Salainen löytää voittoa parit kaupassa. Quants on Wall Streetin nimi markkinatutkijoille, jotka käyttävät kvantitatiivista analyysiä kannattavien kaupankäyntistrategioiden kehittämiseen Lyhyesti sanottuna kvanttikorkot hinnoittelun ja matemaattisten suhteiden välityksellä yritysten tai kaupankäyntivälineiden välityksellä jumaloittavien kannattavien kaupankäyntimahdollisuuksien luomiseksi 1980-luvulla joukko kvantteja työskentelevät Morgan Stanleylle iskenyt kulta strategialla, jota kutsutaan pareiksi kaupaksi Institutionaaliset sijoittajat ja kaupankäyntitekniikat suurissa investointipankkeissa ovat käyttäneet tätä tekniikkaa ja monet ovat tehneet strategisen strategian siistit voitot. investointipankkien ja sijoitusrahastojen päälliköiden on voitava jakaa kannattavat kaupankäyntistrategiat yleisön kanssa, joten parin kauppa pysyi ammattilaisten ja muutamien pätevien henkilöiden salaisuutena internetin käyttöön saakka. Verkkokaupan avasi reaaliaikaiset rahoitustiedot ja antoi aloittelevaa pääsyä kaikentyyppisiin sijoitusstrategioihin. Kahden kauden kauppa ei kesti kauan ct yksittäiset sijoittajat ja pienet toimijat, jotka haluavat suojata riskialttiuttaan laajemmilla markkinoilla. Mikä on kaupankäynnin parit. Kaupankäynnillä on mahdollista saavuttaa voittoja yksinkertaisilla ja suhteellisen vähäpäästöisillä positioilla. Parin kauppa on markkinoiden kannalta neutraalia eli kokonaismarkkinoiden suunta ei vaikuta sen voittoon tai tappioon. Tavoitteena on sovittaa yhteen kahta kaupankäynnin ajoneuvoa, jotka ovat hyvin korreloivia, kaupankäynnin yksi pitkä ja toinen lyhyt, kun parin hinta-suhde poikkeaa x keskimääräisten poikkeamien lukumäärä - x on optimoitu käyttäen historiallisia tietoja Jos pari palaa keskimääräiseen suuntaukseen, voitto tehdään yhdelle tai molemmille paikoille. Esimerkki Stocksin käyttämisestä. Traders voivat käyttää joko perus - tai teknisiä tietoja rakentamaan parin kaupankäynnin tyyli Meidän esimerkki tässä on tekninen luonteeltaan, mutta jotkut kauppiaat käyttävät PE-suhdetta tai muita keskeisiä tekijöitä korrelaation ja eron mittaamiseksi. Ensimmäinen askel parikauppaa suunniteltaessa on löytää kaksi varastoa, jotka ovat erittäin korreloituja d Yleensä tämä tarkoittaa, että yritykset ovat samassa teollisuudessa tai alasektorilla, mutta eivät aina. Esimerkiksi QQQQ Nasdaq 100: n tai SPY SP 500: n indeksiraportointikannat voivat tarjota erinomaisia kaupankäynnin paria. Kaksi indeksiä, jotka yleensä liikkuvat yhdessä, ovat SP 500 ja Dow Jones Utilities Average Tämä yksinkertainen hinta tontti kahdesta indeksistä osoittaa niiden korrelaatio. Esimerkiksi me tarkastelemme kahta yritystä, jotka ovat erittäin korreloitu GM ja Ford Koska molemmat ovat amerikkalaisia autovalmistajia, niiden varastot yleensä siirtyä yhdessä. Below on viikko-kaavio Fordin ja GM: n välisestä hintasuhteesta laskettuna jakamalla Fordin osakekurssi GM: n osakekurssin avulla. Tätä hintasuhdetta kutsutaan joskus nimeltään suhteellinen suorituskyky, jota ei pidä sekoittaa suhteellisen vahvuuden