公开(公告)号：US08200570B2

公开(公告)日：2012-06-12

申请号：US12436259

申请日：2009-05-06

申请人： James Sinclair ,  James O'Hagan ,  Edward Howorka ,  Neena Jain

发明人： James Sinclair ,  James O'Hagan ,  Edward Howorka ,  Neena Jain

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0601

摘要： An anonymous trading system includes a prime broker facility that allows a third party to trade on behalf of an institution. A deal is executed between the third party and a counter-party and a further deal is then executed between the third party and the party on whose behalf it has traded. The second deal may be for the same amount as the first deal or may be altered to include the third party's fee for conducting the first deal. Clients of the third party have prices available to them for trades made via the third party which are displayed at their trader terminals. The client sees that a better price is available though the third party than by dealing direct and selects to conduct a deal through the third party.

摘要翻译： 一个匿名的交易系统包括一个主要的经纪人设施，允许第三方代表一个机构进行交易。 第三方与对方之间签订协议，再由第三方与其交易的代理方签订进一步协议。 第二笔交易可能与第一笔交易相同，或可能被更改，以包括第三方进行第一笔交易的费用。 第三方的客户可以通过第三方在其交易终端上显示的交易获得价格。 客户认为，通过第三方可以获得更好的价格，而不是直接交易，并通过第三方进行交易。

公开(公告)号：US20060259391A1

公开(公告)日：2006-11-16

申请号：US10532968

申请日：2003-10-21

申请人： John Schoen ,  Nasir Zubairi ,  Edward Howorka ,  Neena Jain

发明人： John Schoen ,  Nasir Zubairi ,  Edward Howorka ,  Neena Jain

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q20/10 ,  G06Q30/08 ,  G06Q40/025

摘要： An anonymous computerised trading system matches orders by conducting auctions at specified times. As well as entering orders, participants assign credit limits for the duration of the auction, thus minimising the time for which credit is allocated to the system.

摘要翻译： 匿名电脑交易系统通过在指定时间进行拍卖来匹配订单。 除了输入订单，参与者在拍卖期间分配信用限额，从而最大限度地减少信贷分配给系统的时间。

公开(公告)号：US20050171895A1

公开(公告)日：2005-08-04

申请号：US10983170

申请日：2004-11-05

申请人： Edward Howorka ,  David Jifeng Liu ,  Jeffrey Edward Power ,  Nasir Ahmed Zubairi ,  Neena Jain

发明人： Edward Howorka ,  David Jifeng Liu ,  Jeffrey Edward Power ,  Nasir Ahmed Zubairi ,  Neena Jain

IPC分类号： G06F20060101 ,  G06F1/00 ,  G06Q40/00 ,  G06F17/60

CPC分类号： G06Q40/04 ,  G06Q30/0283 ,  G06Q40/00

摘要： Benchmarks for the price of a financial instrument such as FX spot rate for a currency pair are calculated by an algorithm based on a previous benchmark and a market price. The market price is derived from a deal price and a quote price. The deal price is based on deals conducted since the last benchmark and the quote price is based on bids and offers entered since the last benchmark. For each of the deal and quote prices, a price, weight and scatter is calculated which is used to calculate a benchmark price, weight and scatter and a benchmark error.

摘要翻译： 基于先前基准和市场价格的算法计算货币对的外汇现货汇率等金融工具价格的基准。 市场价格来自交易价格和报价。 交易价格是基于上一次基准交易以来的交易价格，报价是根据自上次基准测试以来的报价和报价。 对于交易和报价中的每一种，计算价格，重量和分散度，用于计算基准价格，重量和分散度以及基准误差。

公开(公告)号：US07925545B2

公开(公告)日：2011-04-12

申请号：US11464848

申请日：2006-08-16

申请人： Edward Howorka ,  Tracey Riordan

发明人： Edward Howorka ,  Tracey Riordan

IPC分类号： G06Q30/00 ,  G06F17/30

CPC分类号： G06Q40/00 ,  G06Q30/0611 ,  G06Q30/0613 ,  G06Q30/0615 ,  G06Q30/0617 ,  G06Q40/04 ,  G06Q50/188

摘要： Quotes entered into an automated trading system may comprise a visible, or primary, amount, and a linked or hidden amount. The visible amount only is shown to other traders on the system but part or all of the linked amount may be dealt if the order with with the quote is match is for an amount greater than the visible amount. If, after matching and deal confirmation, all the visible amount has been dealt, but some or all of the linked amount remains, a fresh order for the remaining linked amount is generated and submitted to the trading system for matching. The new quoted may be visible only or may have a visible component up to a limit specified by the maker on submission of the original quote, with the remainder being linked. Maker quotes converted to taker quotes by an auto-match routine may be resubmitted for undealt linked amounts in the same way. In one aspect of the invention, linked amounts are matched and dealt before visible amounts.

