SYSTEMS AND METHODS FOR IMPLEMENTING TRADING AND GLOBAL MATCHING BASED ON REQUEST AND OFFER OF LIQUIDITY

摘要

Apparatus for stimulating trading in a limited-liquidity financial instrument are provided. One the method may include receiving a trade of liquidity for the limited-liquidity financial instrument. The receiving may include receiving a first order. The first order may correspond to a price and volume associated with a pre-determined bid-offer spread. The order may be executable only in conjunction with a counterorder that trades with the first order and includes a commitment to make a two-way market in the financial instrument at the predetermined bid-offer spread. In certain embodiments, when the first order is received from a first entity and the counterorder is received from a second entity, the method may also include receiving a bid price and an offer price from a second entity. The method may also include receiving an instruction from the first entity to select one of the bid and the offer and to execute a trade therewith. The execution of the trade may be for a size not less than the pre-determined size. If the system fails to receive a selection from the first entity within a pre-determined period of time, the method may further include executing a trade based on a pre-determined election by the second entity of a default trade direction.