ANONYMOUS TRADING SYSTEM

摘要

An anonymous trading system comprises a number of branches of broking nodes, each broking node having one or more bank nodes connected to it through whic h trader terminals connected to the bank nodes can input price quotation messages into the system and receive market views. At the top of each branch is an arbitrator performing price matching and the broker nodes each perform the tasks of price matching, deal execution and price distribution. The branches are hierarchical such that matching is first attempted at the broki ng node at which a price quotation enters the system and matching is then attempted successively at the next upstream broking node. If no match is mad e the quote is passed to the arbitrator at the top of the branch which then attempts to match it with quotes from other branches.