Patent ID: 7333952

Claim:
An anonymous trading system for trading synthesized currency pairs between traders, comprising: a plurality of order input devices, at least one of said order input devices for a trader entering a joint execution order comprising two or more linked orders; a network of matching engines, each matching engine matching bid and offer orders entered into the system and assisting in the execution of deals where bid and offer orders have been matched; market distribution means for distributing information relating to bid and offer orders in the system to the trader terminals; a plurality of trading agents, each of said plurality of trading agents being connected to one of the network of matching engines and providing an interface between a trading floor and said plurality of order input devices and the matching engine to which the trading agent is connected; means for synthesizing bid and offer orders for transactions between a pair of currencies having a first currency and a second currency from bid and offer orders entered into the system for transactions between a currency pair comprising the first currency and a third currency and bid and offer orders entered into the system for transactions between a currency pair comprising the second currency and the third currency; means at the matching engines and the trading agents connected thereto for matching and executing joint execution orders, the means for matching and executing performing only one of: executing, as separate trades, all of the linked orders of the joint execution order; and rejecting all of the linked orders of the joint execution order, and wherein; the trading agents further include means for converting a bid or offer order in said synthetic currency pair into a joint execution order comprising an order in each of said currency pair comprising the first and third currency and said currency pair comprising the second and third currency.