Patent ID: 8001027

Claim:
A computer implemented method of trading in a currency, stock or commodity by a dealing party, the dealing party accepting from a plurality of clients binding orders to trade quantities of said currency, stock or commodity, wherein the prices of said trades is not fixed at the time of accepting the order but being defined by reference to a reference price to be fixed at a specified fixing time to price samples received from competing sources, comprising: (1) receiving price samples of said currency over a period of time; (2) recording the received sample values so as to form an historical record of price samples; (3) filtering, by a computer, the received price sample values so as to categorise certain samples as valid or anomalous; (4) utilizing, by the computer, the samples categorised as valid, and excluding the samples categorised as anomalous, so as to derive a fixed price; (5) enabling the dealing party to receive after said fixing time a record of the reference price fixed at the fixing time; and (6) enabling the dealing party to settle each of the accepted orders with the respective clients in accordance with said prices defined by reference to the reference price.