CN1216131A - 自动竞价协议处理器 - Google Patents

自动竞价协议处理器 Download PDF

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CN1216131A
CN1216131A CN97193786A CN97193786A CN1216131A CN 1216131 A CN1216131 A CN 1216131A CN 97193786 A CN97193786 A CN 97193786A CN 97193786 A CN97193786 A CN 97193786A CN 1216131 A CN1216131 A CN 1216131A
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S·A·弗雷泽
H·卢特尼克
B·保罗
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Cantor Fitzgerald Securities
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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis

Abstract

一种数据处理系统,用于对诸如固定收益证券之类的专门项目实行基于竞价交易的交易管理。该数据处理系统提供通过一序列交易规范而执行的高度结构化交易协议。一旦发出经过适当格式化(130)的在线市场数据(115)用于确定实时命令选择(140),那么就被载入有价证券数据库(160)。在选择特权和期货的自动处理(170和180)中,系统的所有人获得依照各个有价证券的选择特权和期货交易合同对有价证券进行定量和评价的数据。有价证券数据对数据积累商和卖主的分配遵循有价证券数据对投资界(200)中交易商的连续分配、自动交易(210)以及与包括清算操作者(220)在内的这种交易有关的最终声明和报告功能的支持。系统采用将多个公共程序控制的工作站联系在一起的分布式计算机处理网络。协议及其程序化控制逻辑提高了交易效率、使做市商得益、公平地将市场机会分配给系统用户。

Description

自动竞价协议处理器
                               技术领域
本发明涉及有助于金融交易的数据处理系统，更具体地说，本发明涉及根据竞价方式控制竞价事项顺序的特定协议管理所选类别有价证券或其它商品交易的数据处理装置和方法。本发明的系统是针对所选固定收益竞价协议公平和快速地进行买卖交易给出的。
                              发明背景
在市场经济中所生产和消费的各种各样的货物和服务的买方和卖方交易中经济活动起一种中介作用。其基本机制是给生产商分配资源和向消费者输出资源。买卖机制的运作可能是并且经常是决定经济效益的关键，当运作得当时将会极大地增强市场业绩。
自古以来，采用了许多不同的方法公平地将买方和卖方集合在一起，每一方的主要目的都是以尽可能接近货物的“市场”价成交。按照定义，市场价是指经过完全培养的市场经过完全介入对所选货物进行交易的价格(特定货币价)。这只能是通过让所有的买方和卖方完全进入交易而实现。然而，必须构筑以超低成本运作的买方和卖方交易，否则将会使货物的市场价失真，带有高的人为交易成本。因此，正如可以看到的，有效的买卖交易的两个关键因素，即完全进入和与低成本相连的知识可能会并且经常是抵触的，在交易效率和市场知识之间必须折衷。
一种众所周知的并且特别成功的交易系统称为“公开竞价”。这需要让买方和卖方汇集在一处，通过经纪商简单报价把所选货物的价格报给大家。几乎所有各种货物的交易都采用了这种方法，而在没有建立所选物品交易场所或市场的地方尤其有用，诸如珍稀艺术品等外国物品的重要交易场所就是如此。尽管在将有兴趣各方汇集交易场所中是成功的，但是整个过程可能花费很高，大大增加了市场失真的交易成本。
公开竞价技术随时间而改进，已经成功地应用于许多商品交易活动中，包括农产品和家畜、原油及商品合同、各种物品的期货合同、以及尤其切合本发明的固定收益有价证券的买卖。这些交易活动集中在有形物品，即与市场类似物品没有明显差别的物品的买卖上。例如，考虑2月供货的一蒲式耳小麦的销售和供贷的价格是与其来源无关的。同样，支付6.75％息票利率和发行日为1996年8月的30年国库券不能区分于具有同样特性的其它30年国库券。于是，买方愿意支付和卖方愿意接受的价格定义为具有相同收益的所有30年国库券的市场价，允许应用公开竞价交易。
美国政府发行的固定收益有价证券称为美国国库券。这种证券到期期限通常跨越13至52周(T-bill)、1至10年(notes)和最高达30年(bonds)。T-bill是没有息票的纯贴现证券。几乎所有其它长期国债是息票notes或债券bonds，向持有人支付的限定支付周期。
国库券具有的特征使它们尤其适合于本发明用途，因此，在以下的讨论中广泛地被采用，只有不偏离本发明的原理，其原则可以应用于其它类型的固定收益证券。在本发明的上下文中，国库券的一个重要属性是其最小的一致拖欠风险。当美国政府发行的纸质国库券以美国政府的全部信用作保时，由于在市场上国库券有相对限价，去掉了拖欠风险。
美国政府在预定的竞价发行日竞价发行新的国库券。具有设定息票利率面值的国库券的竞价将限制国库券的发行收益率。竞价后，国库券进入二级市场，通常在“柜台上”(即没有确定的汇兑率)交易。随着通涨期望值和供需状况的变化，在二级市场上近期竞价的国库券的价格会发生波动。在二级市场中机构、银行、经纪商和贩卖商之间商谈的出价和报价竞价反映新的价格。例如，国库券的收益率随它在市场中价格的下跌而增加，通常反映证券期限银行利率总体增大。
新竞价发行的证券与早先竞价发行的证券一起进行交易。在本文中，有些证券的交易比其它证券更为频繁，称为“活跃”，活跃证券常常对应于市场中新发行的证券，而不是已经发行的证券。确实，有些早期证券少有交易，形成不流动市场，可能反映也可能不反映当前市场确定的长期证券的利率。
正如通过以上说明能够实现的，国债市场的大规模和多样性暗示着参与这些证券的出价、报价、买入和卖出交易的市场空前的复杂程度。与交易有关的超高复杂性和银行、经纪商、贩卖商和机构进行交易的规模需要一种结构上固定的交易方法。
