Transcript of List of markets accepted by Keytrade Bank Luxembourg to In order to ensure sufficient cover as collateral for your Lombard loan and in accordance with Lombard credit conditions, Keytrade Bank Luxembourg has established a list of regulated or 'regulated equivalent' markets.
Global Bond Trading - Webinar Notes
The bank will use this list to value your portfolio in order to calculate the margin cover of your loan. Therefore, the value of all securities listed on the markets considered as non-regulated according to this list will be considered to be 0, for the purpose of calculating the cover. The table below contains a list of the regulated markets or those considered to be 'similarly regulated' by Keytrade Bank Luxembourg.
This list includes all global markets. The second column contains a description of the MIC, and the third column indicates the country in which the market is regulated. Effective date : Year of fee payment : 4. A computer-implemented financial management system provides the trading of securities via a network using virtual currency.
Fixed Income Trading: New venues ( How many Fixed Income trading venues are there? )
A server computer receives buy and sell orders for derivative financial instruments from a plurality of client computers. The server computer attempts to match the buy and sell orders and then generates a market price through the use of a virtual specialist program executed by the server computer.
The virtual specialist program responds to an imbalance in the matching of the buy and sell orders. The virtual currency accumulated by HSX account holders as a result of successful trading may be converted to another currency, credited toward the cost of merchandise provided through a vendor's web site, etc. This application is a continuation of U. This invention relates in general to computer-implemented financial systems, and in particular to an improved automated securities trading system. Computer-implemented securities trading systems are well known in the art.
One such system is that disclosed in U. These computer-implemented securities trading systems obtain bid and asked trades based on the bid and asked prices. However, there is generally still a human component to such systems. In the prior art, the specialist function is not automated, but is performed by a firm or individual.
Thus there is a need in the art for an improved computer-implemented trading system that includes an automated specialist function to create a market for the securities traded and to lessen the volatility of smaller securities markets. To overcome the limitations in the prior art described above, and to overcome other limitations that will become apparent upon reading and understanding the present specification, the present invention discloses method, apparatus and article of manufacture for a computer-implemented financial management system that permits the trading of securities via a network.
In accordance with the present invention, a server computer receives buy and sell orders for derivative financial instruments from a plurality of client computers. The server computer matches the buy order to the sell orders and then generates a market price through the use of a virtual specialist program executed by the server computer.
An object of the present invention is to lessen the price volatility of derivative financial instruments traded in narrower markets. A feature of the present invention is a virtual specialist program that engages in trading in the market to offset the price volatility and to provide liquidity to the market. Referring now to the drawings in which like reference numbers represent corresponding parts throughout:. According to the present invention, a computer-implemented trading system is provided for derivative financial instruments.
The computer-implemented trading system accepts buy and sell orders from traders for the derivative financial instruments, sets a market price based on the supply and demand, and participates in the market as a trader in order to minimize price volatility. One embodiment of the present invention is a computer-implemented Hollywood Stock Exchange HSX , which may be implemented as a simulation i. In one representative embodiment of the present invention, the derivative financial instruments are identified by a Current Trading List displayed for the traders that comprises a list of movies in various stages of production, talent, and other entertainment-oriented assets.
The list contains:. Similar information would be provided for other derivative financial instruments offered on the Hollywood Stock Exchange. Each trader's portfolio is identified by a Portfolio data structure that comprises the trader's account status. This information includes:. Traders can generate any number of different reports for display, including:. Use of the above information guides traders in making future buy and sell orders. With reference to FIG. More particularly, a typical distributed computer system is illustrated, which uses the Internet 10 to connect client computers 12 executing for example, Web browsers, to server computers 14 executing a computer program embodying the present invention.
A typical combination of resources may include client computers 12 that are personal computers or work stations connected via the Internet 10 to server computers 14 that are personal computers, work stations, minicomputers, or mainframes. Generally, both the client computers 12 and the server computers 14 are comprised of one or more CPUs 16 , various amounts of RAM storing computer programs 20 and other data, and other components typically found in computers.
Also, input devices, such as mouse pointing devices and keyboards, may be included. Both the client computers 12 and the server computers 14 operate under the control of an operating system, such as Windows, Macintosh, UNIX, etc. Further, both the client computers 12 and the server computers 14 each execute one or more computer programs 18 under the control of their respective operating systems.
