| 摘要 |
Disclosed is a method for computerized trading of options in which the number of contracts and the "big and ask" data are displayed in a succession of windows maintained by an "electronic book". Each window is open for 20 seconds. In the first 5 seconds after a window has closed, a specialist has exclusive access to the window to place trades and publish the executed trade data. After that, traders and brokerage agencies have access to the new window to place trades. The general public has access to the window to observe the trading process. All trades are made on a real time basis and in the order, by time, in which they are received by the electronic book. Trades are limited to a predetermined range within each window so as to maintain a stable and orderly market. |
