WO2007127041A2 - Systems and methods for providing anonymous requests for quotes for financial instruments - Google Patents
Systems and methods for providing anonymous requests for quotes for financial instruments Download PDFInfo
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- WO2007127041A2 WO2007127041A2 PCT/US2007/008745 US2007008745W WO2007127041A2 WO 2007127041 A2 WO2007127041 A2 WO 2007127041A2 US 2007008745 W US2007008745 W US 2007008745W WO 2007127041 A2 WO2007127041 A2 WO 2007127041A2
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- quotation
- request
- risk
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Classifications
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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
- 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
- G06Q40/03—Credit; Loans; Processing thereof
-
- 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
Definitions
- market participant refers to any person or firm with the ability to trade securities; examples of market participants include broker-dealers, institutions, hedge funds, statistical arbitrage and other proprietary trading operations, and private investors trading on electronic communication networks (ECNs).
- ECNs electronic communication networks
- the display of a large block is an anomaly, and tends to create adverse price action.
- This adverse action is driven by many factors, including "front running" (buying or selling activity by other market participants in anticipation of price movement resulting from the large revealed order), and the general increase in trading activity, based solely on the assumption that a large buy (or sell) interest indicates that a stock is worth more (or less) than its current price.
- most participants choose to divide larger orders into a series of smaller orders, which they then enter through multiple trading venues over an extended period of time. This tactic can reduce adverse market impact and protect the confidentiality of a larger order.
- Historical characteristics for securities can include a historical spread, volatility, liquidity, or other characteristics.”
- the quote is further customized through the application of a "client-specific profitability constant," that associates the market-participant's identity and trading history to his RFQ. While this system improves on the traditional dealer market by enabling market participants to match their quote customization level to the point on the confidentiality/spread quality spectrum that best suits their needs, the system still forces a tradeoff between quote quality and confidentiality.
- the primary focus of the Gilbert system is to ensure that information shared between market participants and capital provider(s) is protected, rather than trying to minimize the amount of information that needs to be shared.
- Another significant aspect of this system is that it enables rules-based negotiation "that emulates a voice request for a final price.” But, as with the Bank of America system, the quality of the quote generated through this system is ultimately tied to the amount of information shared between the two parties. Although the move towards "policing" behavior is a dramatic improvement on traditional dealer markets, the fact that there are "rules” does not change the reality that this system requires participants to share confidential information in order to achieve the best quote.
- ELFs electronic liquidity finder
- umpires formal or informal markets that define and implement the rules of engagement by which information is exchanged between ELFs.
- ELFs and umpires interact through a wide range of complex and nuanced rules that allow traders to combine the benefits of an electronic trading platform with a level of customization and personalization associated with floor-based trading.
- CPs are able to submit trading algorithms, but they are not able to decide on a case by case basis (according to order information or a risk classification system) whether or not they should respond to an RFQ. Likewise, the market participants are not able to review a plurality of quotes and decide, looking at their own strategic interests, whether or not to execute a CP' s quote. Summary
- the subject system provides an anonymous RFQ environment for financial instruments where market participants and capital providers can realize the benefits of sharing confidential trading interest (CTI) information without sacrificing anonymity or enabling information leakage.
- CTI confidential trading interest
- This secure environment is created within an electronic matching book that distills all CTI information related to each Request for Quote (RFQ) into a risk class that is sent to capital providers in lieu of order-identifying or market-participant-identifying information.
- RFQ Request for Quote
- These risk classes give capital providers enough information to offer customized, risk-adjusted quotes without requiring the market participant to reveal confidential information about himself or his order.
- both capital providers and market participants benefit from inputting information they would never share with each other in a non-anonymous environment.
- the subject system initially receives an RFQ from a market participant. Immediately after receiving the RFQ, the subject system performs a risk analysis based on a risk function driven by confidential information about the RFQ and the trader's historic behavior on the system, in conjunction with an assessment of current market conditions. Information for the historic trader behavior query is pulled from an "events database," as described below in the detailed description.
- the product of this risk analysis is a risk classification that is associated with the RFQ. It is important to note that in the preferred embodiment, this risk categorization is the only link to the market participant's confidential information and is never associated with an identity outside of the system.
- the system Once the system has produced a risk classification for an RFQ, it then sends a message to the capital providers on the system indicating that an RFQ has been entered into the system. Preferably, only the symbol of the RFQ and the risk category are included in this message. All interested capital providers then return a two-sided quote based on the risk classification sent by the subject system.
- the RFQ and responding spreads are compared within the system, and if there is a match, the subject system auto-executes the trade, maintaining both market participant and capital provider anonymity throughout execution, processing and clearing. In the case of multiple responses, the system processes quotes on a price-time priority. After execution, the trade also is cleared in a manner that maintains permanent anonymity, with the system acting as a broker between market participant and the capital provider.
