System and method for buy-side order matching

1. A system for buy-side order matching in the trading of financial instruments, comprising:

a centralized matching engine having one or more transmitters and receivers, wherein the centralized matching engine is communicatively coupled to a network, the network including a plurality of buy-side computer systems and at least one sell-side computer system, wherein the plurality of buy-side computer systems are configured to communicate between a plurality of buy-side parties and the centralized matching engine, and wherein the at least one sell-side computer system is configured to communicate between a sell-side party and the centralized matching engine;

the centralized matching engine further having one or more processors operatively coupled to one or more storage devices and the one or more transmitters and receivers, the one or more processors configured to:

receive at least one message sent over the network from each of the plurality of buy-side party computer systems, wherein the at least one message is stored in the one or more of the storage devices and sets one or more rules and one or more order parameters, the one or more rules and one or more order parameters including a trade interest, wherein the one or more order parameters include one or more of an instrument symbol, an order size, and an order direction for each trade interest placed by the plurality of buy-side parties, wherein the one or more rules include, for the plurality of buy-side parties, an indication of which other buy-side parties, if any, to avoid matching with, and an indication of at least one sell-side party that each buy-side party is willing to engage with for subsequent trade negotiation;

analyze the one or more rules and the one or more order parameters to determine eligibility for each of the plurality of buy-side parties;

determine a first subset of the plurality of buy-side parties based on the one or more rules and the one or more order parameters, wherein the first sub-set of the plurality buy-side parties each conform to at least one of the one or more rules and the one or more order parameters;

match at least one trade interest of a first buy-side party with at least one trade interest of a second buy-side party based on the identification of the first subset of the plurality of buy-side parties and the one or more rules and the one or more order parameters, wherein the one or more processors are configured to match the orders of at least two of the plurality of buy-side parties when the one or more order parameters for a first party and the one or more order parameters for a second party include the same instrument symbol and the opposite order direction, when the one or more rules for the first party does not include an indication to avoid matching with the second party, when the one or more rules for the second party does not include an indication to avoid matching with the first party, and when the one or more rules for the first and second party include a mutual sell-side party;

generate and transmit a match message to each buy-side party computer system, the match message indicating that a match has been found;

display information based on the match message on each of a plurality of buy-side displays, wherein each of the buy-side displays is operatively connected to the plurality of buy-side computer systems, and wherein the information displayed on the buy-side displays for each buy-side party comprises a first buy-side window horizontally adjacent to a second buy-side window, the first buy-side window including the trade interest and a confirmation button and the second buy-side window including a withdrawal button;

receive a reply message input from each of the plurality of buy-side computer systems, wherein the reply message input indicates whether each buy-side party confirms the trade interest or whether each the buy-side party withdraws the trade interest; and

transmit a negotiation message to the sell-side party computer system upon receiving at least two reply message inputs from at least two buy-side parties confirming the respective trade interests, wherein the transmission of the negotiation message to the sell-side party computer system indicates that trade negotiation can commence.

2. The system of claim 1 , wherein the one or more processors are further configured to communicate via the network with each buy-side party to withdraw, modify, or cancel pending trade interests.

3. The system of claim 1 , wherein the message to the sell-side party includes instrument details and names of the at least two buy-side parties.

4. A method for buy-side order matching in the trading of financial instruments using a centralized matching engine having one or more transmitters and receivers, wherein the centralized matching engine is coupled to a network, the network including a plurality of buy-side computer systems and at least one sell-side computer system, wherein the plurality of buy side computer systems are configured to communicate between a plurality of buy-side parties and the centralized matching engine, wherein the at least one sell-side computer system is configured to communicate between a sell-side party and the centralized matching engine, wherein the centralized matching engine further comprises one or more processors operatively coupled to one or more storage devices and the one or more transmitters and receivers, the method comprising:

receiving at least one message sent over the network from each of the plurality of buy-side party computer systems, wherein the at least one message is stored in the one or more of the storage devices and sets one or more rules and the one or more order parameters, wherein the one or more rules and the one or more order parameters includes a trade interest, wherein the one or more order parameters include one or more of an instrument symbol, an order size, and an order direction for each trade interest placed by the plurality of buy-side parties, wherein the one or more rules include, for the plurality of buy-side parties, an indication of which other buy-side parties, if any, to avoid matching with, and an indication of at least one sell-side party that each buy-side party is willing to engage with for subsequent trade negotiation;

analyzing the one or more rules and the one or more order parameters to determine eligibility for each of the plurality of buy-side parties;

determining a first subset of the plurality of buy-side parties based on the one or more rules and the one or more order parameters, wherein the first sub-set of the plurality of buy-side parties each conform to at least one of the one or more rules and the one or more order parameters;