过去，公开竞价债券的经纪商以接近完善的市场定价提供高效执行，为其客户提供良好服务。经纪商与创建和管理市场的客户一起工作，将公开竞价运用于债券交易。典型客户代表-买卖双方-在某一公共场所(例如单独房间)相互交换，确定定价和确认交易。这个过程采用所选量(即几百万美元的特定到期期限债券)固定收益证券的各种买价和卖价的代表来表示。这种表示涉及大声呼喊客户提出的买价或卖价并与对方的同伙代表合作直至交易配对，完成交易。这种“交易争夺”过程依赖于通过口头竞价交易而刚刚发出的事后报告。
最近，交易争夺过程是通过把数据输入到电子输入装置的操作员进行的。输人员要同时判读许多个经纪商公开竞价，以语言描述方式依次掌握其客户的交易指令。数据争夺的质量与输入员判读技巧和客户指令的量和反复变化有关。这种竞价数据争夺过程的一个明显缺陷是难以在快速变动的市场期间迅速接续地表述不同的言语化交易指令，所以经纪商和一组输入员会争夺数据的准确排序。
下面将较为详细地讨论这个过程的许多新情况。这时，只要商务交易量随时间的发展没有实质改变，数十年让这个过程作为主要交易机制就够了。虽然是成功的，但是这种方法是不完善的。确实，在近几年中，现在在固定收益领域中进行的交易水平的大幅度提高突出了公开竞价中所存在的一些问题。没有试图成为综合性的，通过让交易商个体参与到公开竞价过程中会出现困难。例如，会大声呼喊的代表事实上主导交易-和交易流动-即使他/她仅仅代表少数散户。尽管在公开竞价中这种集合行为会给特定客户带来短期利益，但是，总体而言，交易的主流可能使定价偏离实际市场条件。
耗尽有效交易的公开竞价还存在其它问题。交易流动的速度和竞价过程的口头性注入了人为差错的可能性，经常会把委托的几百万美元买卖与不相关客户交易。由此，在每个交易日结束时经纪人需要留下来，在特定市场条件下调节过程可以擦掉当日交易的所有有关获利。此外，客户可以根据市场提高的新信息迅速改变有关交易。在很短的通知上改变或者收回以前委托的交易在传统的公开竞价过程中通常是很难做到的。
把计算机注入所选证券的交易支撑系统中过去已经作了许多努力。确实，当今几乎所有交易都涉及计算机的支持，从提供简单信息到按所选准则自动交易的复杂交易系统。然而，这些系统显然一直未能显著影响固定收益领域中有关公开竞价交易的上述证券的发行。理解了特定交易过程中存在的这些问题便产生了本发明。
                             发明概要
由此可见，本发明的第一个目的是提供一种使交易系统能够从事大交易量活动的数据处理系统。
本发明的第二个目的是提供一种支持差错小、成本低、速度快的有价证券交易过程的数据处理方法。
本发明的第三个目的是提供一种支持控制买入/卖出市场交易的形式化交易协议的数据处理系统。
本发明的第四个目的是提供一种采集、显示和分配固定收益有价证券中当前市场活动的实时信息以及对信息进行处理，实时地量化指令限度和客户交易活动的系统。
本发明的第五个目的是提供一种对几种类型数据进行选择处理的装置，这里在使用前先对数据进行核实并将经过核实的数据转变成固定收益有价证券的指令和交易状态。
本发明的第六个目的是提供一种给遵循预先建立的交易准则的交易命令提供受控接入口的数据处理系统。
本发明的第七个目的是提供一种计算机系统，它包括由高速通信环路连接的多个工作站，能够给参与客户和经纪商迅速提供市场数据分布和交换。
本发明的第八个目的是提供一种让流动客户得益同时以有序和公平的方式保证满足客户指令。
本发明的第九个目的是提供一个与接近实时地采集、过滤和分配所选市场数据的竞价处理器连接的数据库系统。
本发明的第十个目的是提供一种带有工作站专用输入系统的计算机系统，这是为工作站所进行的交易而定制的，也可以针对交易模式和工作站上特定经纪商的客户而定制。
本发明的第十一个目的是定时地提供指令核对。
本发明的第十二个目的是提供给特定客户专用的定制交易工具，如给经纪商的特定客户已经达到交易极限(例如边界极限)的停止限制指令、应急指令、标识(警告)等。
本发明的第十三个目的是利用本系统进行其它金融品种，如期货、指数、商品、有价证券、其它任选项目等的交易，通常它们为通过公开竞价买卖的任何有形或无形财产。
在基于特制计算机的数据处理系统中可以实现本发明的上述目的及其它目的，数据处理系统具有管理所选交易功能的程序控制逻辑。数据处理采用了多个与服务器连接的交易工作站对数据流进行处理。通过以太网、令牌环网、令牌总线网或其它分层结构LAN和/或WAN配置提供通信。系统较佳地包括各工作站输入用的便于提供各自程序控制命令的专用键盘(keypad)，可用采用其它键盘或键板，软件结构通常服从本发明系统。中央处理逻辑给每个工作站提供交易选项和屏幕显示。进入交易时，各种协议决定买价和卖价控制的分配和交易管理。完成交易时，系统用新输入的交易数据更新联网的数据库。
根据本发明的不同方面，控制逻辑给每个参与者提供特定顺序的交易状态。五种状态是：
                                表1
(ⅰ)Workup(上行交易)State
(ⅱ)Bid-Offer(买入/卖出)State
(ⅲ)Second Look(二次查阅)State
(ⅳ)When(何时交易)State
(ⅴ)Workdown(下行交易)State
在进入各种交易时，交易状态及其相互关系为这五种状态中的一种。工作站“状态”将决定提供给交易商的选项，因此能够以低成本高效率和无差错的方式控制交易流动。当所有参与者在相同结构的工作站上进行交易时，协议对于所有交易商是通用的，因此预防无真正资本委托中对交易进取控制。
通过下面给出的具体实施例并结合一组附图说明，将能更全面地理解本发明的上述特征。
                              附图简述
图1是表示本发明卓越硬件部分的系统方框图。
图2是表明有关交易信息传送的流程图。
图3示出专用键盘的卓越特征。
图4是各种系统状态以及它们之间路径的方框图。
图5是交易数据输入的逻辑图。
图6是Bid/Offer状态的逻辑图。
图7是When状态的逻辑图。
图8是Workup状态的逻辑图。
图9是Second Look状态的逻辑图。
图10是Workdown状态的逻辑图。
图11是交易逻辑汇总表。
本发明具体实施例的详述
简单概述，本发明是指一种执行复杂交易规则支持所选交易的数据处理系统。本发明的第一方面涉及为增强和支持处理器进行交易而提供定制平台的特定硬件配置。这种硬件配置包括多个为客户设计的连接在一起的工作站。每个工作站与依照程序控制逻辑控制交易过程的中央服务器相接。工作站包括提供交易活动具体信息的显示器。定制的键盘增强了经纪商的数据/位置的输入。