indeksiin, joka on täysin erilainen. edustaa kahden viimeisen vuoden keskimääräistä hintasuhdetta. Keltaiset ja punaiset viivat edustavat yhtä ja kahta keskihajoa keskiarvosta, suhteesta y. Kaavio alla olevasta taulukosta mahdollisesta voitosta voidaan tunnistaa, kun hintasuhde osuu ensimmäiseen tai toiseen poikkeamiseen Kun nämä kannattavissa olevat eroavaisuudet ilmenevät, on aika ottaa pitkä asema alijäämässä ja lyhyt asema ylikuormituksessa. lyhyt myynti voi auttaa kattamaan pitkän sijoituksen kustannukset, mikä tekee parien kaupasta halvan sijoittaa Parin aseman koon on vastattava dollarin arvoa sen sijasta osakkeiden lukumäärää siten, että 5: n siirto yhtä on yhtä kuin viisi siirtymistä muut Kuten kaikki investoinnit, on olemassa riski, että kaupat voisivat siirtyä punaiseksi, joten on tärkeää määrittää optimoidut stop-loss-pisteet ennen parin kauppaa. Esimerkki futuurisopimusten käyttämisestä. Parin kaupankäyntistrategia toimii paitsi varastot, mutta myös valuutat, hyödykkeet ja jopa optiot Futuurimarkkinoilla pienet sopimukset - pienemmät sopimukset, jotka edustavat murto-osaa täysimittaisen sijoituksen arvosta - mahdollistavat pienemmät sijoittajat futuurimarkkinoilla. Futuurimarkkinoiden kauppa saattaa aiheuttaa arbitraasin futuurisopimuksen ja tietyn indeksin rahapolitiikan välille. Kun futuurisopimus siirtyy kassatilanteeseen, elinkeinonharjoittaja voi yrittää hyötyä lyhentämällä tulevaisuutta ja menee pitkään indeksin seurantaan, odottaa heitä tulemaan yhteen jossain vaiheessa Usein indeksin tai hyödykkeen ja sen futuurisopimusten väliset liikeriput ovat niin tiukkoja, että voitot jäävät vain nopeimmille kauppiaille - usein käyttävät tietokoneita automaattisesti valtavaan asemaan silmänräpäyksessä. Esimerkki käyttötavoista. Option-kauppiaat käyttävät puheluja ja asettavat suojaamaan riskejä ja hyödyntävät volatiilisuutta tai sen puutetta. Kutsu on kirjailija sitoutunut myymään osuuksia osakkeista tietyllä hinnalla joskus tulevaisuudessa Kirja on kirjoittajan sitoutuminen ostamaan osakkeita tietyllä hinnalla joskus tulevaisuudessa. Vaihtoehtopörssien kauppa saattaa edellyttää puhelun kirjoittamista turvallisuuteen, joka ylittää sen ir toinen erittäin korreloiva turvallisuus ja sovittaminen sijainnin kirjoittamalla laittaa parille heikompi turvallisuus Koska kaksi taustalla olevaa asemaa palaavat takaisin keskiarvoaan, vaihtoehdot tulevat arvottomiksi antamalla elinkeinonharjoittajalle tasoittaa tulot yhdestä tai molemmista tehtävistä. Todiste kannattavuudesta. Yale School of Management julkaisi kesäkuussa 1998 Even G Gatevin, William Goetzmannin ja K Geert Rouwenhorstin kirjoittaman paperin, joka yritti todistaa, että parit kaupankäynti on kannattavaa. Vuoden 1967 ja 1997 välisenä aikana trio totesi, että kuuden kuukauden kaupankäyntijaksolla parin kauppa oli keskimäärin 12 tuottoa. Voit erottaa kannattavista tuloksista pelkkää onnea, heidän testinsä sisälsivät varovaisia arvioita transaktiokustannuksista ja satunnaisesti valituista pareista. Löydät koko 34-sivuisen