公开(公告)号：WO2004036368A2

公开(公告)日：2004-04-29

申请号：PCT/US2003/032820

申请日：2003-10-15

申请人： LIQUIDITY DIRECT TECHNOLOGY, LLC

发明人： BRADY, Neal ,  CAREY, Noah ,  ERWIN, William, R. ,  GILMORE, John ,  QUATTROCKI, Michael ,  STONE, Frank ,  THORNBURGH, Mark

IPC分类号： G06F

CPC分类号： G06Q40/04 ,  G06Q30/08

摘要： A computer network and method for electronically trading derivatives. One preferred method of trading includes providing indicative quotes to market participants (which typically includes subscribers, but may also include markets) to provide a non-binding indication of how the market makers are likely to price the particular derivative. A participant may then submit an RFQ, which is a request for a binding quote for the derivative. The RFQ preferably causes the current order book to be displayed on all subscriber’s terminals, typically in the form of a row indicating the derivative of interest along with the current binding bid and binding ask prices. The indicative bid and ask prices may also be displayed, as well as the quantity (if any) requested in the RFQ. Market participants may then elect to submit an order for the corresponding derivative. Typically, the market participants will await an indication that a market maker has submitted a binding quote.

摘要翻译：

用于电子交易衍生品的计算机网络和方法。 一种优选的交易方法包括向市场参与者（其通常包括订户，但也可以包括市场）提供指示性报价，以提供做市商如何定价特定衍生品的非约束性指示。 然后参与者可以提交RFQ，该请求是针对衍生产品的具有约束力的报价的请求。 RFQ优选地使当前订单簿显示在所有订户的终端上，通常以表示感兴趣的衍生工具的行的形式连同当前绑定出价和约束询价。 也可以显示指示性买价和卖价，以及询价中要求的数量（如果有的话）。 然后市场参与者可以选择提交相应衍生品的订单。 通常情况下，市场参与者将等待一个做市商提交了具有约束力的报价的迹象。