Requests for quotes from indirect credit lines

Abstract

Systems and methods for processing requests for quotes (RFQs) are disclosed. A computer may receive a request for quote from a first trading entity. The computer system may then obtain quotes responsive to the RFQ. The obtained quotes include a quote from a second trading entity that has an indirect credit relationship to the first trading entity. The computer system then provides at least one of the obtained quotes to the first trading entity. The request for quote may be for a spot trade of a foreign exchange item, for example.

What is claimed is: 
     
         1 . A method, comprising:
 a computer system receiving, from a first trading entity, a request for quotes to buy and/or sell a foreign exchange instrument;   the computer system obtaining, from a plurality of trading entities, quotes responsive to the request, wherein the obtained quotes include a quote from a second trading entity, wherein the computer system does not store information indicating that the first and second trading entities have a direct credit relationship; and   the computer system providing at least one of the obtained quotes to the first trading entity.   
     
     
         2 . The method of  claim 1 , wherein the request from the first trading entity uses a machine-to-machine communication protocol. 
     
     
         3 . The method of  claim 1 , wherein the foreign exchange instrument is for a spot trade of a quantity of a first currency expressed in terms of a second currency. 
     
     
         4 . The method of  claim 1 , wherein the quote from the second trading entity is indicative of a price at which the second trading entity would buy a quantity of a first currency expressed in terms of a second currency. 
     
     
         5 . The method of  claim 1 , wherein the quote from the second trading entity is indicative of a price at which the second trading entity would sell a quantity of a first currency expressed in terms of a second currency. 
     
     
         6 . The method of  claim 1 , wherein the computer system stores credit relationship information indicating that the first and second trading entity have an indirect credit relationship via one or more intermediate trading entities, wherein the quote from the second trading entity is provided to the first trading entity based on the indirect credit relationship indicated by the credit relationship information. 
     
     
         7 . The method of  claim 1 , wherein the computer system stores credit relationship information indicating that the first and second trading entity each have a credit relationship with a third trading entity, wherein the quote from the second trading entity is provided to the first trading entity based on the credit relationship via the third trading entity. 
     
     
         8 . The method of  claim 1 , wherein the at least one provided quote includes the quote from the second trading entity. 
     
     
         9 . A method, comprising:
 a computer trading system receiving, via a wide-area network, a request from a first trading entity for quotes on a currency pair;   the computer trading system requesting quotes for the currency pair from a plurality of trading entities;   the computer trading system receiving the requested quotes; and   the computer trading system conveying the received quotes to the first trading entity via the wide-area network, including a quote from a second trading entity with which the first trading entity does not have a direct credit relationship.   
     
     
         10 . The method of  claim 9 , wherein the computer trading system requests quotes from ones of the plurality of trading entities with which the first trading entity has a direct or indirect credit relationship. 
     
     
         11 . The method of  claim 9 , wherein the computer trading system stores credit information indicating that the first and second trading entities have an indirect credit relationship via a third trading entity that has extended credit to both the first and second trading entities. 
     
     
         12 . The method of  claim 9 , wherein the requested quotes include quotes for one-way or two-way prices. 
     
     
         13 . The method of  claim 9 , wherein the computer trading system is configured to receive the request from the first trading entity according to a machine-to-machine communication protocol. 
     
     
         14 . The method of  claim 9 , wherein the quote from the second trading entity is for a spot trade of the currency pair at an indicative price. 
     
     
         15 . The method of  claim 9 , further comprising providing firm prices for currency pairs in response to requests from trading entities. 
     
     
         16 . A method, comprising:
 sending information from a first trading entity to a computer system, wherein the information is a request for quotes for buying and/or selling a currency;   receiving, from the computer system, a response to the request for quote, wherein the response is a quote from a second trading entity with whom the first trading entity does not have a direct line of credit, wherein the computer system stores information that the first and second trading entities have an indirect line of credit.   
     
     
         17 . The method of  claim 16 , wherein the computer system stores information that the first and second trading entities have an indirect credit relationship with a third trading entity with whom both the first and second trading entities have a direct credit relationship. 
     
     
         18 . The method of  claim 16 , wherein the computer system stores information that the first and second trading entities have an indirect credit relationship via a credit path with a plurality of credit-bridging entities. 
     
     
         19 . The method of  claim 16 , wherein the requested quotes are for two-way prices. 
     
     
         20 . The method of  claim 16 , wherein the computer system stores information indicating that that the first trading entity is a non-credit-extending entity.