dokumentin. Nämä ovat kiinnostuneita pareista kaupankäynnin tekniikka voi löytää lisää tietoa ja opetusta Ganapathy Vidyamurthy s kirjan Pairs Trading Määrälliset menetelmät ja analyysi, jonka löydät hänen e. Laajat markkinat ovat täynnä ylä-ja alamäkiä, jotka heikentävät heikkoja pelaajia ja sekoittavat jopa älykkäät ennustimet. Onneksi markkinoiden neutraalilla strategialla, kuten parilla kaupankäynnillä, sijoittajat ja kauppiaat voivat saada voittoa kaikissa markkinaolosuhteissa. on sen yksinkertaisuus Kahden korrelaattisen arvopaperin pitkä lyhyt suhde toimii kokonaisuutena kietoutuneiden vesien vesiliikenteen painosta. Onnea metsästää voittoa kaupankäynnin parissa ja täällä menestymiseen markkinoilla. summa, jonka Yhdysvallat voi lainata Velkasumma luotiin toisen vapausrekisterioikeuden nojalla. Korko, jolla talletuslaitos myöntää Federal Reserve - rahaston varoja toiselle talletuslaitokselle1. Tilastollinen toimenpide tietyn arvopaperin tai markkinaindeksin volatiliteetti voidaan mitata. Yhdysvaltojen kongressin vuonna 1933 tekemä pankkilaki, jolla kiellettiin kaupallinen b epäonnistuu osallistumisesta investointiin. Nonfarm-palkkalistoilla tarkoitetaan mitä tahansa työpaikkaa kuin maatiloja, yksityisiä kotitalouksia ja voittoa tavoittelematon sektori Yhdysvaltain työvaliokunta. Ranskan lyhennys tai valuutan symboli Intian rupia INR, Intian valuutta Rupee koostuu 1.A menetelmä tarjotaan parikauppapyynnön täyttämiseksi ja sisältää vaiheet, joissa vastaanotetaan useita parikauppapyyntöjä, jotka suorittavat transaktiota yhden useista parikauppapyynnöistä ja sovitetaan toisen osan useat parin kaupan pyynnöt vastaan toisesta useista parikauppapyynnöistä. 46.1 Tietokoneen toteuttamismenetelmä parikauppapyynnön täyttämiseksi, joka käsittää vaiheet, joissa vastaanotetaan useita parikauppapyyntöjä, käsittäen yhden parin kauppapyynnön ja toisen parin kauppapyynnön, jossa kukin parikauppapyyntö käsittää pyynnön ensimmäisen turvatarkastuksen kaupasta, pyyntö toisen varmennuksen kaupasta ja pyyntö kaupan mainitun ensimmäisen tietoturvan ja mainitun toisen vakuuden asettamiseksi vähimmäisraja-arvolla ja jossa mainitulla ensimmäisellä turvatalletuksella ja toisella varmuudella on molemmat hintatarjoukset ja hintatarjous. mainitun ensim - mäisen tietoturvan ja mainitun toisen tietoturvan markkinoilla. määritetään kysyvän kysynnän leviäminen mainitun ensim - mäisen tietoturvan ja mainitun toisen tietoturvan markkinoilla ja määritetään, että kunkin parikauppapyynnön vähimmäisraja-arvo täyttyy mainituilla tarjouksentarjouksien ja mainittu kysy kysyä leviämistä. executing transaktio mainitun ensimmäisen turvan kaupan ensimmäisen osan välillä mainitussa yhden parin kauppapyynnössä ja vähintään yhden ei-parin kaupan pyynnön, joka antaa että mainittu yhden parin kauppapyynnön vähimmäisraja-arvo täyttyy mainitulla tarjouksen hajautussarjalla mainitulla alueella ja sanotun kysyvän kyselyn leviäminen ja lähettäminen tietokoneen avulla toisen osan mainitusta ensimmäisen parin kaupan mainitusta yhden parikaupan kaupasta pyyntö ja ainakin ensimmäinen osa mainitun toisen varmenteen kaupasta mainitussa yhden parin kaupan pyynnössä toista paria kauppapyyntöä vastaan, edellyttäen, että mainitun yhden parin kauppapyynnön ja mainitun toisen parin kauppapyynnön vähimmäisraja-arvon alue kulkee päällekkäin mainitun tarjouksen tarjonnan leviämisen alue ja mainittu kysyntäpyynnön leviäminen. 