| 摘要 |
<p>Abstract: According to one embodiment, a method of managing trading is provided. A first offer for a particular instrument in a particular market is received from a first market maker at a first offer price. A first bid for the same particular instrument in the same particular market is received from a second market maker at a first bid price, the first bid price being higher than or equal to the first offer price. As a result of the first bid price being higher than or equal to the first offer price, the first offer price is automatically increased to a price higher than the first bid price such that a trade is not executed between the first offer and the first bid. In some embodiments, such method may be used to protect market makers from unwanted trades caused by inherent latency in the market makers' pricing engines and/or networks. WO 2006/012445 PCT/US2005/025929 MARKET TRADING 30 AKR RT---MAKER PLATFORM TERMINAL TRADING MODULE 22 o 22 12. o 12 -ORPROCESSOR * * // 34 MARKET MARKET TERMINALMEMORY TERMINAL R36 ( START ) 100 MARKET MAKERS AND TRADERS PLACE BIDS AND OFFERS 102 MARKET MAKER 1 PLACES BID-OFFER 104 TRADER PLACES CROSSING OFFER EXECUTE TRADER'S OFFER AGAINST ALL BIDS, INCLUDING 106 MARKET MAKER 1'S BID, AT BEST PRICE FOR TRADER 108A CONTINUE TRADING ( STOP FIG. -2</p> |
