System and method for centralized clearing of over the counter foreign exchange instruments

A system comprising:

• computer executable program code stored in the memory and executable by a processor to implement:
• a request receiver operative to receive, via an electronic communications network coupled with the processor, a first request from a first entity of a plurality of entities for a first transaction in a financial instrument, wherein the first request comprises first data indicative of a time of transmission thereof, and receive, via the electronic communications network, a second request from a second entity of the plurality of entities for a second transaction in the financial instrument, wherein the second request comprises second data indicative of a time of transmission thereof, wherein the first and second requests are received within a threshold time of each other;
• a match identifier coupled with the request receiver and operative to identify a third request previously received via the electronic communications network by the processor from a third entity of the plurality of entities for a third transaction in the financial instrument where the third transaction is at least partially counter to the first and second transactions;
• evaluation logic operative to evaluate the times of transmission of both the first and second requests so as to compensate for any network transmission latency of the electronic communications network and further determine which of the first and second requests was at least transmitted to the processor prior to the other of the first and second requests regardless of when the first or second request was received by the processor relative to the other of the first or second request;
• and
• a match processor coupled with the match identifier and operative to match the prior transmitted request with the third request and subsequently facilitate the transactions thereof without communication of data identifying the entity who transmitted the prior request and third entity to each other.

A system comprising:

• a processor and a memory coupled therewith, the memory storing computer executable instructions which, when executed by the processor, cause the processor to:
• receive, via an electronic communications network coupled with the processor, a first request from a first entity of a plurality of entities for a first transaction in a financial instrument, wherein the first request comprises first data indicative of a time of transmission thereof, and receive, via the electronic communications network, a second request from a second entity of the plurality of entities for a second transaction in the financial instrument, wherein the second request comprises second data indicative of a time of transmission thereof, wherein the first and second requests are received within a threshold time of each other;
• identify a third request previously received via the electronic communications network by the processor from a third entity of the plurality of entities for a third transaction in the financial instrument where the third transaction is at least partially counter to the first and second transactions;
• evaluate the times of transmission of both the first and second requests so as to compensate for any network transmission latency of the electronic communications network and further determine which of the first and second requests was at least transmitted to the processor prior to the other of the first and second requests regardless of when the first or second request was received by the processor relative to the other of the first or second request;
• and
• match the prior transmitted request with the third request and subsequently facilitate the transactions thereof without communication of data identifying the entity who transmitted the prior request and third entity to each other.