本发明的第二方面是控制系统动态的控制逻辑。这个逻辑储存在系统存储器中并提供一系列分配交易优先级的协议和规则。系统对工作站上经纪商输入的操作命令作出响应。系统逻辑在两层上是关键的。首先，作为系统基础的指导原则是重要的，因此性能与其直接有关。第二层，系统逻辑必须为所有客户和交易商所熟知，规则表示市场的进出和响应，以消除任何混淆以及使参与者处于尽可能相等的地位。本发明系统的基本原则是给所有注册参与者提供公平和完全介入交易过程的机会。
为了更好地理解本发明的细节，建议概阅这里所采用的术语。为了说明起见，本申请中给出的例子集中在固定收益的证券和这些证券大成交量交易上，以美元来表示一笔交易量(例如，10年期国库券2500万美元)
                              表2买价(Bid)              买入证券-Issue的美元价卖价(Offer)            卖出证券-Issue的美元价差价(Spread)           市场上最佳买价与卖价间的差价固定利率证券(Issue)    一类固定利率的国债击中(Hit)                      接受未决买价提去(Lift)                     接受未决卖价交易量(Size)                   以美元表示的一笔买卖的成交量做市商(Makers)                 与未决卖方和买方有关的客户-做市场未清算项目(Uncleared Entry)    缺少接手盘的当前买价/卖价，即未提去或击中交易商(Traders)                开始交易后涉及交易(作为买方或卖方)的所有客户交易(Trade)                    由击中或上升开始直至超时或成交结束在一个
                           价位上的一串交易主动交易者(Aggressor)          开始交易的客户主动方(Active Side)            作为主动交易者站在市场同一方的一组交易商被动方(Passive Side)           站在与主动交易者相反一方的一组客户
系统操作的一般内容基于若干功能的反复操作。在其较佳实施例中，通过专门设计的键盘执行这些功能。通常，当客户接触经纪商并定出某类证券的买价和卖价时便开始交易过程。以反映优先级等特定方法在计算机终端上显示各种财务状况。客户通过定出所选价位和交易量的买入和卖出能够建立交易优先级，以相同价位上的买价它们进入系统的时间次序在屏幕上显示(卖价也如此)。随着买入或卖出“队列”的发展，在相同价位上由时间确定排队位置。这种排队显示在经纪商工作站的屏幕上。通常，买价与卖价之间存在较小差别-差价。如果不存在差价，那么把这称为“锁定”市场。
重要的是，一旦发生买卖委托，在设定价位上愿意交易证券的客户可以“击中”买价和“提去”卖价。
为了控制许多参与客户之间的交易，设定不同的层次。击中买价或提去卖价的客户升到一个称作“主动交易者”的层次。通过买入或卖出的行为，主动交易者定义了(因而建立)交易的主动方。例如，如果客户击中买价，卖出变为交易的主动方，买入转变为被动方。然而，如果客户提去卖价，则买入变为主动方。这是一个重要的实际考虑依据，依据惯例，主动方在随后发生的交易中支付佣金。佣金的分配以这样一种观念为前提的，即主动客户得益于流动性-而被动方给市场提供流动性。
对于受控执行，主动方与被动方之间的上述描述是重要的，在对交易的处理中比交易的不同方，即买方和卖方更重要。
进一步强调系统逻辑的术语，“交易”认为是一系列交易事项，由定义为主动交易者的初始击中和提去而启动，继续所有这种交易直至交易“清除”。在交易期间，主动交易者保持主动，所有交易是在初始击中或提去所设定的价位上进行的，不管接下来的交易次数。为了适当地跟踪交易活动，一笔交易产生一个(虚拟的和/或真实的)交易票，与有关参考数有关，较佳地显示在屏幕上，可以另外产生几个交易票，每个交易票反映每一方每个客户的交易总量。
由此可见，首先参照图1所，图1是表明本发明操作系统中看到的各种硬件的方框图。在本文中，提供多个工作站10，每个工作站通过网络线15与中央服务器相连。服务器20由软件控制用于依照系统制约条件管理各个工作站10相互作用。
如图1所示，系统可以与远处的经纪商和客户连接。交易活动的进出是通信服务器30和远处服务器40至远处分布集线器50和远处工作站60实现的。采用附加通信线，如传统的电话线90。上述平台进一步包括管理在网络中多任务环境的32位操作系统。利用OS/2操作系统已经成功地实现本发明，然而，可以其它操作系统代替。工作站的设计可以选择基于Pentium处理器的PC、SPARC工作站(利用UNIX)或其它基于微处理器的系统。
现在参看图2，图2以方框图形式给出本发明的整个信息路径。市场信息是从竞价过程导出的，是与市场有关的高价值数据资源(期货和选择特权、或者现金，可随情况而定)。首先从方框100开始，市场数据是从有关债券市场中经纪商操作的多个在线终端采集的。经纪商(以方框100表示)与系统所有者(方框110)之间不断交换信息，即实时地进行买入、卖出和交易。系统所有者收集这一信息并输入到数据处理器数据库中。
然后把在线市场数据传送到数据过滤器和强化器模块(方框115)，其作用是对连续输入的市场数据进行澄清以供例如数据累积器(方框120)使用。数据强化器的一方面工作是将在线交易信息转变为数字形式，传输给分类处理器(方框130)。分类处理器的工作是产生一组特定格式的数据，以供进一步处理。这包括以矩阵格式产生坐标阵列数据。
一旦经过适当格式化，然后把在线市场数据传送给资格处理器(方框140)，以确定实时命令选择。然后把信息输入到有价证券数据库(方框150)，再送至分布处理器(方框160)。
上述操作将导致经纪工作站之间的实时分布，决定执行和选择固定收益投资团体间的分配。在本发明的上下文中，向这种固定收益投资团体的三个方面提供数据。在方框180和170，给涉及自动选择特权和期货处理的系统所有者提供有价证券数据，依照各个有价证券的选择特权和期货合同的交易，对特定选择特权和期货状况进行定量化和评价。以同样方式，给涉及选择特权和期货合同的系统所有者提供有价证券数据，在基于各个有价证券数据的选择特权和期货合同的交易中允许进行适当交易。
