MXPA98001634A - Anonymous commerce system with improved cotizac entry capacities - Google Patents

Abstract

For each quote entered into a computerized anonymous trading system, the system determines whether it is waiting to be a "success" (it could coincide with the first success of a predetermined size) in a substantial number of trading floors, and if so, notify the trader that gives rise to the quote. The substantial number of flats is preferably expressed as greater than a predetermined percentage of the available trading partners with whom the credit has been established on a bilateral basis, and is preferably greater than 25%. In an alternative mode, the system provides a graphic representation to the market issuer that originates a particular quote indicating that so many trading floors are balanced to be successful at that particular quote, and / or a numerical representation indicating a price that could be unsuccessful through of a predetermined number or percentage of trading partners available

Description

ANONYMOUS COMMERCE SYSTEM WITH IMPROVED CAPACITIES OF ENTRY OF QUOTATION TECHNICAL FIELD The present invention is generally directed to computerized trading systems and, more particularly, to an anonymous method and apparatus for commerce, wherein an individual offer is made available only to a subset of the available counterparts.

BACKGROUND OF THE INVENTION In many computerized trading systems, participants (individual traders or institutions) are qualified in advance for a change and each offer is disseminated from one participant to all other qualified participants. When the subject of trade is a product (such as wheat or copper) or a financial instrument (such as treasury or foreign currency documents), multiple offers for the same product or instrument are conveniently classified by unit price. Depending on the trade conventions in effect, offers at the same price can be further classified by size and / or time in a row of available offers; however, for a given product or financial instrument, only one offer is at the head of an associated row. Under market conditions, "market shippers" (institutions and / or individual traders whose open offers are available to other traders) will set a price at or slightly above the best price currently available, with the hope that their offer will reach the tip of the relevant row in the course. However, if there is any sudden change in market conditions, the market issuer may cancel or modify its existing offer before it reaches the tip of the row. At that point, it is known to notify the trader responsible for an open quote, when their quoted price equals the best price currently available and / p when their offer reaches the tip of the row. Similarly, if the trader's quote is ready to be accepted (that is, it is the highest rated quotation in the system), but is subsequently improved by another trader, the original trader may have the opportunity to revise his offer or remove it from the market . In the foreign exchange market of traditional manifestation broker, the broker announces "Your proposal" to a market sender when the quotation of the sender is at the tip of the row; the broker also (optionally) announces and / or cancels that quote when someone else issues a better price. In an anonymous electronic brokerage system, such as the EBS or Reuters 2000-2 system, in which individual changes of foreign currency are established directly between two banks (or "trading sites"), rather than through a house of exchange or compensation, the identity of the parties remains confidential until an offer from one party has coincided with a proposal from another party and the equality criterion coincides not only with the price, but also with the existence of bilateral credit between the two parties. Thus, unlike a traditional manifestation broker, who processes only one quote at a time (typically the first offer in the row) and who provides both parties with the opportunity to accept or reject a potential trade after the parties have already have been identified, a computerized equalization procedure is capable of performing many tasks concurrently and using objective equalization criteria (such as pre-established counterpart credit limits) without disclosing any type of confidential credit information. In addition, at least as far as is known, the EBS system operates in a credit classification market. In which a price is not offered to a potential counterpart unless it is "Provable", that is, each party to the potential transaction has previously indicated a willingness to deal with the other party. A) Yes, there is no longer a row for a given currency, but there is a separate logical row (typically containing only a subset of the open quotes for each trading site). Accordingly, the known EBS system displayed an active quote in the sender's terminal in a red fund (a so-called "Red Quote"), if that quote was the best available quote (or the best proportionate regular size) in at least an operations site, that is, the quote was at the tip of some row of the floor of the "Proportivable" quotes, thus providing the sender with a signal that his quote has the potential to be almost accepted. In addition to the visible notice (the quote is presented in a red background, the voice of the EBS system says, "Your proposal / offer" and the background of the key fields in the transaction panel goes from yellow to red. EBS system also provide an indication that if a quote was "linked" to a Red Quote ", that is, it was in the Proportional rows of at least one trading site and was equal to the best price that was Provisionable on that trading site. However, as a result of the lack of credit among many possible pairs of trading partners and the fact that the shippers were not in the row of Proportionable in any trading site, and thus did not qualify as a Red Quote. are reluctant to make an offer that is substantially worse than the best price that is currently available, almost every quote is at the tip of at least one trading site. s, and in this way, the indication that a quote was Provable, in at least one site of operations, had limited practical value. A quote that loses its red status (as indicated by the transaction panel fields ranging from red to yellow) is said to be "improved". If the "Cancel option when Improved", in that merchant profile, is set, said enhanced Red Contribution was automatically canceled by the EBS system.

