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 - 21 . (canceled) 
     
     
         22 . A switch, in an electronic platform for stock market trading,
 the electronic platform comprising a trading platform data processing device with memory means and with a controlling unit and the switch, via which switch the trading platform data processing device is connected to a plurality of trader data processing devices which are arranged to submit 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;   
       wherein the switch comprises a switching logic, wherein the switching logic 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, and does not permit messages from a trader data processing device to another trader data processing device. 
     
     
         23 . The switch of claim  1 , comprising, in the switch, 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. 
     
     
         24 . The switch according to claim  2 , wherein the switch is designed as an FPGA. 
     
     
         25 . A communication network, in a stock market trading system,
 the stock market trading system comprising a trading platform data processing device with memory means and stock market trading system with a controlling unit and at least one switch, via which switch the trading platform data processing device is arranged to communicate with a plurality of trader data processing devices which are arranged to submit messages with orders contained therein, to the trading platform, and to receive receipts and condition information from the trading platform data processing device;   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;   
       the communication network comprising several levels of switches in a tree-like hierarchical arrangement of the switches, wherein the network nodes of the levels are formed in each case by switches, wherein each trader data processing device is connected to the trading platform data processing device via an identical number of switches. 
     
     
         26 . The communication network of claim  4 , wherein
 each trader data processing device is provided with a time generator, and each message from the trader data processing devices is provided with a time stamp generated by this time generator; and   the messages are sorted by the communication network in that in each switch of the tree-like hierarchical arrangement of the switches the messages are sorted according to the time stamp, in that an older message is forwarded first.   
     
     
         27 . 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 connected to a plurality of trader data processing devices which are arranged to submit 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;   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 a group of trader data processing devices or to all trader data processing devices, and does not permit messages from a trader data processing device to another trader data processing device.   
     
     
         28 . The electronic platform according to claim  6 , wherein the switch comprises, in the switch, 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. 
     
     
         29 . The platform according to claim  6 , wherein the switch is designed as an FPGA. 
     
     
         30 . A stock market trading system, comprising
 a trading platform data processing device with memory means and stock market trading system with a controlling unit and at least one switch, via which switch the trading platform data processing device is arranged to communicate with a plurality of trader data processing devices which are arranged to submit messages with orders contained therein, to the trading platform, and to receive receipts and condition information from the trading platform data processing device;   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;   the stock market trading system comprising a network comprising several levels of switches in a tree-like hierarchical arrangement of the switches, wherein the network nodes of the levels are formed in each case by switches, wherein each trader data processing device is connected to the trading platform data processing device via an identical number of switches.   
     
     
         31 . The stock market trading system of claim  9 , wherein
 each trader data processing device is provided with a time generator, and each message from the trader data processing devices is provided with a time stamp generated by this time generator; and   the messages are sorted by the network in that in each switch of the tree-like hierarchical arrangement of the switches the messages are sorted according to the time stamp, in that an older message is forwarded first.   
     
     
         32 . A central switch in a stock market trading system,
 the stock market trading system comprising a trading platform data processing device with memory means and stock market trading system with a controlling unit and at least one central switch, via which central switch the trading platform data processing device is arranged to communicate with a plurality of trader data processing devices which are arranged to submit messages with orders contained therein, to the trading platform, and to receive receipts and condition information from the trading platform data processing device;   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; and   
       wherein the central switch has a further output which is distinct from an output by which the central switch communicates with the trading platform data processing device, and the central switch is configured to store, via the further output, all relevant messages which are transferred by the network node, in an archiving unit, wherein the archiving unit is configured to archive these messages.