Electronic trading system
An anonymous trading system comprises one or more matching engines, one or more market distributors and one or more trader terminals for input of orders from institutions trading on the system. The trader terminals are connected to the system through bank nodes. A broker terminal is connected through a bank node and enables voice brokers to trade on the system on behalf of client traders. The voice brokers terminal can be configured for any client trader and will display the market view for that trader. Trades in which the broker terminal participates are not concluded until a manual credit check has been performed.
1. A computerised trading system for trading instruments between parties comprising:
at least one matching engine computer connected to a network, the at least one matching engine computer being configured to receive bid and offer orders from a plurality of order input terminals, the order input terminals comprising a plurality of trader order input terminals for inputting orders from traders, and at least one broker order input terminal for trading on behalf of a plurality of clients, the at least one matching engine computer matching the received bid and offer orders and executing deals where orders are matched; and
one or more market distributor computers distributing order price messages to the order input terminals, the one or more market distributor computers being responsive to the order information and the matching engine computer, wherein trades conducted between trader order input terminals are anonymous as to the parties until completion of a trade, and trades in which the broker order input terminal is a party require disclosure of the parties to the trade prior to completion of the trade.
2. A system according to claim 1 , wherein the order input terminals appear the same to the network.
3. A system according to claim 1 , wherein the clients comprise voice traders.
4. A system according to claim 1 , wherein orders entered at the at least one broker order input terminal are owned by a broker.
5. A computerised trading system for trading instruments between trading parties on a network, the trading system comprising:
at least one matching engine computer, the at least one matching engine computer being configured to receive electronic orders including bid and/or offer orders from a plurality of trader order input terminals connected to the communications network, the trader order input terminals inputting orders from traders, and at least one broker order input terminal connected to the communications network for trading on behalf of a selected one of a plurality of client traders, the at least one matching engine connected to the network matching the received bid and offer orders input into the system from the order input terminals and executing deals where prices are matched; and
one or more market distributor computers connected to the network distributing order information to the order input terminals, the order information distributed to the trader order input terminals comprises a subset of the order information distributed to the at least one broker order input terminal, the one or more market distributor computers being responsive to the order information and the matching engine computer.