Aggregation of trading orders

Abstract

Systems and methods for generating limit order books are disclosed. A computer system may receive, from a plurality of trading entities, orders that are specified using a machine-to-machine communication protocol. The computer system may select two or more of the received orders, including orders from at least two different ones of the plurality of trading entities, and then generate a limit order book that includes the selected orders. The computer system may then convey the limit order book to a graphical user interface of a trader. In one embodiment, the orders may be for foreign exchange instruments.

What is claimed is: 
     
         1 . A method, comprising:
 a computer system receiving, from a plurality of trading entities, orders for a foreign exchange instrument, wherein the received orders are specified using a machine-to-machine communication protocol;   the computer system selecting two or more of the received orders, including orders from at least two different ones of the plurality of trading entities; and   the computer system generating a limit order book that includes the selected orders.   
     
     
         2 . The method of  claim 1 , further comprising conveying the limit order book to a graphical user interface of a trader. 
     
     
         3 . The method of  claim 1 , further comprising conveying the limit order book to a first of the plurality of trading entities. 
     
     
         4 . The method of  claim 3 , wherein the limit order book is conveyed using the machine-to-machine communication protocol. 
     
     
         5 . The method of  claim 1 , wherein the selected orders include bids and/or offers from at least two different trading systems. 
     
     
         6 . The method of  claim 1 , wherein the received orders include bids and offers for the foreign exchange instrument. 
     
     
         7 . The method of  claim 1 , wherein the machine-to-machine protocol is an XML protocol. 
     
     
         8 . The method of  claim 1 , further comprising the computer system automatically acting on an order in the limit order book. 
     
     
         9 . The method of  claim 1 , wherein the foreign exchange instrument is a currency pair, and wherein the orders in the limit order book are for a spot trade of the currency pair. 
     
     
         10 . A method, comprising:
 a first computer system receiving a limit order book from a second computer system, wherein the limit order book includes a plurality of orders for a foreign exchange instrument, wherein the plurality of orders includes orders originating from different trading entities, and wherein the plurality of orders are received via an application programming interface (API) of the second computer system; and   the first computer system displaying the limit order book via a graphical user interface (GUI), wherein GUI permits a trader to act on an order in displayed limit order book.   
     
     
         11 . The method of  claim 10 , wherein the API permits trading entities to automatically post orders to the second computer system. 
     
     
         12 . The method of  claim 10 , wherein the plurality of orders are received using an XML protocol. 
     
     
         13 . The method of  claim 10 , wherein the foreign exchange instrument is a currency pair, and wherein the plurality of orders are for spot trades of the currency pair at a price and quantity specified in each order. 
     
     
         14 . The method of  claim 10 , further comprising:
 the first computer system receiving, via the GUI, an indication of a selection of one of the plurality of orders in the limit order book; and   the first computer system conveying the indication to the second computer system.   
     
     
         15 . The method of  claim 14 , wherein the second computer system is configured to match a spot trade for the foreign exchange instrument based on the indication. 
     
     
         16 . A method, comprising:
 a computer system receiving prices for a currency pair via an application programming interface (API); and   the computer system generating a first limit order book for the currency pair, wherein the generated first limit order book includes prices originating from two different trading entities.   
     
     
         17 . The method of  claim 16 , further comprising the computer system generating a second limit order book for the currency pair, wherein the generated first limit order book includes prices originating from two different trading entities. 
     
     
         18 . The method of  claim 17 , further comprising the computer system conveying the first and second limit order books to different computing devices. 
     
     
         19 . The method of  claim 16 , wherein the computer system is a computer system of a hedge fund. 
     
     
         20 . The method of  claim 19 , wherein the two different trading entities are banks.