More recent versions of the EBS system have also included the ability to add a regular size Proportionate quote (typically $ 10 million US) from several quotes so that smaller quantities present a "regular" synthetic Proportionate price, whose components have Priority in time and / or price over any other quote available. In that case, the "Regular Proportional price" could be equal to the worst price component of the aggregate amount.

DESCRIPTION OF THE INVENTION For each quote that enters the system by a market sender, the system determines if it is waiting to be "successful" (approximately to be accepted) in a substantial number of trading sites, and if so, notifies the merchant that originates the quote In accordance with one aspect of the invention, the substantial number of sites is preferably expressed as large as a predetermined percentage of available trading partners with whom the credit has been established on a bilateral basis, and is preferably greater than 25%. % According to another aspect of the invention, it is considered that a quote is almost accepted in a particular site of operations if it had been included as a component in an order in the Regular Proportional price currently available in that site of operations. With a further aspect of the invention, the system provides the market sender with a quantitative indication of how many Unions of operations (or percentage of trading partners available) are close to accepting your quote, and / or how good your quote should be to be successful for a given number of trading sites (or percentage of trade partners available) .

BRIEF DESCRIPTION OF THE DRAWINGS Other objects and aspects of the present invention will be apparent from the following description of a currently preferred embodiment taken in conjunction with the accompanying drawings, in which: Figure 1 is a functional summary of a computerized commerce system in accordance with the present invention, showing the data sources used to calculate the message of the contribution status and how the status is transmitted from the Arbiter to the workstation. Figure 2 shows the Transaction Panel of the known EBS system, which can be used without modification with the present invention. Figure 3 is a functional block diagram of the software, which determines the actual Red Quote status for a particular quote. Figure 4 shows an alternative modality for the Transaction Panel, in which the list of sites susceptible to Success to available partners is presented as a horizontal bar chart below the quote, and a numerical indication of what price might be required To succeed at a given percentage of trading partners available, it is shown above the quote.

DETAILED DESCRIPTION OF THE ILLUSTRATIVE MODALITY Figure 1 is a functional summary of the modified EBS system according to the present invention. An earlier version of the EBS system is described in more detail in the U.A. 5,375,055, which is incorporated herein by reference. The ARB Arbitrator node calculates and maintains the status of all open quotes and sends Quotation Position messages, QtePositíon, to the Shipper's Trademark Access node, MAN (bank node) noting any change in the status of a quote. If a merchant uses the Cancel When Enhanced option, the message QtePositíon can also be used by the MAN bank node to determine when your quote needs to be canceled. After receiving the QtePosition message, the issuer's bank node, MAN, via the QtePositionWS message to the Workstation, WS. The Workstation then processes the QtePositionWS message, updating the presentation of the quote status (Figure 2) or canceling the quote, as appropriate. The processing of QtePosition and QtePositionWS messages may be conventional and not change from previous versions of the EBS system. In particular, when the status of an active quote in the Shipper Transaction Panel (Figure 2) changes from normal (logic 0) to red (logic 1), the background color Y / R of the PW box containing the digits less significant of the quoted price ("80" in the illustrated example), as well as the smallest box containing the amount of Big Number (1.40) changes from yellow to red. When the status changes from red to normal, either the quote is withdrawn (if active, Cancel When Improved) or the background changes from red to yellow. A quote is "Successful" from an operations site, if a regular size success of that trading site could be automatically matched with some part of the quote. In the modality illustrated, a quote is "red" if it can be successful from a specified percentage of the trading sites, which have bilateral credit with the issuer of the quote. The percentage is a global system parameter, with a default value of 25%. Assume that the regular amount is 10M and that the following proposals are available (Proportional) to an X trading site (classified by reducing the price and then increasing the submission time): Observe that in foreign currency trading, the price it is conventionally expressed in "points" [least significant digits of base currency for a predetermined amount of local currency], that the amount is conveniently expressed in millions of US dollars, and that a quote can be either an individual lateral proposal to buy currency local, or an offer of individual side to sell the local currency, or a proposal and offer of two sides [separated by a margin of sale].

