초록 ▼

An improved matching system for trading instruments in which the occurrence of automatically confirmed trades is dependent on receipt of match acknowledgement messages by the host computer (200) from all counterparties (KS A, KS B) to the matching trade. The host computer (200) matches like bids and

An improved matching system for trading instruments in which the occurrence of automatically confirmed trades is dependent on receipt of match acknowledgement messages by the host computer (200) from all counterparties (KS A, KS B) to the matching trade. The host computer (200) matches like bids and offers provided thereto by the various keystations (KS A, KS B) in accordance with a predetermined matching criteria. Each of the keystations (KS A, KS B) includes a trade status timer (300, 302) and a display (310, 312) for timing receipt of a confirmed trade and/or ticket generation message from the host (200) after the keystation (KS A, KS B) has sent a match acknowledgement message and for displaying an "unconfirmed trade" status message awaiting receipt of the "confirmed trade" indication from the host (200). An alarm and a display message is provided at the keystation (KS A, KS B) when the "confirmed trade" indication is not timely received. The host (200) receives match acknowledgement messages from all of the counterparties (KS A, KS B) to the match before confirming a trade. A ticket is not generated at the keystation (KS A, KS B) until the trade has been confirmed by the host (200).

대표청구항 ▼

[ What is claimed is:] [1.] In a matching system for trading instruments in which bids for said trading instruments are automatically matched against offers for given trading instruments for automatically providing matching transactions in order to provide confirmed trades for said given trading ins

[ What is claimed is:] [1.] In a matching system for trading instruments in which bids for said trading instruments are automatically matched against offers for given trading instruments for automatically providing matching transactions in order to provide confirmed trades for said given trading instruments, said system comprising a host computer means for matching like bids and offers provided thereto in accordance with a predetermined matching criteria, a transaction originating keystation means for providing a bid on a given trading instrument to said system for providing a potential matching transaction, a counterparty keystation means for providing an offer on said given trading instrument involved in said potential matching transaction, and network means for interconnecting said host computer means, said transaction originating keystation means, and said counterparty keystation means in said system for enabling data communications therebetween;said host computer means comprising match notification data message generation means for providing a match notification data message to said transaction originating keystation means and said counterparty keystation means via said network means in response to the occurrence of a matching transaction at said host computer means, said match notification data message comprising an unconfirmed matching transaction for said given trading instrument;and match acknowledgement data message generation means disposed at each of said keystation means for respectively providing a match acknowledgement data message to said host computer means via said network means in response to receipt of said match notification data message by said transaction originating keystation means and said counterparty keystation means, respectively;said host computer means further comprising confirmed trade data message generation means for providing a confirmed trade data message to said transaction originating keystation means and said counterparty keystation means via said network means in response to receipt of said match acknowledgement data messages from both said transaction originating keystation means and said counterparty keystation means;said transaction originating keystation means and said counterparty keystation means each further comprising trade status timing means for timing a duration between transmission of said match acknowledgment data message and an expected receipt of said confirmed trade data message by said respective keystation means for providing a trade status display at said respective keystation means based on said timed receipt of said confirmed trade data message;whereby the occurrence of automatically confirmed trades is dependent on match acknowledgement from all counterparties to the matching trade.