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US 2021/0342944 A1Published application
Anonymous trading system
AssigneeNEX Services North America LLC
InventorsJames A. O'Hagan, Brian Andreyko
Life of this patent
Estimating the term…
Abstract
A computerised method of trading a fungible instrument, the method comprising: receiving orders from traders for a fungible instrument. The orders each comprise an amount of the fungible instrument to buy or sell, but no price. The orders are matched. The price of matched orders is then fixed at a price based on an outside source at a predetermined time.
Claims25
A computer implemented method comprising:
- locating a plurality of arbitrator computers, each of which is associated with a different one of a plurality of credit manager computers, in a same location as the associated arbitrator computer, wherein each of the associated arbitrator computer is located geographically more proximate to an associated trader workstation than the other arbitrator computers so as to provide low network latency between a time an electronic trade order transmitted from the associated trader workstation and received by the computerized system and a time that a match is made by the associated arbitrator computer;
- storing, by each of the plurality of credit manager computers, a credit matrix storing data indicative of credit extended between a plurality of trading entities;
- receiving, from the associated trader workstation by the arbitrator computer associated therewith, a pair of compatible electronic trade orders;
- forwarding, by the associated arbitrator computer, the received pair of compatible electronic trade orders to the one of the plurality of credit manager computers associated therewith;
- accessing, by the one of the plurality of credit manager computers, the stored credit matrix to determine whether, for the received pair of compatible trade orders, trading entities associated therewith have a predetermined level of credit;
- and
- matching, by the associated arbitrator computer, the received pair of compatible electronic trade orders only when the associated credit manager computer has determined that the trading entities associated therewith have a predetermined level of credit.
4 more elements
A system comprising:
- a plurality of arbitrator computers, each of which is associated with a different one of a plurality of credit manager computers, located in a same location as the associated arbitrator computer, wherein each of the associated arbitrator computer is located geographically more proximate to an associated trader workstation than the other arbitrator computers so as to provide low network latency between a time an electronic trade order transmitted from the associated trader workstation and received by the computerized system and a time that a match is made by the associated arbitrator computer, each of the plurality of credit manager computers having stored therein a credit matrix storing data indicative of credit extended between a plurality of trading entities;
- an order store configured to receive, from the associated trader workstation by the arbitrator computer associated therewith, a pair of compatible electronic trade orders, and forward the received pair of compatible electronic trade orders to the one of the plurality of credit manager computers associated therewith;
- the one of the plurality of credit manager computers being configured to access the stored credit matrix to determine whether, for the received pair of compatible trade orders, trading entities associated therewith have a predetermined level of credit;
- and
- the associated arbitrator computer being configured to match the received pair of compatible electronic trade orders only when the associated credit manager computer has determined that the trading entities associated therewith have a predetermined level of credit.
2 more elements
An apparatus comprising:
- a plurality of arbitrator computers, each of which is associated with a different one of a plurality of credit manager computers, located in a same location as the associated arbitrator computer, wherein each of the associated arbitrator computer is located geographically more proximate to an associated trader workstation than the other arbitrator computers so as to provide low network latency between a time an electronic trade order transmitted from the associated trader workstation and received by the computerized system and a time that a match is made by the associated arbitrator computer, each of the plurality of credit manager computers having stored therein a credit matrix storing data indicative of credit extended between a plurality of trading entities and configured to receive, from the associated trader workstation by the arbitrator computer associated therewith, a pair of compatible electronic trade orders, forward the received pair of compatible electronic trade orders to the one of the plurality of credit manager computers associated therewith, and wherein the one of the plurality of credit manager computers accesses the stored credit matrix to determine whether, for the received pair of compatible trade orders, trading entities associated therewith have a predetermined level of credit and, based thereon, the associated arbitrator computer matches the received pair of compatible electronic trade orders only when the associated credit manager computer has determined that the trading entities associated therewith have a predetermined level of credit.
Dependencies are inferred from the claim text.