2. Patenttivaatimuksen 1 mukainen menetelmä, jossa vaihe, jossa toteutetaan tapahtuma mainitun ensimmäisen tietoturvan kaupan mainitulle ensimmäiselle osuudelle mainitun yhden parin kauppapyynnössä, sisältää vaiheen, liiketoimi mainitun ensim - mäisen arvopaperin kaupan ensimmäiselle osuudelle mainitun yhden parin kauppapyynnössä ulkoisella markkinalla.3 Patenttivaatimuksen 1 mukainen menetelmä, jossa tapahtuma toteutetaan rahoituslaitoksella h tilausvarastoinnin aloittaminen ja liiketoimen toteutusvaihe sisältää vaiheen, jossa suoritetaan liiketoimi mainitulle ensimmäiselle kaupankäynnille mainitun ensimmäisen varmennuksen kaupan ensimmäisestä osasta mainittua tilausvarastoa vastaan. 4. Patenttivaatimuksen 1 mukainen menetelmä, joka lisäksi käsittää. suorittamalla toi - sen toisen kaupan osan toisen kaupankäynnin toisen osan kaupankäynnistä mainitun yhden parin kauppapyynnössä ja vähintään toisen ei-parin kaupan pyynnön kanssa edellyttäen, että mainitun yhden parin kauppapyynnön vähimmäisraja-arvo täyttyy mainitulla tarjouksella tarjouksen leviäminen ja sanottu kysy kysyä leviämistä ja jossa vaihe, jossa mainitun yhden parin kauppapyynnön mainitun ensimmäisen osan toteutus ja mainitun yhden parin kauppapyynnön mainitun toisen osan suorittaminen käsittävät vaiheet, joissa määritetään, onko ensimmäisen tietoturvan toisen arvopaperin hintatarjous täyttää hajautetun rajan. määritetään toisen arvopaperin määrä, joka voidaan myydä toisen vakuuden mukaisen hintatarjouskokoon perustuen. joka voidaan myydä mainitun toisen vakuuden perusteella, joka voidaan myydä. säätäen mainitun vastaavan määrän ensimmäistä arvopaperia, joka perustuu sopeuttamisperusteisiin. leviämisrajoituksen perusteella. toteuttamalla aloitusjärjestys mainitun sovitun vastaavan määrän hankkimiseksi mainitusta ensimmäisestä vakuudesta mainittuun ostohintaan ja suorittamalla päällystysjärjestys mainitun toisen vakuuden mainitun määrän myydä varten. 5. Patenttivaatimuksen 4 mukainen menetelmä, jossa vaihe, jossa suoritetaan joka sisältää myyntitilauksen, sisältää vaiheen, jossa suoritetaan päällystysjärjestys myydä mainitun toisen vakuuden määrä toisen vakuuden tarjoushinnassa. 6. Patenttivaatimuksen 4 mukainen menetelmä, joka lisäksi käsittää vaiheet, joissa määritetään, onko ensimmäi - sen vakuuden ja toisen arvopaperin kysyntähinta täyttävät leviämisrajan. Ensimmäisen arvopaperin määrä, joka voidaan ostaa ensimmäisen lainan tarjouskokoon perustuen, määräytyy joka lasketaan vastaavan määrän kyseistä toista vakuutta, joka voidaan myydä toisen vakuuden perusteella, joka voidaan ostaa. Tämän vastaavan toisen vastaavan määrän mukauttaminen sopeuttamisperusteiden perusteella. mainittu toinen vakuus, joka perustuu hajotusrajoitukseen, toteuttamalla aloitusjärjestys myydä mainittu vastaava määrä mainittua toista vakuutta mainitussa myyntihinnassa ja suorittamalla katetilaus ensimmäisen arvopaperin mainitun määrän lunastamiseksi. 