System and method for providing workup trading without exclusive trading privileges

摘要

A system and method are provided that preserve many of the advantages of traditional workups, including the ability to create a single deal extended in time, while avoiding aspects of prior art workup protocols that can be disadvantageous in particular trading environments and, particularly, avoiding the trading delays sometimes created by providing certain traders with exclusive trading privileges in highly-liquid, fast-moving trading environments. In a preferred embodiment, the present system comprises a distributed computer processing system programmed to provide a structured trading protocol that enhances trading efficiency and fairly distributes market opportunity to system users. More specifically, in a preferred embodiment, the present system is adapted to provide a plurality of workup phases each of which is designated a “public” phase and during which all trading is conducted on a first-come-first-served basis.

主权项

1. A computerized trading system for trading an item, comprising:
a server computer configured to receive and match orders to buy and sell the item submitted from computerized trader terminals; the server computer being further configured to:
execute a first transaction between a passive order to buy or sell the item submitted from a first computerized trading terminal, and an aggressive order to hit or lift the passive order submitted from a second computerized trading terminal;wherein the passive order specifies at least a quantity and a price for the item and the aggressive order specifies at least a quantity for the item; and wherein the server computer is further configured to:
execute at least one additional transaction to form, with the first transaction, a single deal over time, the at least one additional transaction involving at least one additional order submitted from other computerized trading terminals to buy and sell the item at the price specified in the passive order without providing any trader exclusive trading privileges.