Anonymous trading system with cascaded market distributers

摘要

In an anonymous trading system orders are input into the system from trader terminals 33 each of which are connected to a bank node 32, and each of which receive a market view prepared by a market distributor 30. The market distributors are connected between an arbitrator 12, 14, 16, 18 and the bank node. A number of arbitrators are arranged as a clique and perform order matching and deal execution. More than one ,market distributor may be connected between a given arbitrator and a given bank node. The permits a single link to be in place across expensive links with local fan out of a number of branches each having its own market distributor.