WO2001004813A1 - Systeme et procede pour effectuer des operations sur marchandises, au moyen d'un ordinateur de maintenance de marche principal - Google Patents

Systeme et procede pour effectuer des operations sur marchandises, au moyen d'un ordinateur de maintenance de marche principal Download PDF

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Publication number
WO2001004813A1
WO2001004813A1 PCT/US2000/018497 US0018497W WO0104813A1 WO 2001004813 A1 WO2001004813 A1 WO 2001004813A1 US 0018497 W US0018497 W US 0018497W WO 0104813 A1 WO0104813 A1 WO 0104813A1
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Prior art keywords
offers
bids
market
futures
currency
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PCT/US2000/018497
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English (en)
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Howard B. Garber
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Garber Howard B
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Priority to AU60736/00A priority Critical patent/AU6073600A/en
Publication of WO2001004813A1 publication Critical patent/WO2001004813A1/fr

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • 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

Definitions

  • the invention relates to an electronic trade exchange system and in particular to the merger of a specialist system charged with the responsibility of making a sized (designated large quantity), two-sided bid/offer market in a traditional commodities pit trading environment.
  • these exchanges provide an open market for the purchase and sale of securities and commodities.
  • Principle or designated market makers have been employed to maintain a market in securities.
  • the market maker maintains a market by being on the opposite side of every trade.
  • the use of a human market maker in a securities trading environment is known.
  • Rules pertaining to the use of a Principal Market Maker (PMM) in futures markets have also been proposed by the Chicago Mercantile Exchange (CME) to allow the use of a market maker in a commodities environment. However, these rules have not been implemented.
  • the CME's proposed rules for its Principal Market Maker (PMM) are similar to rules written by the Chicago Board of Options
  • CBOE although adapted for exchange traded futures.
  • a proposal for an automated specialist in a securities trading environment is known, but suggests minimum market interference by the automated specialist, as well as low inventories and limited trade participation for the automated specialist.
  • the PMM's functions are similar to that of a market making foreign exchange bank and broker specialist.
  • a PMM specialist continuously maintains a sized two-sided bid/offer market for its designated products. This market is of a designated minimum quantity and maximum spread, i.e., the difference between bid and offer.
  • the PMM maintains the "public order book" (collection of public customer orders to purchase or sell) with respect to the assigned products. Finally, the PMM gives priority to customer order execution over personal trading.
  • the PMM is typically entitled to participatory volume defined as the average daily pit traded volume for the preceding calendar quarter.
  • the PMM may be entitled to 40% of volume at the bid/offer price if volume is between zero and 2,500; and 35% of volume at the bid/offer price if volume is between 2,501 and 5,000. No entitlements are typically offered if volume exceeds 5,000 transactions per day.
  • the PMM is entitled to the retention of floor executed brokerage transactions commissions except where principal-agency conflicts of interest apply, or other arrangements have been made.
  • the foreign exchange spot cash market facilitates the exchange of currency between two parties. The actual currency transfer generally occurs two business days following the transaction date. At the close of business of each trading day, market participants roll or swap their open spot positions forward one business day. This enables the next trading day's position to be maintained in spot terms. Eventually, future spot positions are netted against existing positions.
  • the CME's Rolling Spot Currency contract parallels the quoted spot or cash market with a few notable exceptions: (1 ) the exchange makes an automatic daily adjustment for the "roll” via a cash debit/credit; (2) because the trades go through the CME Clearing House, many problems associated with interbank spot transactions are eliminated; and (3) all Rolling Spot Currency contracts currently have a standard size.
  • the CME's Rolling Spot Currency contracts combine the price convention of the interbank market with all the benefits of the CME and its existing central clearing facility. Traders do not have to pay away bid/ask spreads on daily spot rolls because the CME's roll process, called the "Daily Adjustment," is performed automatically.
  • Rolling Spot Currency trades do not tie up bank credit lines. Therefore, institutional traders can conserve their firm's credit lines for other uses. Because Rolling Spot
  • Currencies are a centralized exchange traded contract, these contracts allow all traders to obtain the same quotes regardless of their firm's credit rating or size. Quick access to cash flows can also be created by combining the CME's Rolling Spot Currencies with currency forwards to produce forward swap positions. In addition to freeing up credit lines, Rolling Spot Currency positions are not affected by the Bank for International Settlements' Capital Adequacy Requirement Standards.
  • the CME replicates the one-day roll with a simple line entry and no deliveries. Furthermore, multiple trades transacted in the inter-bank market with several counterparties require separate ticketing for each buy and sell.
