Patent ID: 8401951
Filing Date: 2013-03-19
Classification: G06Q

Abstract:
1. A system for electronically conducting trades of financial instruments, including: at least one computer with associated computer memory which electronically receives orders for the financial instrument originating from within the system from user stations of a plurality of users of the system and; orders for the financial instrument originating from outside the system; the at least one computer being programmed to: support anonymous negotiations for a trade of one or more orders of the financial interest originating from within the system with one or more other orders originating within the system; and electronically execute: a trade of orders in the financial instrument between orders originating from within the system that are matched by the at least one computer without negotiation; a trade of an order in the financial instrument originating from within system with an order originating from outside the system that are matched by the at least one computer without negotiation; a trade of orders in the financial instrument which originate from within the system negotiated by a first and a second user of the system via respective user stations and the at least one computer in accordance with at least price and quantity terms of the trade agreed to by the first and second users; and a trade in the financial instrument between an order originating within the system of a first user of the system or an order originating within the system of a second user of the system, where the first and second orders include terms agreed to by the first and second users, and an order originating from outside the system; wherein the at least one computer is programmed to execute a trade in accordance with a priority when the same trade becomes available between two orders originating within the system, and between an order originating from within the system and an order originating from outside the system.