有价证券数据分配的第三通道接至方框190的数据积累器和卖主。接着把有价证券数据继续分配到投资界中的交易商和经纪商(方框200)、自动交易的支撑(方框210)和与这笔交易有关的最终宣告和报告功能(方框220)，包括其它操作者之中的清除操作者。
交易活动是高度流动性和快节奏的。于是，有效的输入系统是使多次选项生效的关键，采用高度专业化的键盘允许实现本发明的高效水平。于是，本发明的一个独立方面是如图3所示的独特键盘。
在处理期间，根据系统接收的输入类型，达到不同“状态”。“Bid-Offer”核心状态反映市场的开放状态。在这一状态中，客户被称为“做市商”和“对方做市商”，而在所有其它状态中，客户被认为是“交易商”和“对方交易商”。在这一记号下，交易商和做市商都是发出交易命令的客户，而对方做市商和对方交易商都是接收交易命令的客户。在Workup状态中有些参与者，例如第一买入者和/或第一卖出者被称为“当前交易者”，在系统控制下得到授权维持预定时间期限内的交易。通过反转照亮或类似属性在屏幕上向经纪商显示交易过程不同阶段中客户之间的重要字符差别。
图4示出这五种系统“状态”的相互关系。开始交易总是以Bid/Offer状态400表示，经顺序处理420对系统输入进行评价，改变当前状态。进行输入时，触发状态变化，处理转移到与(ⅰ)When、(ⅱ)Workup、(ⅲ)Workdown和(ⅳ)SecondLook有关的规范中。输入每个状态时，改变协议和应用新的交易规则。
以面向专用屏幕显示方式在每个工作站上给参与者提供交易过程的信息。具体说，系统以交易象限或“QUAD”形式提供屏幕显示，其中显示了指示符。QUAD的示例如下：                UQAD1
    100.01       2   100.03CUST   Bid  Bot   Cust  Offer   152001    1    0    2007    5    Sold2002    1    0    2006    10     00TOTL    2    0            150
在上面的QUAD中，最新买入价示于CUST栏的邻近上方，这里的买入价为“100.01”；在同一行，当前的卖出价为“100.03”，这表明买入卖出差价为0.02。在交易进行过程中(通过在买入/卖出状态下接受买入价或卖出价启动)，经纪商的注意力主要集中在条件提示上，条件提示示出了买入或卖出的总交易量并且可以由正在参与的客户进行交易。该数字显示于总数行与买入/卖出栏的交点上。该总数在QUAD中进一步细分为单个预定数量，在它们相应各行上显示了客户的交易量。
在QUAD 1的BOT和SOLD标题上方，第二总数计数器向经纪商提供了做市商总数。在买入/卖出状态下，由于没有执行，所以该总数与条件提示的一致。在第一次交易之后当形成“交易列表”时该总数将发生变化，并且条件提示跟踪交易者总数，而做市商总数与做市商列表中余下的数目一致。
现在参见图5，QUAD上显示的选择数据根据所示系统逻辑处理。系统在方框520键入新的CUST(ID)，例如“2001”，并且在方框530将其连同有关的交易数据/指令TRD(ID)存储在激活存储器内。交易指令在系统级别上确认，即在方框550内借助报警拒绝系统错误。一旦得到确认，在方框560内新的数据/指令TRD(ID)就被送至屏幕缓存器以显示相关的工作状态。在方框570对每个新的输入都重复这样的过程。
以下主要论述买入/卖出状态，在该状态下，随着市场成熟做市商在等待执行的同时向系统输入各种买入价和卖出价。这些未成交的买卖盘可以由当前显示的做市商或者在介入前并未示出其位置的第三方接盘。随着新的买入和卖出的进行，跟随在后的价位确定了队列中的位置，同等价格的卖出(或买入)按进入时间排序。由于市场成交价贴近较佳的买入价和卖出价(减少价差)，所以正如所示的那样，这些新位置移动到了队列顶部。
处理价格以外，买入和卖出还包括交易量，它用来表示未成交的买入(或卖出)的美元金额。如果一个客户欲增加买入或卖出的交易量，则生成新的条目，并且分开放入队列，因系统不会增加交易量，除非新的价格靠近队列中已有的买入价/卖出价。在这种方式下，随着买入价和卖出价在该状态下的输入，经纪商所看到的是与之有关的单笔交易量，总买入/卖出计数(累积交易量)显示于上述条件提示处。这样，由于条件提示反映了给定价位上的表观市场容量，所以它对交易起主要的推动作用。
在买入/卖出状态下，一个买入价/卖出价一般以“未清算”的状态输入，这表明该买卖盘只能由当前的市场参与者(即在列表上提出当前买卖承诺的交易者)接盘。因此在系统设定的时间间隔内。屏幕上显示的未清算状态只对这些参与者显示，并且只有这些客户能够吸纳这些未清算的买卖盘。在预定时间间隔(由系统内部时钟跟踪)之后，未清算的买盘(如果仍然存在)就可以与参与者以外的客户交易。这样设计是出于商业考虑。使主动提供买入/卖出的客户首先看到新的条目是为了给予它们查看其所在一方市场的便利。这样最初的买入者就变为主动交易者，并且通过防止新的买主和卖主在系统预定间隔内进入，这种分立的间隔为这些买入者提供了作出决定的时间。
图6的逻辑流程图示出了与买入/卖出状态有关的系统逻辑。从概念上讲，系统逻辑始于方框600，数据/指令在方框620内输入。在方框620内，状态选择器将系统限定为买入/卖出状态。在方框630内，从输入的新条目和所有相关数据(在方框640内相关数据变为参数串)获取CUST_X基本情况。
接着，测试650将有关TRD(ID)的买入/卖出价格与待成交的买入价和卖出价比较以判明新的输入是否改善了当前的价格；如果不是，则系统逻辑转入方框690并且将新的输入放置在队列的尾部Q-end。但是如果新价格PRL(ID)优于老(当前)价格PRC(OLD)，则在方框660内，系统逻辑将新的CUST_X放置在队列顶部；并且在方框670内，市场被锁定从而只有当前做市商(显示的做市商)能够在预定时间内在新的价格上进行交易。
在测试700内，系统查验是否有新的接盘；如果没有，在方框710内系统逻辑转入下一条目。在方框720内，对测试700的位置响应使得处理转入下一状态。
屏幕显示将根据进入买入过程的各种输入变化。在下面的QUAD2中，买入方的客户3001-3003的交易量为2700万；参见条件提示：27。这包括客户(“CUST”)3001的第一笔买盘500万、随后的第二笔买盘2000万。在该实例中，CUST 3007(可以是银行或其它机构参与者)输入了1000万的未清算卖盘(用星号标记，表示该卖出未清算)；在条件提示的卖出一侧示出了1000万。这样，控制逻辑给予最初做市商首先看到3007新卖盘的机会。一段间隔之后市场又再次开放交易。UOAD2