  • the CME's Average Price System (APS) allows multiple Rolling Spot trades transacted throughout the day to be assigned an average price. The APS significantly reduces costly paperwork because the trader has the benefit of averaging all trades into single buy and sell tickets.
  • EFP Exchange For Physical
  • FCM Futures Clearing Merchants
  • the present invention provides a method and system for linking Rolling Spot Currency contracts with a PMM specialist program.
  • Spot Currency contracts are futures contracts which in almost all aspects replicate spot currencies in the forex market.
  • the PMM specialist program is designed to replicate an over-the-counter bank trading environment by merging the best aspects of a specialist system — a combined trader and broker, charged with the responsibility of making a sized two-sided, bid/offer market — with a traditional futures pit trading environment.
  • the system includes an electronic brokerage and trading network having at least one computer coupled to receive and transmit bids and offers for international currency trading; a display terminal and input; and a PMM computer coupled to the electronic brokerage and trading network wherein the PMM computer is operative to receive and transmit the bids and offers and execute international currency trades by maintaining a bid and offer market for such currencies.
  • the system includes means for receiving a primary currency purchase order indicative of whether a currency is to be bought or sold; means for receiving a secondary currency purchase order indicative of a currency option hedge; a PMM futures computer coupled to the means for receiving the primary currency purchase order and operative to execute primary currency purchase orders and maintain a currency futures market; a PMM options computer coupled to the means for receiving the secondary currency purchase order and operative to execute secondary currency purchase orders and maintain a currency options bid and offer market; and a bi-directional communications link coupled between the futures and options computers to facilitate intermarket trading to manage risk taken in a position resulting from a trade in either market.
  • the system includes a communications interface operative to transmit currency bids and offers from at least one financial institution; and a PMM computer coupled to the communications interface and operative to receive the currency bids and offers and execute trades to maintain a market for international currency trades.
  • the system includes an electronic brokerage and trading network having at least one computer, display terminal and input coupled to receive and transmit bids and offers; and a principal market maker computer coupled to the electronic brokerage and trading network to receive and transmit the bids and offers and execute trades by maintaining a constant bid and offer market.
  • a fifth aspect of the present invention involves a method of trading currencies including the steps of receiving and transiting bids and offers for publicly traded currencies; storing the received bids and offers in a memory; identifying matching bids and offers; executing the matching bids and offers; identifying unmatched bids and offers; and providing a complementary trade to maintain a market for such currencies.
  • a sixth aspect of the present invention involves a method of maintaining a market for publicly traded currencies including the steps of receiving a primary currency purchase order, the primary currency purchase order indicative of whether a currency is to be bought or sold; receiving a secondary currency purchase order, the secondary currency purchase order indicative of a currency option hedge; matching and executing the primary currency purchase order to maintain a currency futures market; matching and executing the secondary currency purchase order to maintain a currency options market; and providing intermarket futures and options trading to manage risk taken in a position resulting from a trade in either market.
  • a seventh aspect of the present invention involves a method of trading currencies including the steps of receiving currency bids and offers from at least one financial institution; storing the currency bids and offers in a memory; matching the stored bids and offers to maintain a market for the currency traded; and executing the matched trades.
  • An eighth aspect of the present invention involves a method of trading including the steps of receiving and transmitting bids and offers; storing the received bids and offers in a memory; identifying matching bids and offers; executing the matching bids and offers; identifying unmatched bids and offers; and providing a complementary trade to maintain a market.
  • Some of the benefits to be expected from the merger of the PMM specialist and Rolling Spot Currency contracts include, but are not limited to: (1) increased volume and open interest in both currency futures and currency options and, therefore, a reduction in currency transaction costs; (2) greater ability to utilize modern risk transfer techniques to reduce risk and increase person-to-person servicing and marketing in the foreign exchange market; (3) a more stable financial environment because of exchange dictated clearing considerations and regulations; and (4) the convenience of a 24-hour electronic futures market place for all currency traders and financial institutions worldwide.
  • Figure 1 is a block diagram of one presently preferred embodiment of the PMM /Rolling Spot Currency system of the present invention.
  • FIG 2 is a block diagram of a more detailed illustration of the PMM/Rolling Spot Currency link of the system shown in Figure 1.
  • Figure 3 is a block diagram of the PMM/Rolling Spot Currency Link of the present invention which illustrates trading using the electronic brokerage and trading network shown Figure 1.
