US 12,073,464 B2
Anonymous trading system
John Edward Schoen, New York, NY (US); Nasir Ahmed Zubairi, London (GB); Edward R. Howorka, Denville, NJ (US); and Neena Jain, South Plainfield, NJ (US)
Assigned to EBS Group Limited, London (GB)
Filed by EBS Group Limited, London (GB)
Filed on May 17, 2023, as Appl. No. 18/198,507.
Application 12/858,741 is a division of application No. 10/532,968, granted, now 8,055,572, issued on Nov. 8, 2011, previously published as PCT/US03/33149, filed on Oct. 21, 2003.
Application 18/198,507 is a continuation of application No. 17/501,015, filed on Oct. 14, 2021, granted, now 11,694,261.
Application 17/501,015 is a continuation of application No. 16/547,030, filed on Aug. 21, 2019, granted, now 11,176,610, issued on Nov. 16, 2021.
Application 16/547,030 is a continuation of application No. 12/858,741, filed on Aug. 18, 2010, granted, now 10,430,877, issued on Oct. 1, 2019.
Claims priority of provisional application 60/421,795, filed on Oct. 29, 2002.
Prior Publication US 2023/0289882 A1, Sep. 14, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 20/10 (2012.01); G06Q 30/08 (2012.01); G06Q 40/03 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) [G06Q 20/10 (2013.01); G06Q 30/08 (2013.01); G06Q 40/03 (2023.01)] 25 Claims
OG exemplary drawing
 
1. A computer implemented method comprising:
receiving an allocation of credit from a respective trading entity of a plurality of trading entities, the allocation of credit being received no later than a first predetermined time before a period of time ending at a benchmark fixing time;
receiving, by a processor prior to the benchmark fixing time, an order specifying a quantity, but not a price, for an instrument from the respective trading entity;
matching, by the processor as a function of the allocated credit, the received order, upon receipt, with another previously received uncanceled and unmatched order specifying a quantity, but not a price, for the instrument received form another of the plurality of trading entities, causing the matching of the received order to be distributed over the period of time with respect to matching of other received orders, the processing power required by the processor being reduced thereby;
determining, automatically based on the matching and prior to the benchmark fixing time, a portion of the allocated credit used thereby, and releasing the unused portion of the allocated credit back to the respective trading entity for use at a future time;
setting, by the processor, based on the received order lacking a specified price, at or after the benchmark fixing time, the benchmark price for the instrument; and
executing the matched orders at the set benchmark price.