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: 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: 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 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.

Abstract: A method for use in an anonymous trading system, enabling users to select counterparty requirements is provided, said method comprising, providing each user with an interface via which each user may add trader preconditions regarding available counterparties, which trader preconditions at least comprises an expression of the user's willingness to trade with selected counterparties; collecting all added trader preconditions from the users; combine all trader preconditions into a trader matrix; and using the trader matrix for determining 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: 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: The invention relates to a method for use by an operator of a system for trading of financial instruments, by means of which method the operator of the system is given the possibility of differentiating 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 method comprises the steps of letting the operator define a first set of boundaries within which the off-exchange trades will be accepted by the system, letting the operator define which sub-sets of a set of information about the trade that will be disseminated to users of the system, with the definition of the boundaries and the sub-sets of information being defined independently of each other.

Abstract: The invention relates to a method for use in a system for repo trading, with the seller of the repo providing a financial instrument as collateral, and letting the collateral be registered with the system, also comprising letting the system, via an interface function, query the registering party regarding the identity of the collateral by means of a first function in the system. The method also comprises letting said identity of the collateral be sent from the interface function to a second function in the system, said second function keeping track of financial instruments which have been used for repo collateral in the system during a defined period of time. Suitably, the query is made by the first function in the form of a pre-defined template which is sent to the interface function to be filled in by the registering party.

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.