  • Figure 4 is a flow chart of the processing that occurs inside the PMM/Rolling Spot Future computer.
  • Figure 5 is a flow chart of the processing that occurs inside the
  • FIG. 6 is a graphical representation of the PMM/Rolling Spot Link electronic market order routing system of the present invention.
  • Figure 7 is a presently preferred embodiment of an Automated Brokerage Screen for use with the PMM/Rolling Spot Link Futures Workstation of the system of the present invention.
  • Figure 8 is a presently preferred embodiment of a Trading and Risk Management Screen for use with the PMM/Rolling Spot Link Futures Workstation of the system of the present invention.
  • Figure 9 is a presently preferred embodiment of a Trading and Risk Management Screen for use with the PMM/Rolling Spot Link Options
  • Figure 10 is a presently preferred embodiment of an Automated Brokerage Screen for use with the PMM/Rolling Spot Link Options Workstation of the system of the present invention.
  • Figure 11 is a presently preferred embodiment of a Forward Spread
  • Figure 12 is a Stop Loss Feature Screen for use with the PMM/Rolling Spot Futures Workstation of the system of the present invention.
  • FIG. 1 is a block diagram of one presently preferred embodiment of the PMM/Rolling Spot Currency system of the present invention.
  • the system includes PMM computer 12; a computer 10 coupled to the PMM computer 12 for trading rolling spot currency; an electronic brokerage and trading network 14 including a plurality of electronic trading systems 16, 18, 20, 22, 24 for use primarily by professional traders such as banks, dealers and institutions; a limited access network 26 primarily for use by non- professional traders such as individuals; and a clearing facility 48 coupled to the PMM computer 12, the computer 10, the electronic brokerage and trading network 14 and the limited access network 26 to confirm and settle trades executed by the PMM computer 12.
  • the PMM computer 12 handles the purchase and sale of currencies and is constantly charged with maintaining a currency market, i.e., sized bid/offer market.
  • computers 10 and 12 should be able to accommodate a large amount of transactions in a timely manner.
  • the electronic trading systems Project A 16, Globex 18, Reuters 2000 20, Electronic Brokerage System ("EBS") 22, Minex 24 are well known in the art and need not be discussed in further detail herein. These systems are coupled to the PMM computer 12 to receive and transmit bids and offers for international currency trading.
  • the PMM/Rolling Spot Currency system of the present invention facilitates numerous types of derivative currency trades. Preferably, these trades include forward spread 28, forward outright 30, currency swap 34, odd value and odd date 32, and covered interest rate arbitrage 36.
  • the ability to transfer risk automatically and instantaneously through electronic and/or verbal communications from the PMM computer 12 to various other individual traders, or other entities, is a unique PMM/Rolling Spot Currency System feature. Unlike banks, whose only method of transferring risk is to make markets which, in many instances, contain sufficiently wide spreads (the difference between the bid and the offer) in order to minimize bank risk at customer expense, the PMM/Rolling Spot Currency System allows for risk minimization at the same time that it reduces the size of the spread between bid and offer.
  • FIG. 2 is a block diagram of a more detailed illustration of the PMM/Rolling Spot Currency system shown in Figure 1.
  • Figure 2 illustrates the manner in which a PMM/Rolling Spot Futures computer 33 can transfer risk associated with trades to a PMM/Rolling Spot Options computer 35.
  • This process is called primary risk transfer.
  • Primary risk transfer can be accomplished through the use of communications, preferably electronic communications, between a PMM/Rolling Spot Futures computer 33 and a PMM/Rolling Spot Options computer 35.
  • Such communications preferably include wireless, telephone, touch and voice activation computer.
  • Primary risk transfer involves inventory hedge (defense) through the use of call option (the right to buy the underlying purchase or sale) and put option (the right to sell the underlying purchase or sale).
  • the purchase of a call option allows upside potential investment increase when a market rises, while the sale of a call option allows limited downside investment increase when the market decreases.
  • the purchase of a put option allows potential upside investment increase when a market declines, while the sale of a put option allows limited upside investment increase when a market rises.
  • the PMM/Rolling Spot Futures computer 33 receives a primary bank order to purchase or sell currency.
  • the PMM/Rolling Spot Futures computer 33 promptly counters the risk associated with the futures purchase or sale by the purchase of a reciprocal amount of options from the PMM/Rolling Spot Options computer 35, thereby producing a synthetic short sale.
