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: 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 synthesized 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 suitable for trading foreign exchange or other fungible instruments comprises a network of broking nodes each of which have equal status and each of which perform the function of matching orders input into the systems, executing trades and distributing market views. Trading agent nodes are connected to some or all of the broking nodes and act as an interface between trader terminals or other order input devices through which orders are submitted to the system, and the broking nodes. Orders may be input into the system as visible quotes or invisible hits.

Abstract: An anonymous trading system has a clique of arbitrators which match orders from trader terminals and execute deals. One or more branches is attached to each arbitrator connecting trader terminals through a city node and one or more market distributors. At any one time only one arbitrator is active with the passive arbitrators active as market distributors. The active arbitrator is switched according to the geographical location of the greatest market activity.

Abstract: A conversational trading system allows a plurality of instruments, for example financial instruments such as foreign exchange products, to be traded from a single user interface. The interface includes a deal stack comprising a deal list, a deal detail panel and a button bar. The deal list displays deal related information such as status, party, instrument and an instrument and status related string in a form common to all instruments. Whenever a new quote request is detected, a new conversation is started. This may be with the same party as an existing conversation. The conversation is parsed line by line and the user can edit it before it is sent to the counterparty. The parser does not store any record of the deal and, along with the interface, may be downloaded as an Applet.

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 synthesized 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.