Abstract: A method of negotiating trades on an electronic trading system is presented. In order to enable an intra-trading-system part-to part negotiation the method comprises the steps of receiving a trade negotiation request with respect to a selected order from a user; forwarding the trade negotiation request to a submitter of the selected order; receiving an accept or a reject to the trade negotiation request from the submitter; and initiating an intra-trading-system part-to-part negotiation procedure between the user and the submitter if the negotiation request is accepted by the submitter. An electronic trading system is also disclosed.

Abstract: In an automated exchange, comprising a matching module, a received order is validated for risk purposes before a match process begins. Hereby it is made possible to reduce the total financial exposure by a customer to the automated exchange.

Abstract: In an automated exchange comprising a matching module and a dissemination module a market model state is controlled in the matching module and in the dissemination module, respectively. Hereby it is made possible to, during ongoing trading, change market model for the automated exchange.

Abstract: A screen sharing presentation system includes a presenter client system that leads a presentation and listener client systems that follow the presentation. A server facilitates communication between the presenter client system and the listener client systems. Users of the client systems may provide annotation information for the presentation. The annotation data is not visible to other users of other client systems, but is displayed on the respective user's personal views of the presentation. The presenter client system and the listener client systems are synchronized by communicating a current document location or other status indications.

Abstract: Securities are traded at a primary site according to information received from market makers and traders. The information, including quotes and orders for one or more instruments, is received and stored at the primary site and used to create deals in the securities. The deals are also stored at the primary site. A secondary site stores replicas of the orders and deals, but not quote information. The deals stored at the secondary site may be used to update the orders stored at the secondary site.

Abstract: In an automated exchange, comprising a matching module, a received order is validated for risk purposes before a match process begins. Hereby it is made possible to reduce the total financial exposure by a customer to the automated exchange.

Abstract: Latency in electronic trading is dramatically reduced by delaying trade order validation until a match or trade can potentially occur. If a new order does not meet the matching criteria for an existing order in an order book, then the new order is stored in the order book without performing validation processing in a first example embodiment. In a second example embodiment, the order is stored in the order book before validation has completed. But if a new order meets matching criteria for an existing order stored in an order book, then order validation processing is performed for both of the matching orders. Once the order validation processing is successfully completed for both of the matching orders, then the trade is executed. Order validation processing includes both risk calculations and account validations, (e.g., checking to ensure the party has the necessary money or collateral if a buyer or is the owner if a seller).

Abstract: In an automated exchange comprising a matching module and a dissemination module a market model state is controlled in the matching module and in the dissemination module, respectively. Hereby it is made possible to, during ongoing trading, change market model for the automated exchange.

Abstract: An instrument is traded in an automated exchange system. A first order for the instrument on a first side of a market and a second order for the instrument on a second side of the market are received. The first and second orders are evaluated regarding the possibility for a match between the first and the second orders. If such a match is possible, a preliminary trade is created using the first and the second orders. A third order for the instrument on the first side of the market is received and compared with the first order. If the third order is better than the first order, then the preliminary trade is modified. A final trade is created using the orders currently part of the preliminary trade.

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: The invention relates to a method in a post trade handling module (23) for handling an offering data set in a data network. The post trade handling module is comprised in a computerized trading system (10). The computerized trading system (10) further comprises a reference database (20) comprising at least one offering data set, and a matching engine module (21) arranged to match an offering data set from the reference database (20) with a data request from a requesting node (12) in the data network. The matched offering data set is to be accepted by the requesting node (12). The post trade handling module receives an offering data set from the matching engine module (21). The offering data set has been accepted by the requesting node (12) and indicates a time period.

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: Provided is a system and a method for entering market actions into an automated exchange system (200). More specifically the automated exchange system (200) and the method enables automatic generation of input data messages comprising new, altered or cancelled orders and, or, quotes to be sent to a matching module (203) via an internal, interface (205). Thus, the invention provides algorithmic trade participants with tools for installing algorithmic trade units directly into the automated exchange system (200). The automated exchange system (200) and the method allows a full trading cycle to be performed with low latency and reduce the amount of data directed to-, and from the automated exchange system (200).

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: A computerized trading system configured to receive buy and sell trade orders in financial instruments traded in the central trading system from user terminals connected to the central trading system is provided. The user terminals are of at least two types trading in the central system at different off-set spread values and the central trading system further being configured to transmit price information to the at least two types of user terminals. The central system is then configured to transmit a price information message to the at least two types of user terminals in a single message and where the user terminals are configured to display the price information in said price information message including said different off-set spread values. Hereby a reduced number of messages needs to be transmitted in that the user terminals are enabled to convert the single message stream to the correct price information valid for each particular user.

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: The present invention relates to distributed computerized exchange systems for trading of financial instruments. In particular it relates to a passive matching engine and an active matching engine that cooperates in handling data messages such that less bandwidth is used and so that improvement in latency can be achieved.

Abstract: The present invention relates to a computer system, computerized method and computer program product for calculating margin requirements in a more efficient way. In particular it relates to margin calculations for being used by clearing house in order to optimize calculation of margin requirements.

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.