matching at least one trade interest of a first buy-side party with at least one trade interest of a second buy-side party based on the identification of the first subset of the plurality of buy-side parties and the one or more rules and the one or more order parameters, wherein the matching the orders of at least two of the plurality of buy-side parties includes identifying a match when the one or more order parameters for a first party and the one or more order parameters for a second party include the same instrument symbol and the opposite order direction, when the one or more rules for the first party does not include an indication to avoid matching with the second party, when the one or more rules for the second party does not include an indication to avoid matching with the first party, and when the one or more rules for the first and second party include a mutual sell-side party;

generating and transmitting a match message to each buy-side party computer system, the match message indicating that a match has been found;

displaying information based on the match message on each of a plurality of buy-side displays, wherein each of the buy-side displays is operatively connected to the plurality of buy-side computer systems, and wherein the information displayed on the buy-side displays for each buy-side party comprises a first buy-side window horizontally adjacent to a second buy-side window, the first buy-side window including the trade interest and a confirmation button and the second buy-side window including a withdrawal button;

receiving a reply message input from each of the plurality of buy-side computer systems, wherein the reply message input indicates whether each buy-side party confirms the trade interest or whether each the buy-side party withdraws the trade interest;

transmitting a negotiation message to the sell-side party computer system upon receiving at least two reply message inputs from at least two buy-side parties confirming the respective trade interests, wherein the transmission of the negotiation message to the sell-side party computer system indicates that trade negotiation can commence.

5. The method of claim 4 , further comprising communicating via the network with each buy-side party to withdraw, modify, or cancel pending trade interests.

6. The method of claim 4 , wherein the message to the sell-side party includes instrument details and names of the at least two buy-side parties.

7. A non-transitory computer-readable medium storing instructions that, when executed by a processor, cause a computer system to match buy-side orders in the trading of financial instruments, by performing the steps of:

receiving at least one message sent over a network from each of a plurality of buy-side party computer systems, wherein the network includes the plurality of buy-side computer systems and at least one sell-side computer system, wherein the plurality of buy-side computer systems are configured to communicate between a plurality of buy-side parties and a centralized matching engine, wherein the at least one sell-side computer system is configured to communicate between a sell-side party and the centralized matching engine, and wherein the at least one message is stored in one or more storage devices coupled to the centralized matching engine and to sets one or more rules and one or more order parameters, wherein the one or more rules and one or more order parameters includes a trade interest, wherein the one or more order parameters include one or more of an instrument symbol, an order size, and an order direction for each trade interest placed by the plurality of buy-side parties, wherein the one or more rules include, for the plurality of buy-side parties, an indication of which other buy-side parties, if any, to avoid matching with, and an indication of at least one sell-side party that each buy-side party is willing to engage with for subsequent trade negotiation;

analyzing the one or more rules and the one or more order parameters to determine eligibility for each of the plurality of buy-side parties;

determining a first subset of the plurality of buy-side parties based on the one or more rules and the one or more order parameters, wherein the first sub-set of the plurality of buy-side parties each conform to at least one of the one or more rules and the one or more order parameters;

matching at least one trade interest of a first buy-side party with at least one trade interest of a second buy-side party based on the identification of the first subset of the plurality of buy-side parties and the one or more rules or the one or more order parameters, wherein matching the orders of at least two of the plurality of buy-side parties includes identifying a match when the one or more order parameters for a first party and the one or more order parameters for a second party include the same instrument symbol and the opposite order direction, when the one or more rules for the first party does not include an indication to avoid matching with the second party, when the one or more rules for the second party does not include an indication to avoid matching with the first party, and when the one or more rules for the first and second party include a mutual sell-side party;

generating and transmitting a match message to each of the plurality of buy-side party computer system, the match message indicating that a match has been found;

displaying information based on the match message on each of a plurality of buy-side displays, wherein each of the buy-side displays is operatively connected to the plurality of buy-side computer systems, and wherein the information displayed on the buy-side displays for each buy-side party comprises a first buy-side window horizontally adjacent to a second buy-side window, the first buy-side window including the trade interest and a confirmation button and the second buy-side window including a withdrawal button;

receiving a reply message input from each of the plurality of buy-side computer systems, wherein the reply message input indicates whether each buy-side party confirms the trade interest or whether each the buy-side party withdraws the trade interest;

transmitting a negotiation message to the sell-side party computer system upon receiving at least two reply message inputs from at least two buy-side parties confirming the respective trade interests, wherein the transmission of the negotiation message to the sell-side party computer system indicates that trade negotiation can commence.

8. The non-transitory computer readable medium of claim 7 , further comprising communicating via the network with each buy-side party to withdraw, modify, or cancel pending trade interests.