Real time trading

Abstract

A computer based system for executing transactions involving financial instruments, comprising a central host computer system, and a network of client computer systems including browser-based software which is adapted to present different interfaces to different trading parties, and also adapted to enable the different parties to set permission filters which control the presentation of information relating to their own trading, to other parties.

1 . A computer based system for executing transactions involving financial instruments, comprising:
 a central host computer system communicatively coupled to a plurality of client computer systems over a network, each of the plurality of client computer systems associated with at least one trading party and including browser-based software configured to present a trading interface and to enable administration of at least one permission filter that control re-transmission of the associated at least one trading party's trading information by the central host computer system to others of the plurality of client computer systems, the trading information including the associated at least one trading party's quotes,   wherein the central host computer system is configured to cross-map the trading information received from each of the plurality of client computer systems according to the at least one permission filter of each of the associated at least one trading parties and to retransmit the received trading information to at least the others of the plurality of client computer systems according to the cross-map, the cross-map identifying to which of the plurality of client computer systems each of the trading party's trading information may be re-transmitted.   
     
     
         2 . The computer based system of  claim 1  where the at least one trading party may select the trading interface from a plurality of standard interfaces. 
     
     
         3 . The computer based system of  claim 2  where the plurality of standard interfaces includes interfaces for traders at regulated banks, brokers at regulated brokerages, credit officers at regulated banks or combinations thereof. 
     
     
         4 . The computer based system of  claim 1  where the central host computer system is further configured to rank incoming orders and prices for a set of instruments, and to re-transmit a resulting market view to the plurality of client computer systems according to the at least one permission filter of each of the associated at least one trading parties. 
     
     
         5 . The computer based system of  claim 4  where the at least one permission filter are adjustable during a trading process in which a new quote is entered so as to cause trading information including the new quote to be re-transmitted only to those of the plurality of client computer systems associated with selected trading parties. 
     
     
         6 . The computer based system of  claim 4  where the central host computer system is further configured to auto-generate an implied swap quote for a derivative financial instrument based on two or more swap quotes of differing maturity available to a trading party from other trading parties according to the at least one permission filter of the other parties. 
     
     
         7 . The computer based system of  claim 4  where the trading information of a trading party comprises at least one quote for a swap spread, the swap spread being a derivative financial instrument including at least two legs different financial instrument of each with differing maturities. 
     
     
         8 . The computer based system of  claim 7  where the central host computer system is further configured to initiate a matching process in which the quote for the swap spread is compared with existing swap orders for a trading party and to generate at least one swap quote for the trading party.