An anonymous trading system comprises a network of broker nodes, each of which have an equal status and can match orders, initiate deals and distribute prices. Trading agents are connected to some or all of the broker nodes. The network is arranged to conform to a series of rules and in a preferred embodiment the brokers are arranged as a clique tree.
5,905,248 System and method for carrying out information-related transactions using web documents embodying transaction enabling applets automatically launched and executed in response to reading URL-encoded symbols pointing thereto
8,429,057 Systems and methods for creation, issuance, redemption, conversion, offering, trading, and clearing a debt obligation convertible into cash plus a spot foreign exchange contract that is priced to reflect the value of the debt obligation in a base currency in relation to the value of a reference currency
8,666,873 Systems and methods for open execution auction trading of financial instruments
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