The securities settlement system also includes a control system for minimizing the transfer of cash between accounts by propagating cash obligations for each node in the tree structure to a highest common node.

Abstract: In an electricity marketplace, real time price information is fed from an price feeder directly to the electricity equipment or the meter of an end consumer, and the consumer is charged a price corresponding to the real-time price as set on an electricity trading exchange. The end consumer is thereby enabled to control his/her power consumption more efficiently. Thus, the end consumer can take advantage of low prices as well as reduce consumption when the price exceeds some limit.

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

Abstract: A trading system for trading financial instruments, comprising a matching unit for matching received orders having corresponding requirements and an order book for storing unmatched orders is described. The trading system further comprises a decision unit/reinsertion unit connected to the order book for determining when matched orders are to be removed/reinserted based on confirmation of acceptance of the trade received from a user terminal.

Abstract: An anonymous trading system that enables users to select counterparty requirements. Each user has an interface to add trader preconditions regarding available counterparties. Those trader preconditions include an expression of the user's willingness to trade with selected counterparties. The added trader preconditions are collected from the users and combined into a trader matrix. The trader matrix is used to determine matching criteria for orders sent in by users. An anonymous trading system and a terminal for sending orders to an anonymous trading system are also provided.

Abstract: A method of calculating leg prices in trading of a combination order on a market having set price rules is provided. The combination order comprises a combination of instruments of at least two different kinds that are traded for a single net price and each kind of instrument is associated with a respective leg price. The method comprises the following steps: a) assigning seed price values to all leg prices but a last leg price; b) calculating the last leg price by means of the assigned seed price values and a net price for the combination order; c) checking whether the last leg price complies with the price rules; d) if the last leg price does not comply with the price rules, modifying the seed price values; and repeating steps c) and d) until the last leg price complies with current price rules or for a predetermined number of times. This attains compliance with the tick step rules and in turn avoids the use of secondary price algorithms, which may lead to costly and time-consuming manual re-booking.

Abstract: An instruction, processor, system, and method allow application level software to explicitly request a temporary performance boost, from computing hardware. Advanced management of a working frequency of a processor achieves the performance boost. Preferably, a processor with that advanced management and performance boost is implemented in an electronic exchange or another application where peak periods may occur.

Abstract: An adaptable replica server system comprising a primary replica being associated with a primary storage for storing information and a primary processing means, and a secondary replica being associated with a secondary storage and a secondary processing means for creating confirmation data upon receiving input data from the primary replica, wherein the replica server system is designed to be configurable so as to work as an asynchronous server replica system and/or as a synchronous server replica system depending on an instruction.

Abstract: A method for managing messages in a computer system is described. The method comprising the steps of; receiving a plurality of order/quote messages via an input mechanism, ranking the order/quote messages based on the at least one ranking value parameter at a first ranking unit, sending at least one top ranked order/quote message from the first ranking unit to a matching unit, matching the top ranked order/quote messages at the matching unit. A computer system and a processor for inter alia performing the method are also enclosed.

Abstract: The invention concerns a method, computing device, data processing system and computer program product for ensuring correct processing of data according to various system states. The system includes a first data processing module having a state control unit which blocks reception of data on input channels where a state message indicating a change from an old state to a new state has been received and sends a loop check message into each loop in a set of data processing loops the module is connected in and for which the old state applies. The state control unit also removes the blocking when for each loop in the set either the loop check message is received in the module or an associated input channel has received the new state and all other input channels have received the new state.

Abstract: Method for trading an instrument in an automated exchange system, comprising the steps of receiving a first order for the instrument on a first side of a market; receiving a second order for the instrument on a second side of said market; evaluating the first and the second orders regarding the possibility for a match between the first and the second orders; if such a match is possible, creating a preliminary trade using the first and the second orders; receiving a third order for the instrument on the first side of the market; comparing the third order with the first order; if the third order is better than the first order, modifying the preliminary trade; and creating a final trade using the orders currently being part of the preliminary trade.

Abstract: In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprises the steps of (i) identifying for each bid/offer in each one of said instruments its bid/ask price; (ii) storing the identified bid/ask price of the last bid/offer in each one of said instruments; and (iii) generating said estimated prices based on the stored bid/ask price of the last bid/offer in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last bid/offer still exists or not at the time of generating said estimated prices.

Abstract: A method for use by an operator of a system for trading of financial instruments allows the operator to differentiate between the information a user of the system is given access to regarding trades which are made outside of the system and then reported to the system, so called off-exchange trades. The operator defines a first set of boundaries within which the off-exchange trades will be accepted by the system. The operator also defines which sub-sets of a set of information about the trade will be disseminated to users of the system. The definition of the boundaries and the sub-sets of information are defined independently of each other.