Currency trading platform with improved risk management

Abstract

Systems, methods and software for processing and displaying information associated with a plurality of currency exchange transactions to a forex dealer in real time, i.e. substantially simultaneously with the receipt or placement of the associated transactions orders or position requests.

What is claimed is: 
     
         1 . A method of determining a dealer exchange rate quote, comprising:
 receiving a plurality of exchange rates from financial institutions, each exchange rate characterized by a currency pair, a bid rate and an ask rate;   displaying the plurality of exchange rates on a graphical user interface;   providing on the graphical user interface a plurality of selectable quote generation strategies each configured to generate a dealer exchange rate quote from a plurality of bid rates and ask rates;   providing on the graphical user interface a selection mechanism allowing a dealer to select which of the received bid rates and ask rates will be considered when generating the dealer exchange rate quote;   receiving input through the graphical user interface indicating which of the received bid rates and ask rates have been selected to be considered when generating the dealer exchange rate quote;   receiving input through the graphical user interface indicating which of the quote generation strategies has been selected to generate the dealer exchange rate quote;   generating the dealer exchange rate quote by applying the selected quote generation strategy to the selected bid rates and ask rates; and   displaying on the graphical user interface the generated dealer exchange rate quote.   
     
     
         2 . The method of  claim 1 , wherein providing on the graphical user interface the plurality of selectable quote generation strategies includes providing a plurality of pairs of quote generation strategies, wherein a first member of each pair is a two banks strategy and a second member of each pair is a general strategy. 
     
     
         3 . The method of  claim 2 , wherein the selectable two banks strategies include a best strategy, a median strategy and a closest strategy. 
     
     
         4 . The method of  claim 2 , wherein the selectable general strategies include a best strategy and a median strategy. 
     
     
         5 . The method of  claim 1 , wherein the selection mechanism allows a user to select a bid rate received from a particular financial institution without selecting an associated ask rate from the same financial institution, and allows the user to select an ask rate received from a particular financial institution without selecting an associated bid rate from the same financial institution. 
     
     
         6 . The method of  claim 1 , wherein generating the dealer exchange rate quote includes generating a plurality of dealer exchange rate quotes, each corresponding to a different currency pair. 
     
     
         7 . The method of  claim 6 , wherein displaying the dealer exchange rate quote includes displaying the plurality of dealer exchange rate quotes in a manner that distinguishes exchange rate quotes generated with different strategies. 
     
     
         8 . A method of determining a dealer exchange rate quote from a plurality of exchange rates offered by financial institutions, comprising:
 selecting a quote generation strategy from a plurality of available quote generation strategies to generate a dealer exchange rate quote from a plurality of bid rates and ask rates;   receiving a plurality of exchange rates from financial institutions, each exchange rate characterized by a currency pair, a bid rate and an ask rate;   selecting a portion of the received bid rates and ask rates to be considered when generating the dealer exchange rate quote; and   applying the selected quote generation strategy to the selected bid rates and ask rates to generate the dealer exchange rate quote.   
     
     
         9 . The method of  claim 8 , wherein the plurality of available quote generation strategies includes a plurality of pairs of quote generation strategies, wherein a first member of each pair is a two banks strategy and a second member of each pair is a general strategy. 
     
     
         10 . The method of  claim 9 , wherein the available two banks strategies include a best strategy, a median strategy and a closest strategy. 
     
     
         11 . The method of  claim 9 , wherein the available general strategies include a best strategy and a median strategy. 
     
     
         12 . The method of  claim 8 , wherein selecting a quote generation strategy includes selecting a quote generation strategy for each of a plurality of current pairs, and wherein generating the dealer exchange rate quote includes generating a plurality of dealer exchange rate quotes corresponding to each of the currency pairs. 
     
     
         13 . The method of  claim 12 , further comprising displaying the plurality of dealer exchange rate quotes on a graphical user interface in a manner that distinguishes between dealer exchange rate quotes generated with different quote generation strategies. 
     
     
         14 . The method of  claim 13 , wherein dealer exchange rate quotes generated with different quote generation strategies are displayed with a different background color. 
     
     
         15 . A method of determining a dealer exchange rate quote from a plurality of exchange rates quotes provided by financial institutions, comprising:
 receiving a plurality of exchange rates from financial institutions, each exchange rate characterized by a currency pair, a bid rate and an ask rate;   selecting a pair of quote generation strategies to generate a dealer exchange rate quote for a selected currency pair from a plurality of the received bid rates and ask rates, wherein one of the pair of quote generation strategies is a two banks strategy to be used when exactly two banks provide bid and ask rates for the selected currency pair, and the other of the pair of quote generation strategies is a general strategy to be used when more than two banks quote bid and ask rates for the selected currency pair;   selecting a portion of the received bid rates and ask rates to be considered when generating a dealer exchange rate quote for the selected currency pair;   determining, based on the selected bid rates and ask rates, whether the selected two banks strategy or the selected general strategy is to be applied to generate the dealer exchange rate quote for the selected currency pair; and   applying the determined one of the selected two banks strategy or the selected general strategy to the selected bid rates and ask rates to generate the dealer exchange rate quote for the selected currency pair.   
     
     
         16 . The method of  claim 15 , wherein selecting a pair of quote generation strategies includes selecting a two banks strategy from the group consisting of a best strategy, a median strategy and a closest strategy, and selecting a general strategy from the group consisting of a best strategy and a median strategy. 
     
     
         17 . The method of  claim 15 , wherein selecting a portion of the received bid rates and ask rates to be considered when generating a dealer exchange rate quote for the selected currency pair includes checking a check box corresponding to each selected bid rate and ask rate. 
     
     
         18 . The method of  claim 17 , wherein the check boxes are independently selectable so that a bid rate received from a financial institution can be selected without selecting a corresponding ask rate received from the same financial institution, and an ask rate received from a financial institution can be selected without selecting a corresponding bid rate received from the same financial institution. 
     
     
         19 . The method of  claim 15 , wherein generating the dealer exchange rate quote is performed by a processor substantially in real time with selecting the portion of the received bid rates and ask rates to be considered, and further comprising displaying the generated dealer exchange rate quote on a graphical user interface, also substantially in real time with selecting the portion of the received bid rates and ask rates to be considered. 
     
     
         20 . The method of  claim 19 , wherein generating the dealer exchange rate quote includes generating a plurality of dealer exchange rate quotes corresponding to a plurality of currency pairs, and wherein displaying the generated dealer exchange rate quote includes displaying the plurality of dealer exchange rate quotes.