| 摘要 |
<p>A data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. User workstations (10) are linked to a central server (20), which includes controlling software. Access to trading activity is accomplished at communication server (30) and remote server (40). In accordance with the protocol, bids and offers may be entered into the system, or cleared, or participants given the opportunity to revise their bids and offers, depending on the trading state of the system. The protocol enhances trading efficiency, rewards market makers, and fairly distributes market opportunity to system users.</p> |
