MARKET TRANSPARENT ELECTRONIC BROKERAGE SYSTEM

摘要

An electronic brokerage system in which users interact with a central serv er over a public communications network such as the Internet. The system permit s an open market to be established where remote participants anonymously submit offers to buy and sell various financial instruments or commodities and electronically trade. Participants may also elect not to trade with other participants based on flexible exclusionary criteria and offers to buy or sell which a given participant is ineligible to accept are visually differentiated on the given participating workstation. The system enables al l offers to buy or sell to be displayed to market participants and observers, thereby promoting price and depth of market transparency.