Electronic Trading System

Abstract

An anonymous trading system comprises one or more matching engines, one or more market distributors and one or more trader terminals for input of orders from institutions trading on the system. The trader terminals are connected to the system through bank nodes. A broker terminal is connected through a bank node and enables voice brokers to trade on the system on behalf of client traders. The voice brokers terminal can be configured for any client trader and will display the market view for that trader. Trades in which the broker terminal participates are not concluded until a manual credit check has been performed.

What is claimed is: 
     
         1 . A computerized trading system for trading instruments between parties including a plurality of order input terminal for inputting bid and offer orders on behalf of traders, a matching engine computer for matching bids and offers input by traders and, where matches are made, for executing deals, and one or more market distributor computers for distributing details of at least a portion of the bids and offers in the market to traders, wherein the order input terminals comprise trader order input terminals and at least one broker order input terminal for entering bids and offers into the system on behalf of traders operating outside the system wherein the trader order input terminals communicate to traders the amount of the market in the instrument being traded that has been input from the at least one broker order input terminal. 
     
     
         2 . A system according to  claim 1 , wherein the traders operating outside the system comprise voice traders. 
     
     
         3 . A system according to  claim 2 , wherein orders input at the broker terminal are owned by a broker. 
     
     
         4 . A screen display for a trader terminal of an electronic trading system in which electronic orders are input by traders via the trader terminals and by brokers on behalf of third parties via broker terminals, the screen display communicating to the trader order information received from other traders and brokers via a network, the screen further including an indication of the proportion of a given market that has been entered into the system by one or more brokers.