In addition, individual execution reports are returned to the trading participants. In one embodiment consistent with the invention, each market participant interacts with a central server system using an interactive participant apparatus, such as a computer workstation that communicates with the central server via a data communication network, and the central order book and follow-on auctions are implemented as software application s executing on the central server.

The system may be used to create and host a follow-on auction market. A participant communicates with the central server via a participant apparatus The participant apparatus provides an interface whereby participants may create new orders and send them to the central server, cancel or change previously submitted orders that remain unmatched, receive notification from the central server when a trade occurs for an asset, receive notification regarding the timing and price of a follow-on call auction for an asset, and receive notification from the central server regarding the result of a completed follow-on auction, among other things.

The participant apparatus may be any number of commercially available hardware and software workstation products. The particular workstation hardware and software employed is not critical to the invention. Participant or other users of participant apparatus may be natural persons acting for their own account or acting as agents for other legal entities.

Stock Exchange of Thailand (SET) - DTTW™

Further, it is well within the state of the art to assemble apparatus and software that could emulate the behavior of a natural person on the participant apparatus The participant apparatus connects to the central server via a conventional data communications network, such as the Internet As shown, the participant apparatus connects to the Internet via an internet access service An internet access service is typically provided by an Internet Service Provider not shown.

The data communication network connecting the participant apparatus to the server can be any of a number of commercially available networks. The particular data communication network employed is not critical to the invention. Participant may interact with the participant apparatus remotely via a wireless connection , such as a cell phone, using a local connection , such as keyboard and mouse, or by some other means known in the art.

Central server and participant apparatus host software applications that support interactions initiated by the participant In one embodiment consistent with the invention, the central server computer is configured with a software application s that performs, among other things, the tasks associated with implementing the order book, accepting orders from participants, comparing new orders to existing orders, matching orders, executing a trade for orders that match, detecting triggering events, such as continuous auction trades, scheduling and holding follow-on auctions, and notifying participants about trades, auction times, auction prices, and auction results.

The central server system is comprised of conventional hardware and system software components familiar to one of ordinary skill in the art, along with specialized functions that may be routinely developed using tools and techniques well known in the art of computer programming. Conventional continuous auction systems are well known, and one of ordinary skill could modify such a system to implement functions and operations consistent with the invention.

The particular system and software by which the invention is implemented are not critical to the invention. In the embodiment shown, the central server also hosts application software that obtains information from other markets. For example, under software control, the central server may communicate to a market data service provider by making inquiries to obtain information regarding price quotations and trades of assets in other markets such as the New York Stock Exchange NYSE.

In one embodiment, a trade on another market, such as an NYSE trade, may trigger a follow-on auction for the same fungible asset, based on the NYSE trade price. The procedure for making electronic inquiries to a particular market data service provider are typically unique for each market data service provider. The market data service provider is an entity that provides information concerning trades in public markets. Reuters is one example of a well-known provider of these services.

Beyond the need to provide accurate trade price information, the selection of a particular market data service provider is not critical to the invention. One of ordinary skill will realize that the components depicted in FIG. For example, multiple instances of market data service providers , and participant apparatuses could be employed, or the entire system shown in FIG. As another example, service provider could be eliminated. One of ordinary skill will recognize that a prudently designed system will ensure that the applications, their data structures, the server system, and the networking technology are sufficiently secure so that information, for example about participant orders, cannot be surreptitiously obtained by others.

One of ordinary skill will also recognize that the invention may be implemented in purely software systems, in both hardware and software, or in purely hardware systems, as a routine design choice for the ordinary mechanic. Other embodiments of the invention will be apparent to those skilled in the art from consideration of the specification and practice of the invention disclosed herein.

It is intended that the specification and examples be considered as exemplary only, with a true scope and spirit of the invention being indicated by the following claims. A method for trading fungible assets comprising: obtaining a price for an asset from a continuous auction trade;. The method of claim 1 , further comprising: conducting the continuous auction for the asset. The method of claim 2 , further comprising: suspending the continuous auction for the asset while conducting the follow-on auction for the asset. The method of claim 1 , wherein conducting a follow-on auction for the asset at a price determined as a function of the price obtained for the asset from the continuous auction trade comprises: conducting a follow-on auction for the asset at the exact price obtained for the asset in the continuous auction trade.

The method of claim 1 , wherein the follow-on auction is limited to the asset traded in the continuous auction. A system for trading fungible assets comprising: means for obtaining a price for an asset from a continuous auction trade;. The system of claim 6 , further comprising: means for conducting the continuous auction for the asset. The system of claim 7 , further comprising: means for suspending the continuous auction for the asset while conducting the follow-on auction for the asset.

The system of claim 6 , wherein the means for conducting a follow-on auction for the asset at a price determined as a function of the price obtained for the asset from the continuous auction trade comprises: means for conducting a follow-on auction for the asset at the exact price obtained for the asset in the continuous auction trade. The system of claim 6 , wherein the follow-on auction is limited to the asset traded in the continuous auction. A computer program product for trading fungible assets for causing a processor to perform operations comprising: obtaining a price for an asset from a continuous auction trade;.