摘要翻译： 输入自动交易系统的报价可能包括可见或主要的金额，以及相关或隐藏的金额。 只有系统上的其他交易者才能看到可见金额，但是如果与报价相符的订单匹配的数量大于可见金额，则可能会处理相关金额的部分或全部。 如果在匹配和交易确认后，所有可见金额已经处理，但部分或全部相关金额仍然存在，则剩余关联金额的新订单将生成并提交给交易系统进行匹配。 新引用的可能只能看到，或者可能有一个可见的组件，直到制造商在提交原始报价时指定的限制，其余部分被链接。 自动匹配例程的制造商报价转换为收货人报价可能会以相同的方式重新提交未退回的联系金额。 在本发明的一个方面，连接的量在可见量之前匹配和处理。

公开(公告)号：US20060167783A1

公开(公告)日：2006-07-27

申请号：US10525750

申请日：2003-09-03

申请人： Alexander Riseman ,  Edward Howorka

发明人： Alexander Riseman ,  Edward Howorka

IPC分类号： G06Q40/00

CPC分类号： G06Q30/08 ,  G06Q40/00 ,  G06Q40/025 ,  G06Q40/04 ,  G06Q40/06

摘要： Best bid and best offer rate data from deals concluded on an anonymous trading system in a fungible instrument such as a foreign currency pair are processed to derive indicative rates. A minimum indicative rates spread between bid and offer prices is defined. The indicative rate bid and offer prices are set to the received best bid and offer prices and alternately an amount is added to the indicative offer rates and subtracted from the indicative bid rates until the spread between the indicative bid and offer rates is greater than or equal to the predefined minimum indicative rates spread and greater than the spread between the best bid and offer prices.

公开(公告)号：US20060059079A1

公开(公告)日：2006-03-16

申请号：US11197329

申请日：2005-08-05

申请人： Edward Howorka

发明人： Edward Howorka

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q20/102

摘要： Price improvement in credit screened trading systems is achieved by entering a maximum price improvement (MPI) amount with a maker quote. The system prepares separate quote queues for each trading floor including only quotes where bilateral credit exists. Quotes are arranged using Price, MPI, time priority. When a quote is dealt, a dealable price improvement is calculated as the amount of the MPI required to improve the dealt quote's position in the queue.

摘要翻译： 信用筛选交易系统的价格改善是通过用制造商报价进入最大价格提高（MPI）金额来实现的。 该系统为每个交易平台准备单独的报价队列，包括仅存在双边信贷的报价。 报价使用价格，MPI，时间优先级排列。 当报价发生时，可以将交易价格的改善计算为改善处理报价在排队中的位置所需的MPI数量。

公开(公告)号：US20050027642A1

公开(公告)日：2005-02-03

申请号：US10781703

申请日：2004-02-20

申请人： Edward Howorka ,  Tracey Riordan

发明人： Edward Howorka ,  Tracey Riordan

IPC分类号： G06F20060101 ,  G06Q40/04 ,  G06F17/60

CPC分类号： G06Q40/04

摘要： A trading system such as an anonymous trading system for trading financial and other instruments can vocalise trading data to trader workstations as well as display it on a screen. Where a trader selects to receive vocal announcements, a trading floor identifier unique to his trading floor is also announced at random intervals.

摘要翻译： 诸如交易金融和其他工具的匿名交易系统的交易系统可以向交易者工作站发出交易数据，并将其显示在屏幕上。 交易者选择接收声音通知的情况下，也会以随机的间隔公布其交易大厅特有的交易大厅标识符。

公开(公告)号：US08775268B2

公开(公告)日：2014-07-08

申请号：US13013952

申请日：2011-01-26

申请人： Edward Howorka ,  Tracy Riordan

发明人： Edward Howorka ,  Tracy Riordan

IPC分类号： G06Q30/00

CPC分类号： G06Q40/00 ,  G06Q30/0611 ,  G06Q30/0613 ,  G06Q30/0615 ,  G06Q30/0617 ,  G06Q40/04 ,  G06Q50/188

摘要： Quotes entered into an automated trading system may comprise a visible, or primary, amount, and a linked or hidden amount. The visible amount only is shown to other traders on the system but part or all of the linked amount may be dealt if the order with the quote is match is for an amount greater than the visible amount. If, after matching and deal confirmation, all the visible amount has been dealt, but some or all of the linked amount remains, a fresh order for the remaining linked amount is generated and submitted to the trading system for matching. The new quoted may be visible only or may have a visible component up to a limit specified by the maker on submission of the original quote, with the remainder being linked. Maker quotes converted to taker quotes by an auto-match routine may be resubmitted for undealt linked amounts in the same way. In one aspect of the invention, linked amounts are matched and dealt before visible amounts.

