Method and system for executing foreign exchange transactions

A method for buying and selling currencies, comprising the steps of:

• receiving market data;
• receiving a selection of a currency pair from a entity over a computer network;
• receiving a buy or sell order from the entity;
• and
• receiving residual instructions to execute residual portions of the order at a benchmark rate.

A system for foreign exchange execution, comprising:

• means for receiving from a remote computer system a selection of a currency pair and a value date for a foreign exchange crossing process;
• means for receiving an amount specified in a buy or sell order for an anonymous entity;
• means for executing the order with minimal market impact;
• and
• means for providing the entity a report on how much of the order has been matched in the crossing process.

A system for buying and selling currencies, comprising:

• means for receiving market data;
• means for receiving a selection of a currency pair from a entity over a computer network;
• means for receiving a buy or sell order from the entity;
• and
• means for receiving residual instructions to execute residual portions of the order at a benchmark rate.

A system for buying and selling currencies over a computer network, comprising:

• a receiving component for receiving market data, a selection of a currency pair from a entity, a buy or sell order from the entity;
• and residual instructions to execute residual portions of the order at a benchmark rate;
• a transmitting component for providing an entity a report on how much of its order has been matched and how much was residual;
• a data storage medium for performing a credit check of the order;
• and
• a processing component for providing the entity an ability to modify, save, or cancel the order before a cutoff time.