- the system is responsible for reporting executed orders to both parties' back-office systems, for reporting executed trades to the National Market consolidated tape, and for processing post trade clearing functions. If there is no match between the RFQ and any of the corresponding spreads, the quotes are displayed to the market participant by means of a graphic interface.
- the market participant has the option to modify his price aggression at any time; if a revised RFQ is aggressive enough to cross the contra order, the subject system will auto-execute the trade. Both the RFQ and the quotes will remain live in the subject system until they expire after a time-in-force specified by the market participant and capital provider(s), respectively. In addition, both the market participant and the capital providers) may elect to cancel an RFQ or a quote at any time.
- the invention comprises a method for providing an anonymous request for quotation environment that enables sharing of confidential trading interest information without sacrificing anonymity or enabling information leakage, comprising: receiving a request for quotation from a market participant; and associating a risk categorization with the request for quotation.
- the request for quotation comprises an initial block quantity for which a quote is requested; and a time lag following which an additional request will be sent for an additional block quantity;
- the method further comprises transmitting a message to one or more capital providers, the message comprising: (a) a symbol for the request for quotation and (b) the risk categorization;
- associating a risk categorization comprises performing a risk analysis based at least in part on confidential information regarding the request for quotation and the market participant; (4) the confidential information includes information about price movements following past requests for quote from the same market participant;
- the risk analysis is further based on an assessment of current market conditions;
- the method further comprises receiving from at least one of the one or more capital providers a two-sided quotation based on the risk classification;
- the method further comprises enabling the one or more capital providers to respond to a request for quotation with a "mismatched" quotation that cannot auto-execute, and further enabling the market participant to initiate a negotiation with the capital provider;
- the method further comprises comparing
- FIG. 1 is a flow diagram showing steps of preferred method embodiment.
- FIG. 2 depicts a preferred graphical user interface for order entry.
- FIG. 3 depicts a preferred graphical user interface for displaying RFQ message iinformation.
- a preferred system embodiment of the present invention comprises a trading system able to receive and execute customer orders, to report completed trades to a clearing firm as well as a market participant's (MP's) and capital providers' (CPs') back- office operations, and to provide the necessary user interfaces and help desk interfaces as known in the art.
- the system preferably facilitates capital providing trades through the following steps (see FIG. 1):
- step 100 the market participant places an RFQ into the subject system.
- the RPQ is preferably entered through a Graphic User Interface (GUI) or an electronic interface compliant with the Financial Information Exchange (FIX) protocol.
- GUI Graphic User Interface
- FIX Financial Information Exchange
- FIG. 2 An example of a graphic user interface for order entry that supports optional fields to be described in this application is depicted in FIG. 2.
- This order entry can include, but is not limited to, the following order attributes: side, quantity, and auto-executable price.
- the subject system queries the "events database” in step 105 and then performs a risk analysis in step 1 10.
- the risk analysis is based on a risk function driven by confidential information about the RFQ and the trader's historic behavior on the system, in conjunction with an assessment of current market conditions. A preferred risk function is described in detail below.
- the "events database” is a database that provides information related to a trader's historic behavior on the subject system. System events pertaining to orders placed, canceled, expired, or filled are associated with a particular trader, stored in the events database, and used to optimize the risk classification function, as will be described below.
- VWAP volume- weighted average price
- the product of the risk analysis is a risk classification which is associated with the corresponding RFQ in step 120.
- the subject system sends an RFQ message to all CP participants through its API in step 130.
- This RFQ message preferably contains only the RFQ symbol and the risk classification.
- the RFQ message information is displayed to the CP by means of a GUI application. An example of a GUI application that supports RFQ message information display to CPs is given in FIG.
- step 150 the capital provider(s) apply their own logic to determine whether or not to respond to the RFQ. In the absence of any response by a CP (step 155) the RPQ will expire after a predetermined time-in-force in step 700 or be canceled without a fill in step 705. In both cases the subject system cancels the RFQ messages in step 710, concluding the process. If the capital providers) elect to respond, they will do so by placing an order in step
- step 170 the subject system processes the responding order received from the CP; if the responding order matches the side, price and quantity attributes of the RFQ 5 the subject system auto-executes the trade in step 600.
- the subject system processes the execution in step 610 and reports it to both parties using FIX in step 620, and to the National Market consolidated tape and clearing firms using protocols known to those skilled in the art in steps 630 and 640 respectively.
- step 180 the subject system displays the quote to the market participant by means of said GUI application from step 100.
- the market participant may then elect to accept the quote, by modifying her order in the subject system to match the quote's price attributes in step 190 at which point the subject system will auto-execute and process the trade in steps 600-640.