The first three proposals can be from Success from site X, while Proposal 4 is not. Proposition 3, for example, can be Successful from site X, due to a success of regular size (Sell 10M to 20) of that site that could be equal to a part (2M) of that proposal.

If Proposition 3 can be Successful of enough sites (25% of the trading sites, which have bilateral credit with Floor C), then Proposition 3 is red. Now you must refer to Figure 3, which is a block diagram of the "Red Listing" software in the ARB Arbitrator, which determines the current status of the Red Quote for a particular quote. As part of the initiation procedure, the Referee reads (block 100) the parameter Red Pc Sites Quotation, PctFIoorsRedQte, from the Referee section of the GLOBAL.DAT file. This is the percentage of the partner's site that determines if a quote is red. In a known manner, the Arbitrator maintains (block 102) for each trading site that is currently annotated in the work network, a row in the form of a linked list of indicators of atomic data objects (individual quotes), each row being ordered by price and time and the objects in the row being those quotes that are currently available in that trading site. The rows are updated each time a new quote is received or its status is changed (it has been accepted or withdrawn, or has been tentatively matched with pending credit verification and recognition by both parties) (Branch Quotation / Success, Quote / Hit, of decision block 104) and each time the bilateral credit status between any of the trading sites changes (Credit branch, Credit, of decision block 104). Further, in accordance with the present invention, for each Q quote, the Arbitrator uses the data in the rows of the trading site to maintain (block 106) a respective account of sites, HQ, from which the quote may be successful for a purchase / sale request of a regular size (typically ten million US dollars). The Arbitrator also maintains in a known way (block 108) a matrix of credit availability that contains the bilateral credit status between each pair of trading sites that are currently connected to the system, which is then used to update the rows of quotes for any of the affected operation sites (block 102). In accordance with the present invention, for each F site, the Arbitrator also uses the data in the credit availability matrix to maintain (block 1 10) the account of its PF partners (ie, other floors having bilateral credit with the given site). The Arbitrator is thus able to dynamically adjust both accounts (HQ and PF) in response to any of the trade or credit messages, and determine (block 112), for each quote, if the HQ account of the quote is larger than a predetermined percentage (initially defined as 25%) of the PF account for the site that introduced the quote. The result of this test is stored with other data with respect to that particular quote (block 1 14), and if the Red Listing status has changed, the message, Quotation Position, is transmitted to the bank node of the trading site, MAN (block 1 16). The above operations can be clarified with some examples. When PctFIoorsRedQte = 25 (current default value) and P = 195, then a quote is red if it has Success of more than (195 * 25) / 100 = 4875/100 = 48 sites. This illustrates that the previous definition of red state requires a strict inequality. When PctFIoorsRedQte = 25, and P = 4, then a quote is red if it can succeed more than (4 * 25) / 100 = 100/100 = 1 site. When PctFIoorsRedQte = 0, a quote is red if it can be successful from one or more sites. In this way, with this fixation of the global parameter, the previous definition of Red Quotation is very similar to that used in the known EBS system. When PctFIoorsRedQte = 100, the quote is no longer red.

