Methods, software, and systems for over-the-counter trading

A tangible computer-readable medium of an electronic trading system, the electronic trading system comprising the computer-readable medium, a processor, a screen, and a telecommunications line, the tangible computer-readable medium containing computer-executable instructions that when executed cause the electronic trading system to perform the steps comprising:

• receiving, by the electronic trading system over the telecommunications line from multiple sources, source data comprising price data and data identifying an originator of the price data (“originator data”), the source data having multiple data formats;
• identifying a portion of the source data that comprises suspect data by:
• extracting one or more price quotes that include bids and offers from the source data,
• comparing the price quotes to at least one pre-selected criterion, and
• identifying as suspect data those price quotes that violate the at least one pre-selected criterion, the suspect data comprising price data and originator data from at least two different sources of the multiple sources;
• verifying a validity of the suspect data in real-time by:
• analyzing real-time market data, and
• confirming, based on the analyzing, that the suspect data from at least one of the at least two different sources of the multiple sources falls within a predetermined range of the real-time market data (“verified data”);
• and
• displaying in real time on the screen of the electronic trading system the verified data together with a portion of the source data that does not comprise the suspect data.

An electronic trading system comprising:

• a processor,
• a screen,
• a telecommunications line, and
• a tangible computer-readable medium containing computer-executable instructions that when executed cause the electronic trading system to perform the steps comprising:
• receiving, by the electronic trading system over the telecommunications line from multiple sources, source data comprising price data and data identifying an originator of the price data (“originator data”), the source data having multiple data formats;
• identifying a portion of the source data that comprises suspect data by:
• extracting one or more price quotes that include bids and offers from the source data,
• comparing the price quotes to at least one pre-selected criterion, and
• identifying as suspect data those price quotes that violate the at least one pre-selected criterion, the suspect data comprising price data and originator data from at least two different sources of the multiple sources;
• verifying a validity of the suspect data in real-time by:
• analyzing real-time market data, and
• confirming, based on the analyzing, that the suspect data from at least one of the at least two different sources of the multiple sources falls within a predetermined range of the real-time market data (“verified data”);
• and
• displaying in real time on the screen of the electronic trading system the verified data together with a portion of the source data that does not comprise the suspect data.