  ＞7.625 225     TZ108.04        27  +108.04       10CUST    Bid  Bot   Cust   Offer SOLD3001    5     0    3007    10    03002    1     03003    1     03001    20    0TOTL    27    0            10    0
When状态由针对主动交易者的未清算买入盘/卖出盘的交易指令触发，这里的主动交易者并非最初做市商。但是系统控制不允许新主动交易者的交易指令立即得到执行。根据系统逻辑，交易处理器形成一个时间间隔或延迟，并且由此为最初做市商提供了对新主动交易者造成的新情况进行评估的时间，在这段时间内最初做市商可以对被动方未清算的买卖盘作出响应。
特别是，如上所述，未清算状态持续一确定的间隔，该间隔由计算机的驱动定时器控制。只有在该间隔内才可以启动When状态，该状态仅仅延续到被动方的原始做市商作出决断或者系统逻辑内的间隔定时器溢出为止。
在When状态处理期间，系统显示出原始做市商(在新的主动交易者(Aggressor)进场前随着未了结的买入/卖出报价而存在)和新的交易者(它们输入指令接纳有待成交的买入/卖出报价)；这些做市商和交易者在屏幕上被明显区分开来(参见下面的QUAD3B)。重要的是这些最初做市商有机会在主动交易者设立的新价位上成交；来自初始列表的多个做市商按照队列中的优先极次序在新的价位上成交。经过每个做市商时系统都将作增量操作；如果做市商以一定的数量报出买入/卖出指令，则它们就成为主动交易者。如果这样，则系统逻辑退出When状态并且可以根据是否有新的主动交易者接受该条件提示下的整笔交易数量进入上行交易状态或者下行交易状态。
一旦启动When状态处理，则不允许交易者加入被动方，并且如果客户先前只加入了被动方，则不允许加入主动方。未清算(主动)方的加入者来自新的交易者、现有交易者或者在一笔交易前驱动系统返回买入价/卖出价状态的原始做市商。例如，如果一笔交易有10个卖出方并且5个处于“上方”，则在When状态期间，交易者可以择优取消尚未成交的交易。
但是，如果第二间隔定时器溢出而又没有原始做市商居中撮合交易，则When状态下加入的交易方自动成交，初始做市商不参与交易。在该间隔期间，屏幕上闪烁的WTKA向做市商显示存在对未清算卖出报价的接盘；闪烁的WHIT表示存在对未清算买入报价的接盘。在这段间隔内，未成交做市商的待成交数量都初始化为零，并且不在状况提示下提供。
图7示出了When状态的处理并且它由方框810内的交易指令CMD(I)触发，测试820确认来自新主动交易者的新交易指令(击中或提去)；如果否，则系统逻辑进入方框880并且进入上行交易或下行交易状态。
对测试820的肯定响应使系统逻辑进入方框830，在那里做市商被锁定一个预定的时间间隔。在方框840，所有当前的做市商被重新设定为零。在测试850，系统确定这些做市商是否在时间间隔到期之前拦截了主动交易者。如果是这样，则在方框860内，进行拦截的做市商就变成主动交易者，它对于随后的交易序列具有完全的控制权。如果不是这样，则在方框870内设定新的主动交易者，并且系统逻辑进入方框880内的下一状态。
下列序列表示前述系统逻辑。在下面的QUAD 3A中，买入价/卖出价状态下有3002和3003两个客户，每个客户的买入为1000万；客户3007的100万卖出恰好没有接盘。客户3001希望接受客户3007的新报价，但是它不能自动进行。在下列QUAD 3B中，客户3001试图接受客户3007的报价，强迫系统进入When状态，并且生成主动方(这里是买入方)无接盘的列表。但是，由于系统逻辑不允许前两个买入者强行在新价位上成交，所以这些买入者先前的买卖量被减至零。在这里的实例中，第二间隔定时器向初始做市商提供了先于客户3001的优先权；客户3002借助其在队列中的位置保留了全部优先权。UQAD3A
  ＞7.625 225    TZ108.04       20   +108.04        1CUST    Bid  Bot   Cust   Offer SOLD3002    10    0    3007     1    03003    10    0TOTL    20    0             1    0
                        UQAD3B
＞7.625 225       TZ108.04           20    +108.04  WTAK   ICUST       Bid   Bot    Cust  Offer  SOLD3002        0    0      3007    1     03003        0    03001        1    0TOTL        1    0              1     0
按照本发明，构成交易的买卖发生于两个交易状态的其中一个之中，这些交易状态被称为上行交易和下行交易状态。如果主动交易者接受报价，完成被动方所示整笔交易量，则引发上行交易状态；一旦建立上行交易状态，则被系统视为当前交易者的主动交易者被授予排他交易权。在屏幕上，高亮度显示当前交易者从而以确定的方式告知其它参与者。当前交易者对交易进行控制并且可以向它们的合约交易者提供更多的买卖量；这不包括外围客户。交易主动一方的当前交易者包括主动交易者和其它可能的交易者，其它交易者在主动交易者(它们的买卖使交易进入了“上行交易”状态)之下，填补了余下需要在“下行交易”下完成的交易量。对于被动方，完成整笔成交的主动交易者将其自身和对方限定为当前交易者状态。
当经纪商介入或者交易非激活间隔期满时，当前交易者的这些状态消失。这种间隔再次变为由系统逻辑触发的预设系统参数。如果没有这样的终止事件，只要当前交易者不断响应相应数量的报价，它们就可以几乎无限地交易下去。
图8示出了上行交易状态逻辑，并且该逻辑主要涉及交易量和新的指令数据。在交易登录之前，主动交易者和被动方的交易数量先后输入方框910和920。在测试930，系统确定主动交易者在交易时是否完成整个市场交易量；如果测试930的结果是“否”，则系统逻辑转入方框990并且最终进入下行交易状态(图9)。