  • the PMM/Rolling Spot Options computer 35 transfers risk by making the appropriate transactions within the options trading crowd through terminals 32, 34, 36. These transactions disperse the risk among a multitude of traders. As shown in Figure 2, the risk can be dispersed horizontally through time spreads, vertically through volatility spreads or a combination of horizontal and vertical spreads, known as "combos" or "straddles".
  • Secondary risk transfer is distinguished from primary risk transfer in that a bank or other institution does not wish to purchase the underlying currency prior to entering into an options transaction. This secondary process is accomplished as follows.
  • the PMM/Rolling Spot Options computer 35 receives a secondary bank order for an option hedge.
  • the PMM/Rolling Spot Options computer 35 promptly transfers this risk by the purchase or sale of the appropriate amount of futures.
  • the PMM/Rolling Spot Futures computer 33 transfers risk by making the appropriate transactions within the PMM/Rolling Spot Futures Traders 38 and the Currency Futures Traders 40.
  • a typical example of a primary risk transfer transaction is illustrated as follows.
  • the PMM/Rolling Spot Futures computer 33 receives an inventory order of 100 Rolling Spot Currency futures at a hypothetical Deutschmark price of $.6500 (DM 1.5385), basis December, which it must purchase.
  • the PMM/Rolling Spot Futures computer 33 promptly transfers this risk by the purchase of the same amount of December $.6500 (DM1.5385), put options (the right to sell) and the sale of the same amount of December $.6500 (DM 1.5385), call options (the right to buy) producing a synthetic short sale. This action neutralizes the PMM's inventory risk. Therefore, the original inventory action has been canceled.
  • the PMM/Rolling Spot Options computer 35 transfers risk by making the appropriate transactions within the options trading pit crowd, thereby laying off that risk and dispersing the risk among the multitude.
  • a typical secondary risk transfer is illustrated as follows. Assume that a bank has previous ownership of 100 Rolling Spot Currency futures and now needs to hedge its own inventory. The bank may purchase the same amount of December $.6500 (DM 1.5385), put options and sell the same amount of December $.6500 (DM 1.5385), call options, again producing a synthetic short sale. The bank has now transferred or neutralized its risk. The PMM/Rolling Spot Options computer 35 will be able to transfer the risk which it just assumed in the following manner. The first transfer mode would be the inverse of the primary risk transfer.
  • the PMM/Rolling Spot Options computer 35 inventories 100 December $.6500 (DM 1.5385), calls, it may sell 100 December $.6500 (DM 1.5385), put options and the corresponding amount of Rolling Spot Currency futures from the PMM/Rolling
  • a second mode of risk transfer for the PMM/Rolling Spot Options computer 35 is transfer of risk into the options pit trading crowd.
  • the risk can be dispersed horizontally through time spreads, vertically through volatility spreads or a combination of horizontal and vertical spreads.
  • the ultimate product of its risk transfer product is always the same — enabling the PMM computers 33, 35 to make 24-hour markets in a risk minimum exchange traded environment — something never before accomplished.
  • FIG. 3 is a block diagram of the PMM /Rolling Spot Currency System of the present invention which illustrates trading using the electronic brokerage and trading network 14 shown in Figure 1.
  • the electronic brokerage and trading network 14 allows remote terminal trading between financial institutions.
  • a remote terminal 42 located at a financial institution receives customer orders and queues them by time received and price. These requests remain in the system until matched or withdrawn.
  • the remote terminal 42 accesses PMM computer 44, preferably via modem, to obtain required bid, offer and quantity markets information.
  • PMM computer 44 displays last trades and quantity on its screen for information purposes of computing risk transfer information.
  • the financial institution via remote terminal 42, can match the bid or offer based on stored customer requests. If a trade is completed to the PMM computer 44 inventory, the PMM computer 44 will automatically transfer the risk assumed in the trade by transmitting to the PMM Options computer 46 a request to purchase the same amount of put options or sell the same amount of call options, thereby producing a synthetic short sale as described above.
  • a clearing firm 48 receives confirmation of the trade after its screen (not shown) displays printed transaction record and customer accounts are settled. Finally, a clearing system 50 matches and settles the trades.
  • Figures 4 and 5 are flow charts of the processing that occurs inside the
  • PMM/Rolling Spot Futures computer 33 and PMM/Rolling Spot Options computer 35 respectively.
  • a host routing routine 41 sends orders to the PMM Futures computer 33 in order of time of receipt.
