Patent ID: 7689498

Claim:
A computerized system for trading currency options, the system comprising: (a) a system server; (i) the system server operating a protocol for entering runs of offers to sell currency options and bids to buy currency options, entering offers to sell specific interest currency options and bids to buy specific interest currency options, dealing on offers to sell currency options or bids to buy currency options, and improving on offers to sell currency options or bids to buy currency options by a first tier of users; and (ii) the system server operating a protocol for entering runs of offers to sell currency options and bids to buy currency options, dealing on offers to sell currency options or bids to buy currency options, and improving on offers to sell currency options or bids to buy currency options by a second tier of users, the system server operating a protocol to preclude the second tier users from entering offers to sell specific interest currency options and bids to buy specific interest currency options; (iii) the system server operating a protocol for receiving a user's quote for an offer to sell or a bid to buy an option contract, the option contract for a currency pair having a current market price, the quote previously defined in a run, and receiving a period of time defined by the user corresponding to the quote, the system server operating a protocol to withdraw the quote if the corresponding period of time expires; (iv) the system server operating a protocol for receiving a user's quote for an offer to sell or a bid to buy an option contract, the option contract for a currency pair having a current market price, the quote previously defined in a run, and receiving a defined value for the currency pair provided by the user corresponding to the quote, the system server operating a protocol to compare the user's defined value for the currency pair to the current market price for the currency pair, and withdraw the user's quote if the user's defined value for the currency pair equals the current market price for the currency pair; (b) workstations for receiving offer and bid information on currency options from users, and for displaying offer and bid information on currency options to users; and (c) a communication link that receives and transmits communications between the users of the system and the system server, including communications to users that are parties to a completed currency option contract providing information concerning the completed contract, wherein a run is a dealer's set of prices to buy and sell tenors for options in a particular currency pair, wherein the option contract is a currency option contract, and wherein a currency pair is a pair of currencies which trade for cash settlement among professional dealers in an inter-bank market.