US 6,983,259 B1 | ||
Anonymous trading system | ||
Andrew P. Foray, Wayne, N.J. (US); and Michael S. Merold, Sparta, N.J. (US) | ||
Assigned to EBS Group Limited, London (United Kingdom) | ||
Filed on Jun. 23, 2000, as Appl. No. 9/603,515. | ||
Int. Cl. G06F 17/60 (2006.01) |
U.S. Cl. 705—37 | 22 Claims |
1. An anonymous trading system for trading fungible instruments between traders, comprising;
a communications network for transmitting electronic messages;
a plurality of order input devices connected to the communications network each for generating electronic price quotation
messages including bid and/or offer prices and for communicating to a trader price information received from the communication
network as a function of electronic price quotation messages generated by other order input devices;
a plurality of matching engines connected to and comprising part of the network for matching bids and offers input into the
system and for executing deals where prices are matched, each matching engine having an associated market distribution means
for distributing price quotation messages to an associated subset of the order input devices;
wherein each of the plurality of matching engines is connected to each of the other of the plurality of matching engines and,
at no time is more than one of said matching engines active performing price matching and deal execution, the remaining matching
engines being passive and the respective market distribution means of said remaining passive matching engines distributing
price messages from the active matching engine to their associated order input devices.
|