7. Patenttivaatimuksen 6 mukainen menetelmä, jossa vaihe, jossa suoritetaan ostotilaus, sisältää vaiheen, jossa suoritetaan päällystysjärjestys ensimmäisen arvopaperin mainitun summan hankkimiseksi ensimmäisen arvopaperin kysyntähinnasta. 8. Patenttivaatimuksen 6 mukainen menetelmä, jossa mainitut korjauskriteerit sisältävät vähimmäismäärän ja suurin määrä. 9. Patenttivaatimuksen 8 mukainen menetelmä, jossa aloitusjärjestyksen toteutusvaihe sisältää vaiheen, jossa mainittu aloitusjärjestys ympäröi pyöreän erän koko . 10. Patenttivaatimuksen 1 mukainen menetelmä, jossa vaihe, jossa suoritetaan ensimmäinen osa mainitun ensimmäisen tietoturvan kaupankäynnistä mainitussa yhden parin kauppapyynnössä, sisältää vaiheen, jossa suoritetaan ensimmäinen osio mainitun ensimmäisen tietoturvan kaupasta mainitussa yhden parin kauppapyynnössä useissa erissä. 11. Patenttivaatimuksen 1 mukainen menetelmä, jossa mainitulla yhden parin kaupankäynnillä on ensimmäinen hajautusraja ja toisella parikauppapyynnöllä on toinen hajautusraja ja jossa mainittu vaihe, jossa mainitun ensimmäisen tietoturvan mainitussa yhden parin kauppapyynnössä ja ainakin yhden ensimmäisen kaupan kaupankäyntisovelluksen toisen kaupan kauppapyyntöä vastaan tapahtuvan kaupan toisen osan ensimmäistä osaa sisältäen lisäksi vaiheet, joissa määritetään, että mainitun ensimmäisen hajautusrajan ja mainitun toisen haaran rajoittaa päällekkäisyyksiä markkinoiden leviämisen kanssa. määritetään leviämistaso. lasketaan ensimmäiselle turvallisuudelle ja toiselle vakuudelle lasketut hinnat, jotka ovat markkinoiden sisällä ja perustuvat mainittuun leviämistasoon ja toinen osa mainitun ensimmäisen tietoturvan kaupasta mainitussa yhden parin kauppapyynnössä ja ainakin toisen osan toisen kaupankäynnin pyynnöstä kyseisen toisen parin kaupankäyntipyynnön suhteen mainittuun toiseen pariliikepyyntöön nähden. 11. Patenttivaatimuksen 11 mukainen menetelmä, jossa hajotustason asettamisvaihe sisältää vaiheet: laskemalla keskiarvo ensimmäisen leviämisrajan ja mainitun toisen leviämisrajan välillä ja asettamalla mainittu leviämistaso mainittuun keskiarvoon, jos mainittu keskiarvo on mainitun leviämisasteen sisällä. joka lisäksi sisältää vaiheen, jossa identifioidaan leviämismäärä, joka on lähinnä mainittua keskiarvoa ja mainitun markkinoiden leviämisen puitteissa, ja mainitun leviämisasteen asettamiseksi mainituksi leviämismääräksi, jos mainittu keskiarvo ei ole mainitun markkinoiden leviämisen alueella. 