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。

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：US08566221B2

公开(公告)日：2013-10-22

申请号：US13109211

申请日：2011-05-17

申请人： Vladimir Neyman ,  Steven Iaccheo ,  Neena Jain ,  James Shu ,  Edward Howorka ,  Andrew Foray ,  Michael Merold

发明人： Vladimir Neyman ,  Steven Iaccheo ,  Neena Jain ,  James Shu ,  Edward Howorka ,  Andrew Foray ,  Michael Merold

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0615 ,  G06Q40/06

摘要： Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesised from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.

摘要翻译： 联合执行类型复合订单可以在包括多个代理节点的匿名交易系统中处理，每个代理节点都包括订单匹配功能和市场分配功能。 交易代理节点连接到分组在交易层面上的多个经销商终端，并且还连接到代理节点。 联合执行订单作为订单输入，并且在打点期间由经纪人匹配，或者订单被取消。 如果进行了匹配，则在知道所有交易是可执行的情况下，收款人的交易代理商不会完成任何标记该交易的交易。 该系统可以用于允许交易者以其他货币对合成的货币对命中出价和报价。 在这种安排下，经销商以合成货币进行简单的订单，接受者的交易代理将其转换成联合执行令。

公开(公告)号：US20080040256A1

公开(公告)日：2008-02-14

申请号：US11841675

申请日：2007-08-20

申请人： Vladimir Neyman ,  Steven Iaccheo ,  Neena Jain ,  James Shu ,  Edward Howorka ,  Andrew Foray ,  Michael Merold

发明人： Vladimir Neyman ,  Steven Iaccheo ,  Neena Jain ,  James Shu ,  Edward Howorka ,  Andrew Foray ,  Michael Merold

IPC分类号： G06Q40/00

CPC分类号： G06Q40/04 ,  G06Q30/0615 ,  G06Q40/06

摘要： Joint execution type compound orders can be processed in an anonymous trading system comprising a plurality of broker nodes each of which includes an order matching functionality and a market distribution functionality. Trader agent nodes are connected to a number of dealer terminals grouped in trading floors and also to a broker node. Joint execution orders are entered as hit orders and are all matched by the broker during the hit or the order is cancelled. If matches are made the taker's trading agent does not complete any of the deals marking up the order until it knows that all the deals are executable. The system may be used to allow traders to hit bids and offers in currency pairs synthesised from other currency pairs. In this arrangement the dealer enters a simple order in the synthetic currency and the taker's trading agent converts it into a joint execution order.

摘要翻译： 联合执行类型复合订单可以在包括多个代理节点的匿名交易系统中处理，每个代理节点都包括订单匹配功能和市场分配功能。 交易代理节点连接到分组在交易层面上的多个经销商终端，并且还连接到代理节点。 联合执行订单作为订单输入，并且在打点期间由经纪人匹配，或者订单被取消。 如果进行了匹配，则在知道所有交易是可执行的情况下，收款人的交易代理商不会完成任何标记该交易的交易。 该系统可以用于允许交易者以其他货币对合成的货币对命中出价和报价。 在这种安排下，经销商以合成货币进行简单的订单，接受者的交易代理将其转换成联合执行令。

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：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：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。