ELECTRONIC TRADING SYSTEM SUPPORTING ANONYMOUS NEGOTIATION AND INDICATORS OF INTEREST

摘要

A system conducts anonymous negotiations and supports indications-of-interestintrading stock. The system includes a database for storing public ordersreceived from apublic stock trading system; and a server for receiving hidden orders from aplurality ofusers and for conducting anonymous negotiations between first and second userswith thehidden orders. The server repeatedly accesses the database to determine amatch of anyone of the hidden orders with any one of the public orders, and to execute apair of ordersselected from the hidden orders and the public orders. The system alsotransmitsindications of interest (IOIs) into a trading environment using the server forprocessing atrading order from a first user and for maintaining a profile of a user. Theprofile includesa current IOI setting for controlling transmission of the IOI from the user.The serverresponds to a toggle command from the first user to control transmission ofthe IOIopposite to the current IOI setting. The server responds to the IOI settingbeing set toallow transmission by transmitting the IOI of the first user associated withthe tradingorder.