测试930的肯定响应使得系统逻辑转入方框940和950，在那里对当前交易者进行指定并且输入新的交易。系统在测试960内对新交易进行测试，并且在方框970内处理。该过程一直延续到当前交易者是否完成交易或者超时(在测试980内进行测试)。
结合特定实例可以更好地理解上述系统逻辑。如下面的QUAD4A所示，它提供了典型的开盘买入价/卖出价显示。UQAD4A
＞7.625 225    TZ108.04       16 108.05+         45CUST   Bid   Bot  Cust   Offer SOLD3001    5    0    3007    25    03002    5    0    3006    10    03003    1    0    3005    10    03001    5    0TOTL    16   0            45    0
假设CUST3005向被动方提出整笔卖盘(1600万美元)。这使得CUST3005成为主动交易者而合约交易者(CUST3001,3002和3003)成为当前交易者。由于主动交易者与被动方完成了所有初始交易量，所以现在处于上行交易状态。参见QUAD4B。UQAD4B
  ＞7.625 225      TZ   Refno  68119108.04    HIT  16  108.05+       36CUST      Buy  Bot  Cust   Sell SOLD3001       0   10   3005    0    163002       0   53003       0   1TOTL       0   16           0    16
作为当前交易者，CUST3002希望继续增加500万的成交量(加上CUST3002原先的500万)，这样在BUY栏中显示为5并且在BOT栏中也显示为5。参见QUAD4C。新客户CUST3004现在卖出5000万。UQAD4C
＞7.625 225      TZ   Refno 68119108.04 HIT   16  108.05+       36CUST   Buy   Bot  Cust  Sell  SOLD3001    0    10   3005    0    163002    5    5    3004    50    03003    0    1TOTL    5    16           50   16
新的CUST3004一直等待直到当前交易者完成交易(通过键盘输入或者定时器控制的系统间隔超时)。只有在此之后，CUST3004方可由CUST3002与其成交增加的500万，而剩下4500万有待成交(参见QUAD4D)。UQAD4D
 ＞7.625 225     TZ   Refno   68119108.04  HIT  21   108.05+        36CUST    Buy  Bot  Cust    Sell  SOLD3001     0   10   3005     0     163003     0   1    3004     45    53002     0   10TOTL     0   21            45    21
显而易见，各类客户在市场中的举动是很迅速的，并且价位偶尔还会几乎同时发生变动。例如，第一个客户通过买入/卖出全部键接受第二客户一定数量的买入价，随后第二客户立即大幅度增加其买入数量，譬如从500万增加到2000万美元。在这种情况下，系统内部的主动交易者现在可以完成比其预料多得多的成交量。在迅速变化的市场内，这种情况可能会造成非常大的波动。
通过生成一个称为“二次查阅”状态的补充状态，系统逻辑可以解决这个问题。如果在处理期间，被动方的交易数量恰好在买入或卖出指令之前增加，则系统借助“限期(age)”定时器(即系统间隔，它对所有未成交的买入和卖出进行跟踪)从更早的价位中区分出最近的卖出价/买入价，并且无论何时完成买入/卖出(借助买入/卖出全部键)，只要买入价/卖出价经过例如2秒钟时间就形成二次查阅状态。
但是二次查阅是有限制条件的。主动交易者必须完成新的(即“无限期”)买入价/卖出价除外的交易。剩下的新交易数量处于未清算状态并且其它交易者作为被动方可以对此加入更多的卖出价/买入价，但是都必须排在直线之下。即使主动交易方没有完成所显示的全部交易量，它也被视为具有当前交易者身份并且具有如下的权利：
1．完成新的交易数量，从而与合约交易者一起形成上行交易状态；
2．拒绝新的交易数量；主动交易者的拒绝(借助“完成”指令实现)使得交易进入下行交易状态；以及
3．接受/买入“部分”交易量并随后丧失优先权。
二次查阅状态由图9所示的逻辑结构控制。在这种结构下，在方框1020内输入带时间戳记的交易指令。在方框1030内还输入现有的被动方做市商，并且测试1040确定是否有被动方输入，PASS(ID)是否有“限期”，即不仅仅是输入。如果是，系统逻辑转入测试1090以确定PASS(ID)是否为最后一个输入PASS_END。如果否，则对下一个作增量操作，系统逻辑返回系列开始。
对测试1040的否定响应使系统逻辑转入方框1050，在那里对新的输入进行分析；随后在测试1060中，主动交易者被赋予完成交易内新交易数量的机会。如果接受交易价位，则系统逻辑转入方框1080并且进入上行交易状态。如果是负响应，则系统逻辑在方框1070内转入下行交易状态。
在下面QUAD5A中，显示屏的后继序列示出了这些原则，其中CUST3001,3002和3003分别表示为5mm,1mm和1mm。恰好在CUST3007的卖出指令(HIT ALL)之前CUST3004输入1mm的交易数量。除了这后面的1.0mm因为被系统间隔定时器测得的“限期”不够，其它所有的交易数量都已成交。该笔交易数量处于未成交状态并且系统进入二次查阅状态。UQAD5A
  ＞7.625 225     TZ   Refno 68115108.04   HIT   7CUST     Buy  Bot  Cust  Sell SOLD3001      0    5   3007    0    73002      0    13003      0    13004      1    0TOTL      1    7           0    7
如果CUST3007决定完成这余下1.0mm的交易数量，则交易状态脱离“二次查阅”状态并进入上行交易状态，而CUST3007和CUST3001成为当前交易者。UQAD5B