- An RFQ or quote may expire or be canceled by the corresponding market participant or capital provider at any time in this process.
- the cancellation or expiration of a market participant order in step 700 or 705 respectively will result in the cancellation of the RFQ messages in step 710.
- the cancellation or expiration of a quote in step 720 or 730 respectively will also result in the removal of the displayed quote in step 740.
- the subject system relies on a preferred risk function to generate the risk classification that is sent to capital providers.
- This preferred risk categorization is based on a series of inputs both from within and outside of the subject system, including but not limited to confidential information from RFQ order entry, the events database and general market analytics. This information can be captured through a set of questions; the corresponding set of answers forms the input vector to calculate the risk in the market participant's order.
- OMS Sniffer which reads the outstanding orders on the market participant's order management system (OMS).
- the subject system then preferably uses an empirical approach to create a risk model that maps a state vector to one of several possible risk classes.
- Four preferred risk measures are defined as the adverse price bias (defined below), or zero if the price bias was favorable, each during a period of time sufficient to observe a given aggregate quantity traded on the market.
- the four preferred risk measures accordingly are defined with aggregate quantities of 2, 5, 10, or 20 times the size of the subject trade, respectively.
- the overall risk is preferably taken to be the sum of each of these four individual risk measures.
- the distribution of overall risk measures is then determined; the three tiers in the risk distribution are associated to the "Low", “Medium” or "High” risk classes.
- the adverse price bias given an input vector is the sum of the adverse price bias contribution from each input value; where the average price contribution from one input value is the difference between the average adverse price movement over all samples with the given input value, and the average adverse price movement over all samples.
- the risk function is taken to be a linear sum of terms each associated with a particular input variable. The value of the terms that best matches historical risk according to a dataset of known samples can be determined using a linear regression model, as is well known in the art.
- a plurality of rules is used, each mapping a set of input values to a risk measure (a positive real number); and the rule that produces the largest risk is retained as winner while all others are ignored.
- risk classification algorithms can be imagined by those skilled in the art; the key element here being not the specific algorithm but the ability of such an algorithm to make use of confidential information to evaluate risk, where such information could not be safely disclosed to a capital provider but the risk classification itself can be disclosed in conjunction with an RFQ.
- the subject system preferably uses only input variables where higher aggression levels correlate with lesser risk measures, and discloses this design feature to all market participants so all are aware that price and size aggression can only lower an order's risk class.
- This subject system is an RFQ system for financial instruments. As such, all alternate embodiments dealing with various instruments (bonds, equities, derivatives, futures, etc.) are contemplated by this description. The entire range of potential products within these financial markets are also included in the spirit of this application - for example, using the system for RFQs related to pairs trading, basket trading or any of the other trading mechanisms known to those skilled in the art.
- aspects of the subject system are integrated into an existing ATS, thereby replicating the functionality of the system within the "host" ATS.
- This alternate embodiment enables any existing ATS to offer an anonymous RFQ system as an adjunct to their existing suite of trading tools by integrating certain features of the subject system into the host system. Because a host ATS would already have all the backend functionality in place to execute and process trades, only the aspects of the subject system that are novel to the host ATS would be integrated. These aspects could include, but are not limited to, the RFQ order entry process, the events database, the risk classification system, and the risk function. In a specific version of this first embodiment, aspects of the subject system would be integrated into the Pipeline block crossing system described in co-pending U.S. Patent App. No.
- a user also can risk condition the potential contra parties that can see the user's order in addition to risk conditioning the contra parties with whom a trade could execute.
- the Pipeline system only the participants that meet the risk condition of the order will see the orange light liquidity indicator.
- a user chooses to risk condition the viewing of an order in this manner, she also has the ability to reveal more information about the order than is revealed in the traditional Pipeline system. In these cases, clicking on the orange light liquidity indicator would bring up an execution window that would reveal the side, price, and quantity of the order.
- the protocols of the Pipeline system if a risk conditioned quote is entered and there is a contra order in the system that meets both the risk class and price parameters of that quote, then the trade auto-executes.
- the aggressive party in the match receives a contra-present flag.
- the contra-present flag preferably is displayed on the user application as a yellow-colored rectangle. Clicking on this rectangle opens a small window that lists the actual price of all the conditional orders that meet the risk criteria. The aggressive party can then chose which (if any) of the orders to execute. In this embodiment all participants are within the same user class, anyone can be a CP or MP, and the risk class is not disclosed.
- Another alternate embodiment deals with an addition to the order entry process. This embodiment enables the market participant to enter a portion of a larger order, and then set parameters for the order to auto-refresh until the larger order is complete.
- the market participant would indicate how long the system should wait before refreshing the order.
