Abstract: In a duplex chat conversational trading system, trader terminals monitor for new incoming messages from the time a trader starts to input a new message to the time it is sent. If an incoming message is detected, sending of the message is inhibited and the trader is alerted to the new incoming message whereupon he can confirm his message, modify it or resend it. Messages are exchanged via a chat server which assigns a unique reference number to each message. Where a message received at the server is sent in reply to an earlier message it carries the reference of the earlier message. The server compares this reference to the most recent reference it has logged and notifies the parties of a crossover if the references are not the same.

Abstract: An anonymous trading system comprises a network of broker nodes each of which perform price matching, deal execution and market distribution. Trader terminals on trading floors are connected to a given broker node via a trading agent node. Credit may be stored for a given trading floor at its trading agent node or at a credit agent node which stores credit limits for a group of trading floors. Where the credit limits of a party to a proposed deal are stored at a credit agent node, the deal execution process is routed through that credit agent node to check for available credit. The system allows institutions to adopt any combination of local and global credit assignments with counterparties with which it wishes to trade.

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 comprises an interconnected network of broking noted arranged in cliques which receive buy and sell orders from trader terminals via connected trading engines and which match persistent orders, executed deals and distribute price information to trader terminals. Where two orders are matched, a proposed deal message is sent by the matching broker. If another broker has processed an event which makes the matched quote unavailable the match fails and rematch may occur. Rematch may be attempted by an intermediate broker provided it owns one side of the match, or it received both sides of the match from brokers in different cliques. The intermediate broker attempts to match with the next available quote in the queue.

Abstract: For each quote entered into a computerized anonymous trading system, the system determines if it is waiting to be “hit” (would be matched with the first hit of a predetermined size) at a substantial number of trading floors, and if so, notifies the trader originating the quote. The substantial number of floors is preferably expressed as greater than a predetermined percentage of the available trading partners with whom credit has been established on a bilateral basis, and is preferably greater than 25%. In an alternate embodiment, the system provides a graphical display to the market maker originating a particular quote indicating how many trading floors are poised to hit that particular quote, and/or a numeric display indicating a price that would be Hittable by a predetermined number or percentage of available trading partners.

Abstract: An improved multiple order facility for a computerized trading system in which a first trader submits a plurality of orders for display and acceptance by other traders, including a first subsystem which permits the first trader to simultaneously generate a plurality of orders, and a second subsystem which displays the orders at computer terminals of the other traders to whom the orders were sent. Using the first subsystem, the first trader selects one or more financial instruments associated with a respective one of the orders from a displayed list of related financial instruments, selects a common quantity to be applied to each of the orders, and selects, for each order, a respective price at which the first trader is willing to buy or sell the financial instrument associated with that order. Each of the orders is then sent to a plurality of other trading using the computerized trading system.

Abstract: For each quote entered into a computerized anonymous trading system, the system determines if it is waiting to be “hit” (would be matched with the first hit of a predetermined size) at a substantial number of trading floors, and if so, notifies the trader originating the quote. The substantial number of floors is preferably expressed as greater than a predetermined percentage of the available trading partners with whom credit has been established on a bilateral basis, and is preferably greater than 25%. In an alternate embodiment, the system provides a graphical display to the market maker originating a particular quote indicating how many trading floors are poised to hit that particular quote, and/or a numeric display indicating a price that would be Hittable by a predetermined number or percentage of available trading partners.