| 摘要 |
<p>A system for auctioning financial products (20) over a distributed, networked computer system includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system. The order specify a price for the financial product, a quantity of the financial product and exposure time which the order can remain active. The system also includes a plurality of workstations for entering predefined relative indication and responses for orders for the product. The predefined relative indication specify a willingness to trade. The responses specify a price and quantity. The system includes a server computer coupled to the workstations for entering the orders, predefined relative indications, and the responses, with server computer executing a server process that for a first one of said orders, determines a match to said first order with the predefined relative indications, responses and contraside orders during an interval determined by the exposure time specified by said first order.</p> |