14. Patenttivaatimuksen 1 mukainen menetelmä, mainitulla yhden parin kauppapyynnössä on ensimmäinen hajotusraja, ostosuhde ja myyntisuhde, sanotussa toisessa parikauppapyynnössä on toinen hajotusraja, ostosuhde ja myyntisuhde ja jossa vaihe, jossa toinen portti mainittuun yhden parin kauppapyyntöön liittyvä mainitun ensimmäisen turvan kaupankäynti ja mainittuun toiseen turvatarkastukseen liittyvä vähintään mainittu ensimmäinen osa mainitussa yhden parin kaupan pyynnössä mainittua toista paria kauppapyyntöä vastaan sisältää lisäksi vaiheet, joilla määritetään, että mainittu ostotosuus ja mainittu myyntisuhde, joka liittyy mainittuun kauppakyselyyn, ei ole sama kuin mainitun toisen ostoprojektin ostosuhde ja mainitun myyntisuhde ja että päällekkäisyys on mainitun ensimmäisen levitysrajan ja mainitun toisen hajautusrajan alueen ja markkinoiden leviämisen välillä. että markkinahintoja on olemassa, jotka ovat päällekkäisyyksissä. määritetään epäsovittamismäärä mainitussa toisessa arvopaperissa, joka perustuu mainitun ostosuhteen ja mainitun myyntisuhteen väliseen eroon, joka liittyy mainittuun yhden parin kauppapyyntöön ja mainitun ostosuhteen ja mainitun toisen parikaupan myyntisuhteen laskemalla ristitulon mainitulle ensimmäiselle tietoturvalle ja mainitulle toiselle suojaukselle. valitsemalla mainitun ensimmäisen tietoturvan ylitysmaksu ja mainittu toinen suoja, joka on määritettäessä, että mainittu yhteensopimattomuusmäärä on käytettävissä mainitun toisen tietoturvan mainitussa ylitysmaksussa. Lähetetään mainitun ensimmäisen turvatarkistuksen toisen osan mainitussa yhden parin kauppapyynnössä ja ainakin toisen mainitun kaupan mainitussa yhden parin kaupallisessa kyselyssä mainittua mainittua valittua hintaa vastaavan toisen parin kauppapyynnön vastaisesti ja suorittamalla mainitun toisen vakuuden mainittuun toisen vakuuden mainittuun vastaavuuskerrointa koskevaan liiketoimeen mainitun toisen vakuuden mainitulla ylitysmaksulla. 15. Patenttivaatimuksen 14 mukainen menetelmä, että mainittu epäyhtenäinen määrä on käytettävissä mainitun toisen vakuuden mainitussa ylitysmaksussa, sisältää vaiheen, jossa määritetään, että kyseinen vastaavuusmäärä on käytettävissä ulkoisella markkinalla mainitun toisen suojauksen mainitulla ylitysmaksulla. 16. Patenttivaatimuksen 14 mukainen menetelmä, että kyseinen vastaavuusmäärä on käytettävissä, suorittaa rahoituslaitos, jolla on tilausvarasto ja vaihe, jolla määritetään sanottu että vastaava summa on käytettävissä mainitun toisen vakuuden mainitussa ylitysmaksussa, sisältää vaiheen, jossa määritetään, että mainittu yhteensopimattomuusmäärä on käytettävissä mainitussa tilausvarastossa mainitun toisen suojan mainitussa ylitysmaksussa. 17. Patenttivaatimuksen 1 mukainen menetelmä, jossa mainittu yhden parin kauppapyyntö ja mainittu toinen parin kauppapyyntö ilmaisee joukon leviämistä ja jossa vaihe, jossa sovitetaan mainitun ensimmäisen tietoturvan toisen kaupan osa mainittuun yhden parin kauppapyyntöön ja mainittuun toiseen pariliikekauppaan liittyvä ainakin mainittu ensimmäinen osa pyyntö toisen osapuolen kauppapyyntöä vastaan, sisältää vaiheen, jossa syötetään toinen osa mainittua ensim - mäisen tietoturvan kaupankäynnistä mainitussa yhden parin kauppapyynnössä ja ainakin mainitun toisen tietoturvan kaupan mainitussa ensimmäisessä osassa mainittuun yhden parin kauppapyyntöön mainittu toinen pari kaupan pyyntö, jos mainittu leviämisluku on suurempi kuin vähimmäismäärä leviämistä.18 Patenttivaatimuksen 1 mukainen menetelmä, joka sisältää vaiheen, ainakin yhden mainituista useista kauppapyynnöistä täytetään mainitun suoritusvaiheen kautta. 