All active quotes must appear "yellow". From the above description and examples, it should be evident that the Red Listing status, as defined above, depends both on the rating of the quote in relation to other quotes on the market, and on the bilateral credit relationship of the site of dispatch with other sites, and that the ARB Arbitrator dynamically recalculates the Red Quote status of the quotes whenever any of these factors is affected (due to, for example, better prices introduced or a new credit being granted on another site). Figure 4 shows an alternative embodiment of the invention, where the variable H is more compared to a predetermined percentage of the variable P, the Arbitrator calculates the H / P ratio, and includes that relation in the quote status message, QtePosition , each time the relationship changes by a predetermined increment (for example, 5%). In that case, rather indicating the status of the active quote as merely normal or red, the work station can present it as a number or in graphic form. In the illustrated example, the ratio is presented as a horizontal bar chart, BG, below the quote, which, in the illustrated example, extends approximately 2/3 of the entire width of the dot window, PW, indicating that this price is successful in approximately 65% of the trading partners available from the sender (online and with established credit). As also shown in Figure 3, the market sender may also (or alternatively) be provided with a numerical indication, SP, of what price may be required to succeed at a predetermined percentage of available trading partners (eg , the same percentage of PctFIoorsRedQte as used in Figure 3). This can be easily calculated by generating an ordered list of the worst prices that Success can have (that is, the price required to complete the lowest ranking component of a regular size quantity) from the quotes of each trading partner available . Since the available partners are already identified in the credit matrix, and since each row already contains an indicator for the last component of the regular aggregate Proportionate price, such presentation may not require substantial additional computation, and could provide the market sender with guarantees that its quotation was competitive with other quotes in the market and had a price neither too high nor too low. It should be evident that the H / P ratio and the numerical price indication, SP, will change to a frequency higher than the Red Quote status, R / Y. Therefore, in a system that has Market Distributor nodes, MD, as shown in Figure 1, which use a price row similar to that maintained>. In the Arbitrator, ARB, to calculate Proportional prices and transmit them to the individual operations sites, MAN, which perform the required calculations in a more distributed way (in the Market Distributors), will make better use of the communications network. Undoubtedly, other variations on the concepts that underline the present invention will be apparent to those skilled in the art.

Claims (8)

1. - In a computerized trading system, where quotes are made selectively available for a particular financial instrument or other product from at least one market shipper only to those sites of eligible operations to accept that offer: for each site of operations, buyer's row means to determine which of the available quotes of that operations site can be successful from that trading site; and for each quotation of each market sender, quote state media responding to all of the buyer's row means to determine whether the particular quote will actually be successful from at least a plurality of trading sites, and means of notification that respond to the means of quoting state to notify the particular market shipper if that particular quote will actually be successful from said predetermined plurality of trading sites, wherein a particular quote of a shipper of Particular market for a particular product can be Successful of a particular trading site, if a success at the best price available on that site for a predetermined amount of that product could automatically match at least some part of that price.

2. The computerized system according to claim 1, wherein the predetermined plurality is a predetermined percentage of eligible operating sites; and the means of contribution status correspond to the means of credit matrix, indicating for each market sender, those trading sites, which are sites of eligible operations.

3. The computerized system according to claim 2, wherein the credit is established on a bilateral basis.

4. The computerized system according to claim 2, wherein the predetermined percentage is greater than 25%.

5. The computerized system according to claim 1, wherein the buyer row means includes a row for classifying the available offers for each product in price and time; A particular quote is considered to have Success in a particular trading site if: said listing is the highest available bid available to the trading site for the particular product, or such trading is available to the trading site and all offers available in the aggregate for that particular product are not available exceed the predetermined amount, or such a quote could automatically coincide with a success of said trading site at the best price that could include not only the highest ranking bid, but more than the following ranked bids higher than those that could be necessary to constitute the predetermined quantity of the particular product.

6. The computerized system according to claim 1, wherein the notification is in the form of a visual and / or audible indication in a terminal, from which the quote originates.

7. The computerized system according to claim 1, wherein the notification is in the form of a quantitative indication of the percentage of the eligible operating sites for whom the quote can be Successful.

8. The computerized system according to claim 1, wherein the notification is in the form of a quantitative indication of the worst price that Éxito could have through at least a predetermined number of said operation sites.