摘要翻译： 输入自动交易系统的报价可能包括可见或主要的金额，以及相关或隐藏的金额。 仅对系统上的其他交易者显示可见金额，但是如果报价的订单匹配的金额大于可见金额的金额，则部分或全部相关金额可能会被处理。 如果在匹配和交易确认后，所有可见金额已经处理，但部分或全部相关金额仍然存在，则剩余关联金额的新订单将生成并提交给交易系统进行匹配。 新引用的可能只能看到，或者可能有一个可见的组件，直到制造商在提交原始报价时指定的限制，其余部分被链接。 自动匹配例程的制造商报价转换为收货人报价可能会以相同的方式重新提交未退回的联系金额。 在本发明的一个方面，连接的量在可见量之前匹配和处理。

公开(公告)号：US20100082767A1

公开(公告)日：2010-04-01

申请号：US12512484

申请日：2009-07-30

申请人： Edward Howorka ,  Peter R. Horsfall ,  Steven W. Iaccheo ,  Michael S. Merold ,  Schalk M. Steyn

发明人： Edward Howorka ,  Peter R. Horsfall ,  Steven W. Iaccheo ,  Michael S. Merold ,  Schalk M. Steyn

IPC分类号： G06F15/16

CPC分类号： H04L67/325 ,  G06Q40/04

摘要： In a trading system market data from a matching engine is distributed by a broker to a plurality of trading floors repeatedly every T seconds, typically one second. This one second distribution period is divided into a plurality of time slots and each trading floor is randomly assigned to a slot. Data for a given trading floor is calculated and distributed during the time slot assigned to that floor. The position of a trading floor relative to others is varied by swapping a pair of adjacent time slots every J distribution periods.

摘要翻译： 在交易系统市场中，来自匹配引擎的数据由经纪人每T秒（通常为1秒）重复地分发到多个交易大厅。 这一个第二分发周期被分成多个时隙，并且每个交易台被随机分配给一个时隙。 给定交易大厅的数据在分配给该楼层的时段内进行计算和分配。 通过在每J个分配周期交换一对相邻的时隙来改变交易大厅相对于他人的位置。

公开(公告)号：US5806050A

公开(公告)日：1998-09-08

申请号：US226511

申请日：1993-11-12

申请人： Phil Shinn ,  Richard Hartheimer ,  Edward Howorka ,  Chris Klepka

发明人： Phil Shinn ,  Richard Hartheimer ,  Edward Howorka ,  Chris Klepka

IPC分类号： G06Q40/04 ,  H04L12/18 ,  G06F17/60

CPC分类号： H04L12/1804 ,  G06Q40/04

摘要： A method for vocalizing information from an electronic brokerage system (EBS) used in international currency exchange incorporates a specialized grammar to emulate the interpersonal trading style and vernacular used by foreign currency brokers catering to the international banking industry. Used in conjunction with the screen display of an EBS, the vocalizing method makes the system easier for a trader to use by emphasizing information content. The vocalizing method optimizes redundancy of data available to the user to minimize both the ambiguity of data to and the cognitive effort of the user. The vocalizing method chooses what data should be vocalized, when the data should be vocalized, and, in what manner the data should be vocalized. For example, a long form of the offer and bid prices is initially vocalized which includes both figure and pips data, but thereafter only the pips are vocalized. Three categories of messages each provide different data to the system user. First, market broadcast messages provide quote and bid information. Second, maker and taker specific messages provide specific deal information between the parties to an ongoing or completed transaction. Third, system deals and price change reasons messages provide all workstations dealing in the currency pair with recent prices given and paid for that currency pair, at least when it affects the current best price. The trader may have none, all, one, or two of the three categories of messages vocalized by setting the workstation trader profile accordingly. Additionally, the trader may choose with which of a variety of voices the workstation will speak.

摘要翻译： 一种用于国际货币兑换中使用的电子经纪系统（EBS）发出信息的方法，包含了专门的语法，以模仿人际交往风格和外国经纪人为国际银行业所采用的白话。 与EBS的屏幕显示一起使用，通过强调信息内容，发声方法使交易者更容易使用。 发声方法优化了可用于用户的数据的冗余，以最小化数据的模糊性和用户的认知努力。 发声方法选择什么数据应该发出声音，当数据应该被发声时，以什么方式发出数据。 例如，提供和投标价格的长期形式最初是发声的，其中包括数字和点数据，但此后只有点数发出声音。 每个消息类别分别为系统用户提供不同的数据。 首先，市场广播消息提供报价和投标信息。 第二，制造商和接收者的具体信息在当事人之间提供具体交易信息，以进行正在进行或已完成的交易。 第三，系统交易和价格变动原因消息提供了处理货币对的所有工作站，最近给予和支付了该货币对的价格，至少当它影响当前最优惠的价格时。 通过相应地设置工作站交易者配置，交易者可能没有发出三类消息中的一个，一个或两个消息。 此外，交易者可以选择工作站将讲哪种语音。