 ＞7.625 225     TZ  Refno 68115108.04  HIT  16    8          36CUST    Buy  Bot  Cust  Sell SOLD3001     0    5   3007    2    83002     0    13003     0    13004     0    1TOTL     0    8          2    8
但是如果CUST3007不作反应，则交易进入下行交易状态。新的CUST3005位于直线之下并且只能在CUST3001完成交易并且轮到CUST3004交易之后才能参与进去。UQAD5C
  ＞7.625 225     TZ  Refno  68117108.04   HIT   7  108.05+      0CUST     Buy  Bot Cust   Sell SOLD3001      0    5  3007    0    73002      0    13003      0    13004      1    03005      1    0TOTL      0    7          0    7
交易逻辑的终结状态称为下行交易状态，它发生于原始主动交易者所完成的成交量小于所有显示的交易量或者被动方的交易量。余下的交易量必须延续交易下去以完成交易。这样做的目的是奖励那些提供买入价/卖出价的客户，因为它们打算作买入/卖出交易，而且这样也提高了市场流通性。如果原始主动交易者重新介入被动方余下的交易数量，则上行交易状态被启动。来自主动方的另一交易者可以“下行交易”余下的被动方交易量，并且如果所有来自原始买入/卖出状态的剩余交易量都被消化，则交易将进入上行交易状态，该新的交易者成为当前交易者。
下行交易状态允许新的主动交易者完成被动方的未清算买入，其系统逻辑符合图10的流程图。在该过程中，系统在方框1210内交易指令CMD(I)被输入。在测试1220内，系统确认交易量是否小于被动方总的交易量TOTL。如果不是，则系统逻辑转入方框1280并且进入上行交易状态。
对于测试1220的肯定响应使得系统逻辑进入方框1230，在那里系统向新的主动交易者开放交易以完成未清算的被动方交易量。但是在交易期间，方框1240内不允许新的被动方进入。测试1250借助测试1260的定时器确认是否为最后一笔交易；如果结果为“是”，则终止下行交易状态并且该过程返回买入/卖出状态。
重要的是，代表被动方的新交易者必须一直等待直到所有余下的原始交易量被下行交易完，并且它们的位置在直线下方。下列屏幕上示出了这种情况。UQAD6A
 ＞7.625 225     TZ108.04  HIT  15  +108.04+        25CUST    Buy  Bot   Cust    Sell SOLD3001     5    0    3007    25    03002    10    0TOTL    15    0            25    0
在QUAD6A的买入/卖出状态下，CUST3001的买盘为500万美元。作为主动交易者，CUST3001接纳了CUST3007的卖盘，但是只有CUST3007所卖25mm中的5mm；余下的2000万美元卖盘仍在被动一方。参见QUAD6B。                      UQAD6B
  ＞7.625 225     TZ   Refno   68118108.04   HIT  11  108.04+  TAK    5CUST     Buy  Bot   Cust   Sell SOLD3001      0    5    3007    20    5TOTL      0    5            20    5
此时，如果CUST3006输入1000万美元的卖盘，则它必须等到原始被动方清盘之后；由于余下的交易量是下行交易完成的，所以CUST3006处于直线以下。参见QUAD6C。
                          UQAD6C
  ＞7.625 225    TZ   Refno 68118108.04       11  108.04+ TAK    5CUST   Buy  Bot   Cust   Sell SOLD3001    0    5    3007    20    53006   10    0TOTL    0    5            20    5
当该价位上没有进一步的买卖盘时交易完成。“清除”按钮将重新启动新的买入/卖出状态，主动一方的原始做市商买卖盘将保留(除非特别放弃)，而被动一方未成交的买卖盘也将保留。
图11的表格概括了这里讨论的五中状态的系统逻辑。上述系统设计在交易所运行后，大大提高了其效率并减少了指令错误。
通常交易时的狂热气氛、专用小键盘(图3所示)上指令的键入以及变化无常的客户们的人为因素都可能使交易发生差错。特别是错误可能源于不正确的系统输入、经纪商与交易者之间的误解等。这些错误常常可能迫使“主要”经纪商在交易中处于不希望的位置。
通过在交易状态下取消待成交指令或者回转执行指令，本发明向经纪商提供了一种较好的方式来“撤销”一笔交易。如图3所示，小键盘提供了“取消”、“完成”和“撤销”按键以便于这种处理。以下描述这些按键在系统处于特定状态下的功能，显然按键的名称是任意的并且任何输入装置都可以用来实现所需的动作。
在买入/卖出状态下，取消按键的功能是敲击一次指令键即可从一个或多个证券中撤除做市商已有的买卖盘。
在When状态下，取消按键的功能是只有当没有待成交的主动买盘或卖盘与之对应时撤除做市商的买卖盘。完成按键的功能是在指令配对之前撤除潜在的主动交易者和交易参与者。
在下行交易状态期间，取消按键的功能是撤除余下的被动方做市商的买卖盘。完成按键的功能与取消按键的相同并且还允许交易下行状态下的被动方交易参与者将其自己从交易列表中撤除，从而在系统有机会执行之前有效撤除其确认的交易量。撤销按键的功能是如果在启动交易后的一个预定时间间隔内执行操作，则“打开”交易并减少向客户显示的交易量。此外，撤销按键的功能也相应减少了所有被动方做市商的交易量。预定时间间隔的限制作用阻碍了交易者利用其纠正设备的优势作不公平的竞争。同样，如果有一个以上的交易者参与交易，则撤销按键的功能使得交易商加入希望撤销该交易量的对方。主动和被动方的参与者随时都可以调用撤销按键的功能；系统采用合适的逻辑来维护交易规则的公平性。
