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Systems and methods for implementing trading and global matching based on request and offer of liquidity
Systems and methods for implementing trading and global matching based on request and offer of liquidity
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机译：基于请求和提供流动性的贸易和全球匹配的制度和方法
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摘要
Apparatus for stimulating trading in a limited-liquidity financial instrument are provided. One the method may include receiving a trade of liquidity for the limited-liquidity financial instrument. The receiving may include receiving a first order. The first order may correspond to a price and volume associated with a pre-determined bid-offer spread. The order may be executable only in conjunction with a counterorder that trades with the first order and includes a commitment to make a two-way market in the financial instrument at the predetermined bid-offer spread. In certain embodiments, when the first order is received from a first entity and the counterorder is received from a second entity, the method may also include receiving a bid price and an offer price from a second entity. The method may also include receiving an instruction from the first entity to select one of the bid and the offer and to execute a trade therewith. The execution of the trade may be for a size not less than the pre-determined size. If the system fails to receive a selection from the first entity within a pre-determined period of time, the method may further include executing a trade based on a pre-determined election by the second entity of a default trade direction.
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