Stock Exchange of Thailand (SET)

The computer program product of claim 11 , further comprising: conducting the continuous auction for the asset. The computer program product of claim 12 , further comprising: suspending the continuous auction for the asset while conducting the follow-on auction for the asset. The computer program product of claim 11 , wherein conducting a follow-on auction for the asset at a price determined as a function of the price obtained for the asset from the continuous auction trade comprises: conducting a follow-on auction for the asset at the exact price obtained for the asset in the continuous auction trade.

The computer program product of claim 11 , wherein the follow-on auction is limited to the asset traded in the continuous auction. A method for trading fungible assets comprising: a obtaining a price for an asset from a continuous auction trade;. A method of claim 16 , further comprising: conducting the continuous auction for the asset. The method of claim 17 , further comprising: suspending the continuous auction for the asset while conducting the follow-on auction for the asset.

The method of claim 16 further comprising: notifying a participant regarding the follow-on auction before the delay period ends. The method of claim 19 , wherein the participant is any participant in the continuous auction and the follow-on auction.

Connect & Update

The method of claim 19 , wherein the participant has an open order for the asset. The method of claim 16 , further comprising repeating b and c if a new continuous auction trade occurs before the delay period ends.

The method of claim 22 , wherein the price obtained for the asset from the continuous auction trade is based on a price from the new continuous auction trade. The method of claim 23 , wherein the price obtained for the asset from the continuous auction trade is the price from the new continuous auction trade.

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The method of claim 16 , wherein conducting, after the end of the delay period, a follow-on auction for the asset based on the price obtained for the asset from the continuous auction trade comprises: conducting, after the end of the delay period, a follow-on auction for the asset at the price obtained for the asset from the continuous auction trade.

A system for trading fungible assets comprising: a means for obtaining a price for an asset from a continuous auction trade;. The system of claim 26 , further comprising: means for conducting the continuous auction for the asset. The system of claim 27 , further comprising: means for suspending the continuous auction for the asset while conducting the follow-on auction for the asset.

The system of claim 26 further comprising: notifying a participant regarding the follow-on auction before the delay period ends. The system of claim 29 , wherein the participant is any participant in the continuous auction and the follow-on auction. The system of claim 29 , wherein the participant has an open order for the asset. The system of claim 26 , further comprising means for detecting whether a new continuous auction trade occurs before the delay period ends. The system of claim 32 , wherein the price obtained for the asset from the continuous auction trade is based on a price from the new continuous auction trade.

The system of claim 33 , wherein the price obtained for the asset from the continuous auction trade is the price from the new continuous auction trade. The system of claim 26 , wherein the means for conducting, after a delay period, a follow-on auction for the asset based on the price obtained for the asset from the continuous auction trade comprises: means for conducting, after a delay period, a follow-on auction for the asset at the price obtained for the asset from the continuous auction trade.

A computer program product for trading fungible assets for causing a processor to perform operations comprising: a obtaining a price for an asset from a continuous auction trade;. The computer program product of claim 36 , further comprising: conducting the continuous auction for the asset. The computer program product of claim 37 , further comprising: suspending the continuous auction for the asset while conducting the follow-on auction for the asset.

The computer program product of claim 36 further comprising: notifying a participant regarding the follow-on auction before the delay period ends. The computer program product of claim 39 , wherein the participant is any participant in the continuous auction and the follow-on auction. The computer program product of claim 39 , wherein the participant has an open order for the asset. The computer program product of claim 36 , further comprising repeating b and c if a new continuous auction trade occurs before the delay period ends.

The computer program product of claim 42 , wherein the price obtained for the asset from the continuous auction trade is based on a price from the new continuous auction trade. The computer program product of claim 43 , wherein the price obtained for the asset from the continuous auction trade is the price from the new continuous auction trade.

The computer program product of claim 36 , wherein conducting, after the end of the delay period, a follow-on auction for the asset based on the price obtained for the asset from the continuous auction trade comprises: conducting, after the end of the delay period, a follow-on auction for the asset at the price obtained for the asset from the continuous auction trade. A fungible asset market order comprising: an order type from a group comprising: bid and offer;.

A method for trading fungible assets comprising: obtaining a parameter regarding a continuous auction trade;.

Trading Calendar

The method of claim 54 , wherein the threshold is a minimum trade quantity. A system for trading fungible assets comprising: means for obtaining a parameter regarding a continuous auction trade;. The system of claim 54 , wherein the threshold is a minimum trade quantity. USP true System and method for a continuous auction market with dynamically triggered temporal follow-on auctions. USA1 en.

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EPA4 en. CAA1 en. WOA2 en. System and method for determining and applying parity in a hybrid auction market. Method for customized market data dissemination in support of hidden-book order placement and execution.