在交易上行状态下，不管是属于主动方还是被动方的交易量，交易者可以利用完成按键功能从主动方或被动方或者同时从两方将其自己参与交易者的身份撤除。因此从逻辑上讲，完成按键功能将交易者从交易中撤除。假定第一主动交易者在交易之后预定时间间隔内执行了该功能，则撤销按键还具有回转交易的功能。如果在预定时间间隔内没有调用撤销按键功能，或者交易者不是第一主动方交易者，则交易者立即进入对方进行买卖的队列。比较好的情形是交易者处于列表的首位从而在存在对方交易者的前提下立即有效地调用撤销按键功能。最好的情形是维护第一主动方和被动方交易者的权利以确保交易的公平性。
上述描述的目的只是便于更好地理解本发明，本发明的精神和范围由后面所附权利要求限定。

Claims (24)

1．一种给具有一组预定特征的所选项目的买卖交易提供结构化交易环境的数据处理系统，这里，所述数据处理系统是由代表所述项目一个或多个客户的经纪商操作的，所述经纪商把所述客户一起带入一个专用通信平台上，允许了解与所述项目有关的卖价和买价的交换状态，其特征在于所述系统包括：
多个工作站，它包括给经纪商或交易商提供所述项目的未决市场状况有关信息和客户参与所述项目所采取的选择状况的显示装置；
一个中央服务器，通过一通信装置与所述工作站联系并通过编制程序支持预定交易控制逻辑，这里所述交易控制逻辑包括交易顺序的协议，以预先限定方式执行所述客户交易命令，所述方式与多个限定各种交易商参与所述交易活动能力的规定交易状相对应；以及
一个通信装置，根据所述交易控制协议把市场信息分配给所述多个工作站。
2．如权利要求1所述的交易系统，其特征在于：所述协议一由存储程序限定的，所述程序包括限定某一客户变为交易商的条件和其它客户参与交易的条件的逻辑结构。
3．如权利要求1所述的交易系统，其特征在于：所述的交易命令包括买入、卖出、击中和提去。
4．如权利要求1所述的交易系统，其特征在于：所述交易状态包括Bid/Offer状态和Workup状态。
5．如权利要求1所述的交易系统，其特征在于：所述交易状态包括When状态。
6．如权利要求1所述的交易系统，其特征在于：所述交易状态包括SecondLood状态。
7．如权利要求1所述的交易系统，其特征在于：所述交易状态包括Workdown状态。
8．如权利要求1所述的交易系统，其特征在于：所述显示器提供介始市场的买方和卖方信息。
9．如权利要求8所述的交易系统，其特征在于：所述显示器进一步提供无接盘买入盘和/或卖出盘的数量的信息。
10．如权利要求8所述的交易系统，其特征在于：所述显示器进一步提供以分组形式组织的客户队列，以对应于客户分别参与市场买方或卖方。
11．如权利要求10所述的交易系统，其特征在于：所述客户队列是以进入时间排序的。
12．如权利要求11所述的交易系统，其特征在于：所述队列的次序进一步基于价格方面的进入质量。
13．如权利要求12所述的交易系统，其特征在于：所述的显示器提供有关交易商击中或提去的输入的信息。
14．一种供多个交易商用的计算机交易系统，其特征在于：每个交易商操纵一个数据输入的专用键盘和接收来自显示器上有关市场状况的信息，所述系统包括：
与数据存储器相关的数据处理器，提供在参与者中建立分层次交易的交易协议；
交易命令输入装置，它包括所述专用键盘，这里，所述键盘包括多个交易执行键，分别分配给进行交易用的特定有价证券，所述键盘进一步包括多个客户输入键，把交易命令分配给特定客户；
提供交易信息分布图的的显示装置，这里，所述交易分布图包括在所选价格点上的未决卖出价和买入价和交易量。
15．如权利要求14所述的交易系统，其特征在于：所述输入装置提供一个删除交易命令的输入键。
16．如权利要求14所述的交易系统，其特征在于：所述数据处理器提供Bid/Offer状态，在所述显示装置上显示客户价格和交易量。
17．如权利要求16所述的交易系统，其特征在于：所述Bid/Offer状态由客户输入击中或提去命令而终止。
18．如权利要求16所述的交易系统，其特征在于：当新的客户输入击中或提去使所述Bid/Offer状态转变为“When”状态
19．如权利要求14所述的交易系统，其特征在于：所述显示装置提供有关贸易交易的信息和随系统交易状态而定的客户介入。
20．一种在分布式工作站计算机系统上执行的金融证券交易的方法，其特征在于所述系统提供表示交易商介入的预定交易协议，包括下列步骤：
a．提供Bid/Offer系统状态，这里客户输入买入、卖出、价位和交易量的信息；
b．近实时地把所述信息分发到所述多个工作站；
c．响应于所述工作站上显示的未决买价/卖价，接收所述客户的击中或提去；
d．进入交易状态，这里在一个价位上完成交易；
e．在所述交易状态中预先确立的终止事项后返回到Bid/Offer状态；
f．跟踪或输出在所述交易状态中完成的交易。
21．如权利要求20所述的方法，其特征在于：所述交易状态进一步表示为Workdown和Workup状态。
22．如权利要求21所述的方法，其特征在于：所述的Workup状态是由单个客户击中或者提去所有未决量而产生的。
23．如权利要求22所述的方法，其特征在于：所述Workdown状态由一个客户击中或提去少于所述未决量而产生的。
24．如权利要求20所述的方法，其特征在于：所述交易协议被编码在控制所述计算机系统的程序逻辑中。
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US5905974A (en) 1999-05-18
AU747761B2 (en) 2002-05-23
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US20040044610A1 (en) 2004-03-04
CA2251259A1 (en) 1998-06-18
RU2233005C2 (ru) 2004-07-20
WO1998026363A1 (en) 1998-06-18
EP0897565A4 (en) 2002-08-21
EP0897565A1 (en) 1999-02-24
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IL126531A (en) 2003-09-17
US6560580B1 (en) 2003-05-06

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