Electronic securities marketplace having integration with order management systems

Abstract

An electronic trading marketplace (ETM) communicates with interfacing modules interfacing directly with order management systems (OMS's) at trading institutions. The interfacing modules automatically transmit orders from the OMS databases to the ETM and update the OMS databases in response to orders executed at the ETM. Traders can communicate with the ETM to anonymously negotiate trades of securities.

What is claimed is: 
     
         1 . A computer system comprising:
 a microprocessor operable to:   receive a first order from a first market participant,   receive a second order from a second market participant, in which the second order is received from an OMS module of the second market participant,   determine that the first order matches the second order,   transmit a request for acceptance of the first order to the second market participant, and   only if the second market participant accepts the request, facilitate an execution of a trade fulfilling at least part of the first order and at least part of the second order, in which facilitating the execution includes facilitating the execution without a negotiation between the first market participant and the second market participant about a price of the trade and without a negotiation between the first market participant and the second market participant about a quantity of financial instruments in the trade.