Patent ID: 7801797

Claim:
An automated exchange system providing an anonymous market, comprising: a plurality of remote terminals each useable by a trader; and a central computer server connecting the plurality of remote terminals, wherein the central computer server includes a matching unit for matching trade orders generated using the remote terminals and a memory for storing an order book of trade orders to be matched, wherein the central computer server is configured to: centrally store credit ratings for a plurality of traders associated with the automated exchange system; issue an individual and unique decoding key to each of the plurality of traders that is unique to that trader or exchange member associated with that trader; encode credit rating information associated with a current update of the order book in a format that is only decodable using the individual and unique decoding key associated with each trader or exchange member; broadcast to the plurality of traders at the plurality of remote terminals an order book message that includes current order book content viewable by a plurality of traders logged onto the system, where the encoded credit rating information is only decodable and viewable by a logged-on trader using the individual and unique decoding key associated with that logged-on trader; and process a trade request received from one of the plurality of remote trading terminals for an order in the current order book, wherein at least one of the plurality of remote terminals is configured to: receive the broadcast order book message; decode the encoded credit rating information included in the broadcast order book message using the individual and unique decoding key associated with the trader; display trade orders of the order book based on the current order book content along with an indication of a credit rating associated with each order based on the decoded credit rating information; and send the trade request for one of the orders in the current order book, wherein the central computer server is configured to broadcast the order book message to the plurality of remote terminals.