公开(公告)号：US08335737B2

公开(公告)日：2012-12-18

申请号：US12774878

申请日：2010-05-06

申请人： Edward R. Howorka

发明人： Edward R. 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：US20120066109A1

公开(公告)日：2012-03-15

申请号：US13239748

申请日：2011-09-22

申请人： Alexander C. Riseman ,  Edward R. Howorka

发明人： Alexander C. Riseman ,  Edward R. Howorka

IPC分类号： G06Q40/04

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 bide and offer prices are set to the received best bid and offer prices and alternatively 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.

摘要翻译： 处理在诸如外币对等可替代工具的匿名交易系统上完成的交易的最佳出价和最优惠利率数据，以得出指示费率。 定义出价和报价之间的最低指示价差。 指示性汇率和报价价格设定为收到的最佳出价和报价，或者将指标性提价利率加上指定性报价率，并从指示性投标价格中减去，直到指示性出价和报价率之间的差价大于或等于 达到预定的最低指示性利差，并且大于最佳出价和报价之间的差价。

公开(公告)号：US08108293B2

公开(公告)日：2012-01-31

申请号：US12685060

申请日：2010-01-11

申请人： Edward R. Howorka

发明人： Edward R. Howorka

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/00 ,  G06Q40/04

摘要： In an electronic trading system, prime brokerage services may be provided by assigning one or more dependent or child deal codes to a deal code. Prime broker trades are conducted via the dependent deal codes but appear to the market as deals with the parent deal code using credit assigned to the parent deal code. The prime bank customer is a dependent deal code of the customer bank which also trades on the system, allowing credit to be allocated by the customer dependent code for prime broker trades. A deal code may have several dependent deal codes which can trade with one another. Dependent deal codes can be used to expand the size of trading floors beyond that which can be supported by a single deal code and to assist in migration between system versions.

摘要翻译： 在电子交易系统中，可以通过向交易代码分配一个或多个从属或子交易代码来提供主要经纪服务。 主要经纪商交易是通过相关交易代码进行的，但在市场上显示为使用分配给母公司交易代码的信用的交易代码。 主要银行客户是客户银行的依赖交易代码，该交易代码也在系统上进行交易，从而允许信贷由客户依赖代码分配给主要经纪商。 交易代码可以具有可以彼此交易的几个相关交易代码。 可以使用相关的交易代码来扩大交易层面的大小，超出单个交易代码可以支持的交易大小，并协助系统版本之间的迁移。

公开(公告)号：US07925569B2

公开(公告)日：2011-04-12

申请号：US10694758

申请日：2003-10-29

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

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

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：US07383221B2

公开(公告)日：2008-06-03

申请号：US09927868

申请日：2001-08-10

申请人： Edward R. Howorka

发明人： Edward R. Howorka

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q40/00 ,  G06Q40/06

摘要： For each quote entered into a computerized anonymous trading system, the system determines if it is waiting to be “hit” (would be matched with the first hit of a predetermined size) at a substantial number of trading floors, and if so, notifies the trader originating the quote. The substantial number of floors is preferably expressed as greater than a predetermined percentage of the available trading partners with whom credit has been established on a bilateral basis, and is preferably greater than 25%. In an alternate embodiment, the system provides a graphical display to the market maker originating a particular quote indicating how many trading floors are poised to hit that particular quote, and/or a numeric display indicating a price that would be Hittable by a predetermined number or percentage of available trading partners.

摘要翻译： 对于输入到计算机化匿名交易系统的每个报价，系统确定在相当数量的交易大厅上是否等待被“打”（将与预定大小的第一次匹配），如果是，则通知 交易者发出报价。 优选地，大量楼层表示为大于已经在双边基础上建立信贷的可用贸易伙伴的预定百分比，并且优选地大于25％。 在替代实施例中，系统向市场制作者提供图形显示器，其产生指示有多少交易楼层准备打击该特定报价的特定报价，和/或指示将被希望预定数量的价格的数字显示器 可用贸易伙伴的百分比。

公开(公告)号：US07184982B1

公开(公告)日：2007-02-27

申请号：US09603523

申请日：2000-06-23

申请人： Edward R. Howorka ,  Andrew P. Foray

发明人： Edward R. Howorka ,  Andrew P. Foray

IPC分类号： G06Q40/00

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

摘要： An anonymous trading system suitable for trading foreign exchange or other fungible instruments comprises a network of broking nodes each of which have equal status and each of which perform the function of matching orders input into the systems, executing trades and distributing market views. Trading agent nodes are connected to some or all of the broking nodes and act as an interface between trader terminals or other order input devices through which orders are submitted to the system, and the broking nodes. Orders may be input into the system as visible quotes or invisible hits.

摘要翻译： 一种适用于交易外汇或其他可替代工具的匿名交易系统包括一个经纪人网络，每个网络具有相同的状态，每个网络执行匹配输入系统的订单，执行交易和分发市场视图的功能。 交易代理节点连接到部分或全部经纪节点，并作为交易者终端或其他订单输入设备之间的接口，通过该订单输入设备将订单提交给系统和经纪节点。 订单可能会以可见的引号或不可见的命中输入到系统中。