The distributed system and method for connection of the application and leaderseminar.

摘要

A matching system and method for trading instruments are provided in which bids are automatically matched against offers for given trading instruments for automatically providing matching transactions in order to complete trades for the given trading instruments in which controllable subsets (110, 112) of a distributable system trading book (118) may be selectively provided to trading keystations (24) in the matching system from the host computer (20) or central system for controllably masking the available trading market. The system comprises the host computer (20) for maintaining a host book data base (118) comprising all of the active bids and offers in the system by trading instrument, a transaction originating keystation (24a) at a client site (26a) for providing a bid on a given trading instrument to the system for providing a potential matching transaction, a counterparty keystation (24b) for providing an offer on the given trading instrument involved in the potential matching transaction, and a network (22) for interconnecting the host computer (20), the transaction originating keystation (24a) and the counterparty keystation (24b) in the system for enabling data communication therebetween. Both the transaction originating keystation (24a) and the counterparty keystation (24b), which of course can comprise more than one counterparty for a given transaction, for the potential matching transaction each have an associated local data base keystation book (110, 112) comprising a subset of the host book (118). The content of each of the keystation books (110, 112) has an associated display depth range which in controllable by the host computer (20) and is updatable by transaction update broadcast messages (132) received from the host computer (20) through the network (22). The network (22) is preferably transparent to the transactions communicated via the network (22). In the system of the present invention, the broadcast messages (132) from the host or central system (20) are broadcast to all of the keystations (24) in the matching system and are used to update the keystation (110, 112) books whereas the directed messages (122, 124, 128, 130) which are sent from the central system or host (20) are directed back only to the keystations (24a, 24b) involved in the actual matching transaction. These directed messages are used to update the local entry data base or order book (114, 116) at the local keystations (24a, 24b) involved in the transaction so as to indicate what has happened to the offer or bid at that particular keystation (24a, 24b) made in the connection with the matching transaction.