Systems and methods for enabling trading of currency
View Patent ↗Systems and method of enabling trading in currencies are provided. A method of trading a foreign currency option on an electronic trading system according to the invention may include executing a trade of the foreign currency option between a buyer and a seller, locking the trading system with respect to the traded foreign currency option, querying the buyer whether the buyer desires to buy or sell additional volume of the option, querying the seller whether the seller desires to sell or buy additional volume of the option, and authorizing additional participants to join the trade and querying the additional participants whether each of the additional participants desires to buy or sell a volume of the option. The method may also include starting a countdown timer and displaying the timer on the graphical user interface of the buyer, the seller and the additional parties and receiving buy and sell orders from the at least one of the buyer, the seller and additional participants. Following the expiration of the countdown timer, the method preferably includes matching existing buy orders and sell orders for the option. In one embodiment of the invention, the matching occurs according to a predetermined order priority.
1. An electronic trading system comprising:
a memory; and
at least one processor, the at least one processor for executing instructions for displaying a graphical user interface, said interface for use in trading a foreign currency option, the graphical user interface comprising:
a countdown timer, currency pair information and trade action buttons, the countdown timer showing time left for a join the trade opportunity, said join the trade opportunity generated in response to said at least one processor:
executing a trade of a foreign currency option between a buyer and a seller;
locking the electronic trading system with respect to the traded foreign currency option to prevent additional participants from joining the trade while the buyer and seller are queried to trade additional volume of the foreign currency option;
querying the buyer whether the buyer desires to buy or sell additional volume of the option; and
querying the seller Whether the seller desires to sell or buy additional volume of the option;
wherein the processor is configured to start the join the trade opportunity by authorizing additional participants to join the trade; and to start the countdown timer;
wherein the join the trade opportunity comprises querying at least a portion of the additional participants to determine whether each of the additional participants desires to buy or sell a volume of the option.
2. The interface of claim 1 further comprising a no interest button.
3. The interface of claim 1 further comprising; a plurality of increment buttons and a plurality of decrement buttons.
4. The interface of claim 1 further comprising a broker section, said broker section showing trade positions of a plurality of trading participants.
5. The interface of claim 1 further comprising a price section.
6. The interface of claim 1 further comprise a volume section.
7. The interface of claim 1 further specifying whether a workstation was one of the participants of an original trade execution or a join the trade participant.