  • the PMM Futures computer 33 decides whether a trade will be executed. If a trade will not be executed, the PMM Futures computer 33 queues the bid or offer in order of time of receipt and price and updates the video display to reflect the bid or offer. If a trade will be executed, depending on whether the order is a bid or an offer, the PMM Futures computer 33 adds or subtracts the corresponding currency from its inventory, updates the video display (not shown) accordingly and transmits to the PMM/Rolling Spot Options computer 35 to transfer the risk associated with the trade.
  • the PMM/Rolling Spot Options computer 35 receives a transmission from the PMM/Rolling Spot Futures computer 33.
  • the PMM Options computer 35 decides whether a trade will be executed. If a trade will not be executed, the PMM Options computer 35 queues the bid or offer in order of time of receipt and price and updates the video display to reflect the bid or offer. If a trade will be executed, depending on whether the order is a bid or an offer, the PMM Options computer 35 adds or subtracts currencies from the PMM inventory and updates the video display (not shown) accordingly.
  • the PMM/Rolling Spot Options computer 35 transfers the risk associated with the trade by making the appropriate transactions within the options trading crowd through terminals 32, 34, 36.
  • Figures 6-8 provide implementation views of the PMM/Rolling Spot Link Workstation functions of the present invention.
  • Figure 6 shows a preferred embodiment of the PMM/Rolling Spot Link electronic market order routing system.
  • the best inside markets 54, 56, 58, 60, 62 (highest bid and lowest offer) from the various electronic trading systems 16,
  • the screen 68 shown in Figure 7 features a touch activated order fill device 70 which automatically divides the quantity of the trade among participating traders.
  • FIG 8 shows a preferred embodiment of the PMM/Rolling Spot Link Workstation Trading and Risk Management Screen 72.
  • the PMM computer 12 (Fig. 1) has assumed the responsibility to make liquid markets by increasing the bid.
  • the original bid was DM 1.5384,
  • the Inventory (Change) Screen 76 and Inventory Delta Screen 78 allow the inventory position and risk to be known at all times.
  • the Inventory (Change) screen 76 can be altered preferably by the use of a pointing device (not shown) and keyboard (not shown).
  • the Inventory Delta Screen 78 has a color graphic feature which enables the PMM computer 12 to quickly understand the inventory risk position.
  • the PMM Risk Transfer Screen 80 is connected to the most commonly used floor brokers in the "options crowd" for PMM risk transfer at rapid rates.
  • the PMM computer 12 wishes to execute a "Conversion" (perfect hedge) to eliminate market risk and take advantage of time premium decay. (The amount an option would command if it were exercised immediately is termed its intrinsic value.
  • FIGS 9 and 10 show preferred embodiments of the PMM/Rolling Spot Link Options Workstation Trading and Risk Management Screen 72 and the Automated Brokerage Screen 68, respectively. These screens 68, 72 are similar to the screens discussed above with the exception that they convey options information and are used for the PMM options computer 35 rather than the PMM futures computer 33.
  • Exchange traded currency contracts are standardized contracts which have specific delivery dates. These delivery dates may be, for instance, the third Friday of March, June, September and December. There may be more delivery dates than these, of course.
  • Spreading is the concept whereby a certain number of contracts of, for instance, March are purchased (DM6321) while the exact number of contracts of June are sold (DM6351). The difference between the value of the contracts (30) is called a forward spread. It can be entered into in the same manner as an outright purchase. If the trader sells the spread for thirty and later sells the March contract and buys the June contract (a reversal of the initial trade - a purchase of the spread) at (40), the trader loses ten points on the trade. On the other hand, if the spread is bought at (20) the trader profits from ten points of equity.
  • the PMM computer 12 can automatically process spread trades. First, the bids, offers and trades of the Primary PMM computer 12 will be processed in the manner described above (see Fig. 8). Referring to Fig. 11 , a second screen 90 on the same computer page can be called up to show either a second contract market that is being made by the same PMM computer 12 (in this case, June) or if by another PMM computer 12 assigned to make a market specific to the June. A third screen 92 on the same computer page will contain the actual values 94 of the difference between the March 96 and
  • a stop loss risk management tool which terminates the inventory of losing positions, is also contemplated.
  • a key feature of futures trading is the high level of financial leverage or risk. It is industry gospel that a trader that buys at the bid and sells at the offer of most or all trades will prosper. This can be achieved because buying at the bid and selling at the offer gives the trader the "edge.” With the edge, the trader more likely than not will have winning trades. Unfortunately, not all trades are winning. In fact, some trades can be devastating. It is the stop loss feature that controls the number of repetitions and magnitude (dollar loss) of unprofitable trades. That is why disciplined traders usually use stop losses.
