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US 11,694,261 B2Granted
Anonymous trading system
AssigneeEBS Group Limited
InventorsJohn Edward Schoen, Nasir Ahmed Zubairi, Edward R. Howorka, Neena Jain
Life of this patent
Estimating the term…
Abstract
An anonymous computerized trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimizing the time for which credit is allocated to the system.
Claims16
A computer implemented method comprising:
- receiving, by a processor over a period of time ending at a benchmark fixing time, a plurality of orders for an instrument, each of the plurality of received orders being from a respective trading entity of the plurality of trading entities, each of which is assigned a credit limit, assigned no later than a first predetermined time before the period of time ending at the benchmark fixing time, for use during the period of time and only valid until the benchmark fixing time, wherein each of the plurality of received orders specifies a quantity, but not a price, the lack thereof indicative of a direction to use a benchmark price set at the benchmark fixing time;
- matching, by the processor only as a function of the assigned credit limits, each of the plurality of received orders, as they are received, with another previously received uncanceled and unmatched order of the plurality of received orders, causing the matching to be distributed over the period of time, the processing power required by the processor being reduced thereby;
- setting, by the processor at or after the benchmark fixing time, the benchmark price for the instrument;
- and
- executing the matched orders at the set benchmark price.
2 more elements
A system comprising:
- an order receiver operative to receive, over a period of time ending at a benchmark fixing time, a plurality of orders for an instrument, each of the plurality of received orders being from a respective trading entity of the plurality of trading entities, each of which is assigned a credit limit, assigned no later than a first predetermined time before the period of time ending at the benchmark fixing time, for use during the period of time and only valid until the benchmark fixing time, wherein each of the plurality of received orders specifies a quantity, but not a price, the lack thereof indicative of a direction to use a benchmark price set at the benchmark fixing time;
- a match engine operative to match, only as a function of the assigned credit limits, each of the plurality of received orders, as they are received, with another previously received uncanceled and unmatched order of the plurality of received orders, causing the matching to be distributed over the period of time, the processing power required by the processor being reduced thereby;
- and
- an order processer operative to set the benchmark price at or after the benchmark fixing time and execute the matched orders at the set benchmark price.
1 more element
A system comprising:
- a processor and a memory coupled therewith, the memory storing computer executable instructions that when executed by the processor cause the processor to:
- receive, over a period of time ending at a benchmark fixing time, a plurality of orders for an instrument, each of the plurality of received orders being from a respective trading entity of the plurality of trading entities, each of which is assigned a credit limit, assigned no later than a first predetermined time before the period of time ending at the benchmark fixing time, for use during the period of time and only valid until the benchmark fixing time, wherein each of the plurality of received orders specifies a quantity, but not a price, the lack thereof indicative of a direction to use a benchmark price set at the benchmark fixing time;
- match, only as a function of the assigned credit limits, each of the plurality of received orders, as they are received, with another previously received uncanceled and unmatched order of the plurality of received orders, causing the matching to be distributed over the period of time, the processing power required by the processor being reduced thereby;
- set the benchmark price for the instrument at or after the benchmark fixing time;
- and
- execute the matched orders at the set benchmark price.
3 more elements
Dependencies are inferred from the claim text.