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The present invention is preferably implemented as one or more computer programs 18 executed by the server computer 14 , although in alternative embodiments these computer programs 18 may also be executed on the client computer Generally, the computer programs 18 implementing the present invention are tangibly embodied in a computer-readable medium, e. Under control of the operating system, the computer programs 18 may be loaded from the data storage devices 20 into the RAM of the computer for subsequent execution by the CPU The computer programs 18 comprise instructions which, when read and executed by the computer; causes the computer to perform the steps necessary to execute the steps or elements of the present invention.
Those skilled in the art will recognize that the exemplary environment illustrated in FIG. Indeed, those skilled in the art will recognize that other alternative hardware environments may be used without departing from the scope of the present invention. Block represents the server computer 14 waiting for the next event to occur. Once the event occurs, control is transferred to blocks - to identify the event and respond accordingly. Block is a decision block that represents the server computer 14 determining whether it received a request to display data from the client computer If so, block represents the server computer 14 transmitting data to the client computer 12 for subsequent display.
The data transmitted for display preferably includes at least three types of data: the current list of trading derivative financial instruments, the trader's portfolio, and other reports generated by the server computer Block is a decision block that represents the server computer 14 determining whether it received a request to submit a buy order from the client computer 12 for a particular derivative financial instrument, e. If so, block represents the server computer 14 processing the buy order by placing it in a queue in the memory of the server computer The buy order is a data structure comprising:.
The trader's account is then charged the market price for the derivative financial instrument. The interest is charged against the trader's account until they accumulate more cash to zero out the balance, either by selling stocks or buying dollars.
MarketAxess Corporation Mid-X Trading System [MTXM] - Details for MIC code
Block is a decision block that represents the server computer 14 determining whether it received a request to submit a sell order from the client computer If so, block represents the server computer 14 processing the sell order by placing it in queue in the memory of the server computer The sell order is a data structure comprising:. Like the buy order, the sell order waits in the queue for the expiration of the predetermined sweep pricing cycle.
The trader's account is then credited with the market price for the derivative financial instrument. The sell order can be either produced by a trader or generated by the server computer 14 , as will be explained in more detail below.
For a sell order produced by a trader, he views his list of stocks or bonds on a monitor attached to the client computer and chooses to sell a quantity at the market price. When the trader requests to view the list of stocks, the server computer 14 transmits certain information to the client computer 12 for display, including, for each stock owned, the last trading price LTP , the quantity of stocks, the purchase price, and the date purchased, Similarly, when viewing the list of bonds, the server computer 14 transmits certain information to the client computer 12 for display, including, for each bond owned, the last trading price LTP , the interest rate being earned for each kind of bond, the quantity of bonds, the purchase price, and the date purchased.
Block is a decision block that represents the server computer 14 determining whether an internal timer for the sweep pricing cycle has expired. Block is a decision block that represents the server computer 14 determining whether it received a request to change the discount rate. If so, block represents the server computer 14 executing a discount rate program. In order to add or subtract liquidity, the server computer 14 occasionally steps in to act as a virtual reserve bank program and adjust the discount rate.
The discount rate is adjusted based on the performance of the specific industry of the market. For the Hollywood Stock Exchange, the discount rate is adjusted to add or subtract liquidity to affect the growth of the entertainment industry. When the server computer 14 lowers the discount, all the bonds seem to be a better deal, because the bonds are paying a fixed rate interest that never changes. This encourages traders to buy more bonds, and such surge in buying demand causes a correlated increase in bond prices as described above. The same thing happens to stocks, because traders are making less money on the interest being paid on the cash balance in their trading account.
When the server computer 14 raises the discount rate, the bonds seem to be a worse deal, since their advantage over the discount is smaller. Thus, the server computer 14 relaxes the buying pressures or demands for bonds, which should result in additional sell orders, or at least slow the buying of bonds, thus decreasing their prices as they trade in the market.
FinancialMarkets
Likewise, stocks seem less attractive, since traders could make more money by keeping cash in their accounts and getting interest on it. Block is a decision block that represents the server computer 14 determining whether it received a request to revise the derivative list. If so, block represents the server computer 14 executing a listing program. The server computer 14 determines whether the list of derivatives trading in the system should be revised. The list could be revised to reflect new derivative offerings, expired derivatives, and delisted derivatives.
When a new derivative is offered, the price is based on the derivative's potential value. For example, for a new stock offering, which represents a movie on the Hollywood Stock Exchange, the initial price of the stock could be based on the movie's potential box office revenue.
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For a bond offering, which represents talent on the Hollywood Bond Exchange, the price of the bond could be based on the Hollywood Reporter's Star Power Index.