  • the PMM Computer 12 includes a three screen page that looks like the other PMM computer pages (see Fig. 8).
  • the first screen 100 illustrates the PMM Market Quote Screen.
  • the 102 features the number of units of loss 104 the trader will endure.
  • This loss unit 104 is preferrably tallied in increments commonly called "PIPs" in the currency trading pits.
  • the trader will key in the units of loss 104 that is targeted.
  • Fig. 12, 10,9,8 are used in ascending and descending order, as an example.
  • the trader may incur any loss in whatever fashion that he wishes. Therefore, any order and size of loss may be keyed into the PMM computer 12.
  • a total value screen is used to automatically compute the loss and is an added risk management feature for the convenience of the trader.
  • the computation is the number of units of loss 108 in PIPs times the number of contracts held. This will equal the total value of the loss 108 to the trader.
  • the PMM/Rolling Spot System of the present invention provides several advantages.
  • the System provides exchange floor traders, brokers and customers with an ongoing market for trade layoff, both profitable and otherwise. Traders, either in futures and options via a spread, or in the Rolling Spot, will be able to stop unprofitable positions based on the knowledge that a sized bid at or below, or sized offer at or above, their trade exists.
  • This element of the PMM/Rolling Spot System will increase trader willingness to increase trading activity — trade and take larger positions — even during market cycles when currency volatility may be high.
  • a unique feature of the PMM/Rolling Spot Currency System is the ability to have a heretofore over-the-counter unregulated trading concept, regulated within the rules of an exchange(s) and the various domestic regulatory agencies governing those exchanges, such as the Securities and Exchange Commission and the Commodities Futures Trading Commission.
  • the system described herein should accommodate a plurality of markets such as, for example, interest rate, agricultural commodities, etc.
  • the system should also accommodate a plurality of information vendors such as Dow-Jones Telerate.

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Abstract

L'invention concerne un système et un procédé pour lier un contrat sur devise au comptant roulant à un programme de maintenance de marché principal. Selon un aspect de l'invention, le système (Figure 1) comprend un réseau électronique de courtage et de négociation possédant au moins un ordinateur (10) couplé, de sorte qu'il reçoive et transmette les demandes et les offres d'échange monétaire international ; un terminal d'affichage et une entrée ; et un ordinateur de maintenance de marché principal (12) couplé au réseau électronique de courtage et de négociation (26), ledit ordinateur (12) étant conçu pour recevoir et transmettre les demandes et les offres et exécuter les échanges monétaires internationaux par le maintien d'un marché pour ce type de devises. Selon d'autres aspects de l'invention, le procédé consiste à recevoir et à transmettre les demandes et les offres de devises échangées publiquement ; à stocker les demandes et les offres et à assurer un échange complémentaire, de manière qu'un marché soit maintenu pour lesdites devises.
PCT/US2000/018497 1999-07-08 2000-07-06 Systeme et procede pour effectuer des operations sur marchandises, au moyen d'un ordinateur de maintenance de marche principal WO2001004813A1 (fr)

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US8688564B2 (en) 1999-04-09 2014-04-01 Trading Technologies International, Inc User interface for semi-fungible trading
CN104447484A (zh) * 2015-01-13 2015-03-25 佛山市赛维斯医药科技有限公司 含烷氧苯基和二烯金刚烷结构的化合物、其制备方法和用途
CN104447486A (zh) * 2015-01-13 2015-03-25 佛山市赛维斯医药科技有限公司 二烯氟代金刚烷类化合物、其制备方法和用途
CN104447483A (zh) * 2015-01-13 2015-03-25 佛山市赛维斯医药科技有限公司 含苯胺和二烯金刚烷结构的化合物、其制备方法和用途
US9189815B2 (en) 1999-04-09 2015-11-17 Trading Technologies International, Inc. User interface for an electronic trading system
WO2016022442A1 (fr) * 2014-08-03 2016-02-11 Anwar Mohammad Fakhruddin Système et procédé de classement et d'enchères de marchandises
US9811859B2 (en) 2000-03-02 2017-11-07 Trading Technologies International, Inc. Trading tools for electronic trading
US10210572B2 (en) 2000-03-02 2019-02-19 Trading Technologies International, Inc. Click based trading with intuitive grid display of market depth
US10354324B2 (en) 2000-03-02 2019-07-16 Trading Technologies International, Inc. Click based trading with market depth display

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