Stock exchange trading platform

Abstract

The invention relates to a stock exchange trading platform for a plurality of trader data processing devices that are in communication connection with the trading platform, wherein the trading platform has a trading platform data processing device (“matcher”), which is able to store orders generated by one of the trader data processing devices in an order book, or to fill a matching order that is already recorded in the order book, at least partially, to acknowledge such received orders to the dispatching trader data processing device, and furthermore, to send messages to a plurality of connected trader data processing devices (in the case of a trading system with equally entitled traders, to everybody) in a broadcast mode. The trading platform is in particular characterized in that a unit of the trading data processing device controlling the optional execution or storing of the orders is configured as a dedicated logic circuit.

1 . An electronic platform for stock exchange trading for a plurality of trader data processing devices which are in communicating connection with the platform, wherein the platform comprises a trading platform data processing device with memory means and a controlling unit, wherein the controlling unit is designed to process messages which are produced by one of the trader data processing devices and which contain orders, and thereby to compare the received orders with stored orders which are stored in the memory means and which form an order book, and to store a received order in the memory means in a manner depending on a result of the comparison, or, given a matching order already stored in the memory means, to at least partly carry it out and to at least partly delete the matching order in the memory means or to mark its as executed, to acknowledge the receipt of such arrived messages, to the dispatching trader data processing device and moreover, in a broadcast mode, to send broadcast messages with information concerning executed orders and/or orders stored in the memory means, to a plurality of connected trader data processing devices, as well to transfer transaction data concerning the executed orders, to an order post-processing system, characterised in that the controlling unit of the trading platform data processing device is designed as a dedicated logic circuit. 
     
     
         2 . A platform according to  claim 1 , characterised in that the dedicated logic circuit is a field programmable gate array (FPGA). 
     
     
         3 . A platform according to  claim 1 , characterised in that the dedicated logic circuit is an application-specific integrated circuit (ASIC). 
     
     
         4 . A platform according to  claim 1 , comprising at least one switch, via which the trading platform data processing device is connectable to a plurality of trader data processing devices which are capable of submitting messages with orders contained therein, to the trading platform. 
     
     
         5 . A platform according to  claim 4 , wherein a switching logic of the at least one switch only permits messages from a trader data processing device to the trading platform data processing device, from the trading platform data processing device to a certain trader data processing device and from the trading platform data processing device to all trader data processing devices. 
     
     
         6 . An electronic platform for stock market trading, comprising
 a trading platform data processing device with memory means and with a controlling unit and at least one switch, via which switch the trading platform data processing device is connectable to a plurality of trader data processing devices which are capable of submitting messages with orders contained therein, to the trading platform;   wherein the controlling unit is designed to process these messages and thereby to compare the received orders with stored orders which are stored in the memory means and which form an order book, and, depending on a result of the comparison, to store a received order in the memory means or, given a matching order already stored in the memory means, to at least partly carry it out, to delete the matching order at least partly in the memory means, or to mark it as executed, and to acknowledge the storage or at least partial execution, to the trader data processing device, as well as to transfer transaction data concerning the executed orders to an order post-processing system;   characterised in that a switching logic of the at least one switch only permits messages from a trader data processing device to the trading platform data processing device, from the trading platform data processing device to a certain trader data processing device and from the trading platform data processing device to a group of trader data processing devices or to all trader data processing devices.   
     
     
         7 . A platform according to  claim 6 , wherein the switch envisages physically different paths, on the one hand for data flows from the trader data processing devices in the direction of the trading platform data processing device and on the other hand from the trading platform data processing device in the direction of the trader data processing devices, wherein a first path from the trader data processing device to the trading platform data processing device permits a transfer only of a message coming from one of the inputs, in the direction of the trading platform data processing device, whereas a second path from the trading platform data processing device to the trader data processing devices selectively permits a point-to-point connection or a broadcast connection. 
     
     
         8 . A platform according to  claim 6 , wherein the switch is designed as a dedicated logic circuit. 
     
     
         9 . A stock exchange trading system for electronic trading on the stock exchange, comprising a platform according to  claim 6  as well as at least one trader data processing device which is capable of submitting messages which comprise orders, to the trading platform and of receiving receipts and condition information from the trading platform data processing device and of processing these. 
     
     
         10 . A stock market trading system according to  claim 9 , wherein each trader data processing device comprises a central unit with a central processor as well as a network interface as an interface to the trading platform, and therein the network interfaces of all trader data processing devices are identical. 
     
     
         11 . A network interface for a trader data processing device, wherein the trader data processing device comprises a central unit with a central processor and central memory means and with an operating system, wherein the network interface is designed to be in communicating connection with the central unit and to serve as an interface to the trading platform, characterised in that the network interface comprises memory means for storing condition data of a current condition of the stock market trading system, as well as a computation device, wherein the computation device is designed as a dedicated logic circuit in a manner such that the computation device is capable of submitting orders in the form of messages, to the trading platform, in a manner depending on condition data and in accordance with specifications of the central unit. 
     
     
         12 . A network interface according to  claim 11 , designed as a network card. 
     
     
         13 . A network interface according to  claim 11 , comprising an alarm unit for informing the central unit when a predefined event occurs. 
     
     
         14 . A network interface according to  claim 11 , comprising a time generator. 
     
     
         15 . A trader data processing device for a stock exchange trading system according to  claim 9 , comprising a central unit with a central processor, central memory means and an operating system, as well as a network interface, the network interface being in communicating connection with the central unit. 
     
     
         16 . A trader data processing device according to  claim 15 , wherein the network interface comprises a network interface data bus, and the central unit comprises a central data bus, wherein the network interface data bus and the central data bus are different from one another and wherein the computation unit can read directly from the data bus and write onto this. 
     
     
         17 . A stock market trading system, comprising a trading platform and a plurality of trader data processing devices according to  claim 15 , wherein the trading platform comprises a trading platform data processing device which is capable of storing orders produced by one of the trader data processing devices in an order book, or, given a matching order already stored in the order book, of at least partly carrying it out, of acknowledging the receipt of such arrived orders to the submitting trader data processing device, and moreover, in a broadcast mode, of sending messages to a group of connected trader data processing devices or to all connected trader data processing devices. 
     
     
         18 . A stock market trading system according to  claim 9 , wherein each trader data processing device comprises an identical network interface for the communication with the trading platform. 
     
     
         19 . A stock market trading system according to  claim 9 , comprising several levels of switches, wherein each trader data processing device is connected to the trading platform data processing device via an identical number of switches. 
     
     
         20 . A stock market trading system according to  claim 9 , wherein several trading platform data processing devices are applied, wherein each trading platform data processing device is responsible for one or more traded titles. 
     
     
         21 . A stock market trading system according to  claim 9 , wherein a central switch has an output which stores all relevant messages which are transferred by the network node, in an archive A.