Patent ID: 7937306
Filing Date: 2011-05-03
Classification: G06Q

Abstract:
1. An anonymous trading system for trading fungible instruments comprising: a communications network for transmitting electronic messages; a plurality of order input devices connected to the communications network each for generating electronic price quotation messages including bid and/or offer prices and for communication to a trader of price quotation messages received from others of said plurality of order input devices over the network; a plurality of broking nodes connected to the network, the broking nodes each being configured to match orders input into the system from the order input devices, execute deals where orders are matched, and distribute price quotation messages to the order input devices in response to the price quotation messages and the order matching; wherein the broking nodes are arranged as a plurality of cliques, wherein each clique comprises a plurality of logically connected broking nodes, with each broking node in a clique being connected to all other broking nodes in the clique and any two cliques are connected by a single path, whereby the plurality of broking nodes form a clique tree.