JP4848281B2 - マーケットメーカー間の取引実行を管理するシステム及び方法 - Google Patents
マーケットメーカー間の取引実行を管理するシステム及び方法 Download PDFInfo
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
Description
本発明は、一般に取引市場に関し、より詳細には、取引市場のマーケットメーカー間の取引実行を管理するシステム及び方法に関する。
[発明の背景]
近年、電子取引システムが、アイテムの取引について広範に受け入れられるようになった。例えば、株式、債券、通貨、先物又は他の適切な金融商品などの金融商品の取引を容易にする電子取引システムが、生成されてきた。
[発明の概要]
本発明によると、取引市場のマーケットメーカー間の取引実行を管理するシステム及び方法が提供される。
[発明の詳細な説明]
本発明の実施例及びその効果が、図1〜4Bを参照することにより最も良く理解される。ここで、同様の番号は同様の部分を表す。
(a)マーケットメーカーからのビッドのみが新たなロッキングサイドに存在する場合、自動実行が遅延されるように、自動実行タイマーがスタートされる。
(b)顧客の価格が、クロッシング価格が第2マーケットメーカーから受け付けられる前に存在し、顧客の価格がクロッシング価格によりロックされる場合、第1マーケットメーカーを含む他の何れかに対してロックされた価格により顧客と第2マーケットメーカーとの間の取引が、遅延することなく実行される(言い換えると、タイマーにより遅延されることなく)。
(c)顧客の価格が、第2マーケットメーカーからのクロッシング価格の受け付け前に存在し、顧客の価格がクロッシング価格によりロックされない場合、自動実行タイマーはスタートされず、クロッシング価格(アグレッシブ価格)が顧客の価格に引き上げられ、元のパッシブ価格によりパッシブサイドのみで顧客の価格に対して取引が自動実行される。例えば、第1マーケットメーカーが17によりオファーを提供し、顧客が18によりビッドを提供し、第2マーケットメーカーが17によりオファーを提供すると仮定する。第1マーケットメーカーのビッドは17に動かされ、クロスタイマーがスタートされることなく、18の価格により顧客のビッドと第2マーケットメーカーのオファーとの間の取引が自動実行される。
Claims (17)
- 電子取引システムのコンピュータが、第1マーケットメーカーから第1価格により第1サイドにおいて商品を取引するための第1注文と、第2マーケットケーカーから第2価格により反対サイドにおいて前記商品を取引するための第2注文とを受信するステップと、
前記電子取引システムのコンピュータが、前記第1価格と前記第2価格とを比較し、前記第1注文と前記第2注文とが何れもマーケットメーカーからのものであるか判断し、前記第1注文と前記第2注文とのビッドが前記第1注文と前記第2注文とのオファー以上の価格であって、前記第1注文と前記第2注文とが何れもマーケットメーカーからのものであると判断すると、前記マーケットメーカーに前記ビッドが前記オファー以上であることを通知し、前記コンピュータの取引規則により規定される遅延期間が経過するまで互いに前記注文を実行することに対する自動的なアクションを遅延させるステップと、
を実行する方法であって、
前記第1価格と前記第2価格とは、互いにロック又はクロスし、
前記遅延期間中、前記マーケットメーカーの少なくとも1つは、前記コンピュータによって該マーケットメーカーにより送信された注文を変更又はキャンセルするための時間が提供される方法。 - 前記遅延期間が終了すると、前記コンピュータが、前記第2注文に対して前記第1注文を自動的に実行するステップをさらに実行する、請求項1記載の方法。
- 前記コンピュータが、前記第1注文と前記第2注文の1つが該注文を送信したマーケットメーカーによってキャンセルされるか、又はその価格が変更された場合、前記自動的な実行をキャンセルするステップをさらに実行する、請求項2記載の方法。
- 前記第1注文と前記第2注文とは、2つの異なる電子注文の供給により前記コンピュータに到達する、請求項1記載の方法。
- 前記コンピュータが、前記第1注文と前記第2注文との少なくとも1つの価格を他方の価格に一致するよう自動的に変更するステップをさらに実行する、請求項1記載の方法。
- 前記コンピュータが、前記第1注文と前記第2注文との早い方の価格を前記第1注文と前記第2注文の遅い方の価格に一致するよう自動的に変更するステップをさらに実行する、請求項5記載の方法。
- 前記コンピュータが、価格が変更された前記注文に新たな優先日スタンプを割り当てるステップをさらに実行する、請求項5記載の方法。
- 前記価格の自動的な変更は、前記第1注文と前記第2注文とのロック又はクロスが検出された時点に実行される、請求項5記載の方法。
- 前記価格の自動的な変更は、前記遅延期間が経過すると実行される、請求項5記載の方法。
- 前記電子取引システムのコンピュータが、買い注文のビッドの価格が売り注文のオファーの価格にクロスしていると判断することに少なくとも部分的に基づき、前記クロスした注文を処理するステップを実行し、
(a)両方のクロスした注文がマーケットメーカー又は非マーケットメーカーからのものであると判断された場合、より最近の注文の価格により前記クロスした注文の取引を実行するステップと、
(b)前記より最近のクロスした注文がマーケットメーカーからのものであり、より以前のクロスした注文が非マーケットメーカーからのものであると判断された場合、前記非マーケットメーカーによる以前の注文の価格により前記クロスした注文の取引を実行するステップと、
をさらに実行する、請求項1記載の方法。 - 前記遅延期間は、タイマにより設定される、請求項1記載の方法。
- 前記コンピュータは、商品毎に1つの自動実行タイマしか維持しない、請求項11記載の方法。
- 前記タイマの期間は、マーケットボラティリティにより変わる、請求項11記載の方法。
- 前記タイマの期間は、前記商品の現在価格と平均取引量との1以上により変わる、請求項11記載の方法。
- 前記コンピュータ上で取引される各商品は、異なるタイマ値を有する、請求項11記載の方法。
- 前記コンピュータが、マーケットメーカーでない顧客が前記遅延期間中に前記第1注文と前記第2注文とがロックされる価格により注文を発注した場合、前記遅延期間の経過を待つことなく、前記マーケットの反対サイドにより前記マーケットメーカーの注文に対して前記マーケットメーカーでない注文を実行するステップをさらに実行する、請求項1記載の方法。
- 前記マーケットメーカーでない注文に対して実行した後、前記遅延期間の経過を待つことなく、前記第1注文と前記第2注文との残りの少なくとも一部を互いに対して実行する、請求項16記載の方法。
Applications Claiming Priority (3)
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US10/694,872 US10002385B2 (en) | 2003-10-28 | 2003-10-28 | Managing the execution of trades between market makers |
US10/694,872 | 2003-10-28 | ||
PCT/US2004/035158 WO2005045613A2 (en) | 2003-10-28 | 2004-10-22 | System and method for managing the execution of trades between market makers |
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JP2011093145A Division JP5430605B2 (ja) | 2003-10-28 | 2011-04-19 | マーケットメーカー間の取引実行を管理するシステム及び方法 |
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JP2011093145A Active JP5430605B2 (ja) | 2003-10-28 | 2011-04-19 | マーケットメーカー間の取引実行を管理するシステム及び方法 |
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US (3) | US10002385B2 (ja) |
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JP (2) | JP4848281B2 (ja) |
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JP2011141903A (ja) | 2011-07-21 |
JP2007510225A (ja) | 2007-04-19 |
US20220253938A1 (en) | 2022-08-11 |
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CA2543749A1 (en) | 2005-05-19 |
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AU2004288525A1 (en) | 2005-05-19 |
WO2005045613A2 (en) | 2005-05-19 |
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