Anonymous trading system with improved quote input capabilities
For each quote entered into a computerized anonymous trading system, the system determines if it is waiting to be “hit” (would be matched with the first hit of a predetermined size) at a substantial number of trading floors, and if so, notifies the trader originating the quote. The substantial number of floors is preferably expressed as greater than a predetermined percentage of the available trading partners with whom credit has been established on a bilateral basis, and is preferably greater than 25%. In an alternate embodiment, the system provides a graphical display to the market maker originating a particular quote indicating how many trading floors are poised to hit that particular quote, and/or a numeric display indicating a price that would be Hittable by a predetermined number or percentage of available trading partners.
1. A process for notifying a market maker in a computerized trading system that his quote being a maker's quote is subject to being accepted by another trading partner using the computerized trading system, and
Wherein the quotes are for a particular financial instrument or other commodity that are selectively made available from the market maker;
Wherein the market maker is an institution or an individual trader whose open offers are available to other trading partners using the computerized trading system, the process comprising:
Determining when a predetermined percentage of available trading partners in the computerized trading system are permitted to accept the market maker's quote,
Wherein the predetermined percentage is more than one and less than all of the trading partners using the computerized trading system with which the market maker has bilateral credit; and
Informing the market maker via the computerized trading system screen and/or components this his quote can be accepted by the predetermined percentage of trading partners using the computerized trading system with which the market maker has bilateral credit.
2. The process of claim 1 , wherein the market maker is visually informed that his quote can be accepted by the predetermined percentage of trading partners using the computerized trading system with which the market maker has bilateral credit.
3. The process of claim 1 , wherein the market maker is audibly informed that his quote can be accepted by the predetermined percentage of trading partners using the computerized trading system with which the market maker has bilateral credit.
4. The process of claim 1 , wherein the market maker is both visually and audibly informed that his quote can be accepted by the predetermined percentage of trading partners using the computerized trading system with which the market maker has bilateral credit.
5. The process of claim 1 , wherein the trading partner using the computerized trading system is only permitted to accept the market maker's quote if there is sufficient bilateral credit between the market maker and the trading partner using the computerized trading system.
6. The process of claim 1 , wherein a trading partner using the computerized trading system is only permitted to accept the market maker's quote if there is sufficient bilateral credit between the market maker and the trading partner and the maker's Quote is the best available to the trading partner.
7. The process of claim 1 , wherein the trading partner is only permitted to accept the market maker's quote if there is sufficient bilateral credit between the market maker and the trading partner and the market maker's quote is both the best available to the trading partner and is earlier in time to any other quote available to the trading partner at the same price.
8. The process of claim 1 , wherein the predetermined percentage is at least 25%.
9. The process of claim 1 , wherein the market maker is informed that his quote can be accepted by the predetermined percentage of trading partners by providing the market maker with a quantitative indication of the percentage of trading partners who can accept his quote.
10. The process of claim 9 , wherein the quantitative indication is in the form of a graph.