- the amount of time the market participant is willing to wait between orders is then factored into the risk analysis, since the length of time between order entries will impact how the capital provider views the risk associated with the trade.
- Market participants who elect to execute several blocks in short order will create additional risk to the capital providers, since any of the CPs may choose to turn to the market to cover their position - this will ultimately be reflected in a higher risk classification for this market participant.
- the subject system is self-correcting in that a user with a pattern of aggressive trading behavior will experience wider spreads that appropriately reward capital providers willing to take on the corresponding risk.
- a capital provider would be allowed to respond to an RFQ with a "mismatch" quote that cannot auto-execute and requires negotiation.
- a CP could respond with more or less than the requested quantity, a price range, or a different financial instrument.
- a MP receiving a "mismatched" quote would have the ability to initiate a negotiation with the capital provider.
- This negotiation occurs via a messaging system enabled through the MP's GUI. This messaging system could be based on any number of protocols known to those skilled in the art.
- Another group of embodiments alters the information that the subject system shares with the market participants and the capital providers.
- the subject system withholds the risk class from the capital provider, sending only the symbol with the RFQ message.
- the CP instead of responding with one two-sided quote, the CP would respond with a two-sided quote for every risk class that it was willing to trade. This embodiment would offer an even higher degree of confidentiality than the preferred embodiment.
- market participants and capital providers have the ability to reveal their identities to each other either before or after execution. If a market participant elects to reveal his identity before the trade, then his RFQ is exposed only to those capital providers on the system with whom he has a previous relationship. In that case, upon receiving an RFQ with a limited identity-exposure request, the subject system would query a "subscriber relationship database" to determine the capital providers with whom the market participant has a subscriber relationship and only route the corresponding RFQ message to the CPs with whom the MP has a relationship. In the event of an execution, the CP would act as the sponsoring broker and process and clear the trade.
- a CP elects to reveal its identity before the trade, the quote would only be executed against, or sent to (if there is no auto-execution) MPs with whom the CP has a previous relationship. The CP would then act as the sponsoring broker and clear the trade.
- the RFQ will still only be routed to those capital providers with whom the MP has a previous relationship, but the CP will not be notified of the market participant's identity until after the trade executes, when the information is sent to the CP for clearing.
- a CP elects to reveal its identity after a trade, the quote would only be executed against, or sent to (in event there is no auto-execution) MPs with whom the CP has a previous relationship. Then the system would step out of the trade to the benefit of the CP, who clears directly with its client.
Abstract
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Priority Applications (4)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
CA002650415A CA2650415A1 (en) | 2006-04-21 | 2007-04-04 | Systems and methods for providing anonymous requests for quotes for financial instruments |
AU2007243607A AU2007243607B2 (en) | 2006-04-21 | 2007-04-04 | Systems and methods for providing anonymous requests for quotes for financial instruments |
EP07775008A EP2024923A4 (en) | 2006-04-21 | 2007-04-04 | Systems and methods for providing anonymous requests for quotes for financial instruments |
JP2009506508A JP2009534744A (en) | 2006-04-21 | 2007-04-04 | System and method for forming anonymous pricing requests for financial products |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
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US11/409,534 | 2006-04-21 | ||
US11/409,534 US7680715B2 (en) | 2000-06-01 | 2006-04-21 | Systems and methods for providing anonymous requests for quotes for financial instruments |
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WO2007127041A2 true WO2007127041A2 (en) | 2007-11-08 |
WO2007127041A3 WO2007127041A3 (en) | 2008-02-07 |
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PCT/US2007/008745 WO2007127041A2 (en) | 2006-04-21 | 2007-04-04 | Systems and methods for providing anonymous requests for quotes for financial instruments |
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US (4) | US7680715B2 (en) |
EP (1) | EP2024923A4 (en) |
JP (1) | JP2009534744A (en) |
CN (1) | CN101449286A (en) |
AU (1) | AU2007243607B2 (en) |
CA (1) | CA2650415A1 (en) |
WO (1) | WO2007127041A2 (en) |
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Also Published As
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EP2024923A4 (en) | 2011-07-13 |
WO2007127041A3 (en) | 2008-02-07 |
US8359253B2 (en) | 2013-01-22 |
EP2024923A2 (en) | 2009-02-18 |
US7680715B2 (en) | 2010-03-16 |
US20100153304A1 (en) | 2010-06-17 |
US20130246253A1 (en) | 2013-09-19 |
CA2650415A1 (en) | 2007-11-08 |
US20070005484A1 (en) | 2007-01-04 |
AU2007243607B2 (en) | 2011-09-15 |
AU2007243607A1 (en) | 2007-11-08 |
JP2009534744A (en) | 2009-09-24 |
US20180197239A1 (en) | 2018-07-12 |
CN101449286A (en) | 2009-06-03 |
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