Patent ID: 7827085

Claim:
An anonymous trading system for trading fungible instruments between traders; 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; at least one matching engine connected to the network for matching orders input into the system from the order input devices and for executing deals where orders are matched; market distribution means connected to the network for distributing price quotation messages to the order input devices, the market distribution means being responsive to the price quotation messages and the matching engine; credit limit storage means for storing credit limits available for trades between each trader or group of traders and possible counterparty traders or groups of traders; means for identifying to each of the parties to an executed deal the counterparty to the deal; means for offering to the identified counterparty an additional trade at the same price as the executed deal; and means for executing the additional trade irrespective of whether or not the additional trade exceeds one or both of the credit limits assigned by each of the parties to the trade to the other in place when said executed deal took place.