Abstract: There is disclosed an electronic trading system and associated methods adapted to automatically match submitted orders on the basis of price, quantity limitations, and lines of credit defined by potential counterparties. Lines of credit are divided into time based tranches relating to the maturity of an instrument to be traded, and a number of schemes are used to manage the tranches in order to improve control and use of remaining credit, which can be replenished manually or automatically. Traders are grouped into desks, and orders submitted by a trader may be matched on behalf of any of several credit centers defined per trader desk. Lines of credit may be held in various ways such as at the level of counterparty trading organizations, and at the level of counterparty credit centers.

Abstract: An electronic trading system is described in which risk premiums are stored for each participant in respect of other participants. These risk premiums are added or otherwise applied to the prices on orders, for the purposes of matching orders to make trades and for providing market data to participants. The risk premiums allow each participant to account for the risk associated with trades with particular other participants.

Abstract: The present invention relates to a method of use of a computerised trading system to process trades in financial instruments. The computerised trading system comprises a trading system computer apparatus (10); a plurality of client computer apparatus (11, 12, 13, 14, 15, 16) located physically remote from each other and physically remote from the trading system computer apparatus (10); and a telecommunications network interlinking the trading system computer apparatus (10) and the plurality of client computer apparatus (11, 12, 13, 14, 15, 16).