Compound order handling in an anonymous trading system

US7333952B1 · kind B1 · utility

Assignee

• EBS Group Limited · GB

Inventors

• Vladimir Neyman · West Orange, US
• Steven Iaccheo · Pompton Lakes, US
• Neena Jain · South Plainfield, US
• James Shu · Mountain View, US
• Edward R. Howorka · Denville, US
• Andrew Foray · Wayne, US
• Michael Merold · Sparta, US

Key dates

• Filing date: Jun 23, 2000
• Grant date: Feb 19, 2008
• Expiry date: Jun 23, 2020

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

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.