Enable participants to conduct electronic auctions of securities offerings. Sellers post details, and buyers submit bids. Auctions may be single or multiple price, and bids can be anonymous.
Cross-Matching Systems
Connect dealers and institutional investors in electronic trading networks. Orders are matched automatically or through negotiation sessions. Orders are executed when contra-side orders match the posted prices.
Interdealer Systems
Allow dealers to execute transactions electronically with other dealers through fully anonymous interdealer brokers.
Multidealer Systems
Provide customers with consolidated orders from multiple dealers, showing the best bid/ask prices. Customers can execute from among multiple quotes or request specific quotes from dealers. Dealers act as principals in transactions.
Single-Dealer Systems
Allow investors to execute transactions directly with a chosen dealer. Access is offered through third-party providers, proprietary networks, or the Internet.