19. Patenttivaatimuksen 1 mukainen menetelmä, joka sisältää vaiheen, jossa vastaanotetaan edullisuus täyttää ainakin osa mainituista useista kauppapyynnöistä mainitun sovitusvaiheen kautta. 1. Patenttivaatimuksen 1 mukainen menetelmä, jossa asiakas esittää kyselyn mainitun parikauppapyynnön tilasta ja mainitun pariliikepyynnön tilasta päivitetään jatkuvasti reaaliaikaisesti. 21. Patenttivaatimuksen 19 mukainen menetelmä, jossa asiakas esittää asiakkaan etusijan sähköisesti.22 Menetelmä että asiakas vastaanottaa samanaikaisen raportin, kun mainittu parikauppapyyntö on täytetty ja asiakas vahvistaa mainitun pariliikenteen sähköisesti.23 Patenttivaatimuksen 1 mukainen menetelmä, joka lisäksi käsittää: - suorittamalla toisen tietyn kaupan turvallisuuden mainitun yhden parin kauppapyynnön ja vähintään toisen ei-parin kaupan pyynnön, edellyttäen, että mainitun yhden parin kauppapyynnön vähimmäisraja-arvo täyttyy sanotun bid-tarjouksen sprea d ja mainittu kysy kysyä leviämistä, ja jossa vaihe, jossa mainitun yhden parin kauppapyynnön mainitun ensimmäisen osan toteutus ja mainitun yhden parin kauppapyynnön mainitun toisen osan suorittaminen sisältää vaiheen, jossa määritetään, onko ensimmäisen tietoturvan kysyntähinta ja kysyntä toisen vakuuden hinta vastaa hajotettua raja-arvoa. määritetään toisen vakuuden määrä, joka voidaan ostaa perustuen kyselyn kokoon, joka liittyy toiseen vakuuteen. laskemalla vastaava määrä ensimmäistä arvopaperia, joka voidaan myydä toisen arvopaperin, joka voidaan hankkia ,.korjaamalla mainittu vastaava määrä ensimmäistä arvopaperia, joka perustuu sopeutumisperusteisiin. laskemalla myyntimarginaali kyseiselle ensimmäiselle arvopaperin oikaistusta vastaavan määrän arvosta levitysrajan perusteella. mainitun ensim - mäisen vakuuden mainitussa myyntihinnassa ja suorittamalla katetilaus mainitun toisen vakuuden mainitun määrän lunastamiseksi.24 Parikaupan jolloin mainittu järjestelmä vastaanottaa useampia parin kauppapyyntöjä, käsittäen yhden parin kaupan pyynnön ja toisen parin kauppapyynnön, jossa kukin parikauppapyyntö käsittää pyynnön käydä kauppaa ensimmäisen turvatarkastuksen, pyynnön toisen turvan kaupankäynnistä ja pyynnön kauppaa sanottiin ensim - mäisen tietoturvan ja mainitun toisen tietoturvan kanssa vähimmäisraja-arvolla ja jossa mainitulla ensim - mäisellä tietoturvalla ja toisella tietoturvalla on jokin tarjoushinta ja kysyntähinta, joka käsittää parin kaupankäynnin moottorin. mainittu ensimmäinen tietoturva ja mainittu toinen tietoturva. Tietyn kyselyn määrittäminen leviää mainitun ensimmäisen tietoturvan markkinoilla ja toinen tietoturva. Määritetään, että kunkin parikauppapyynnön vähimmäisraja-arvo täytetään joukolla mainittua tarjouksen haun leviämistä ja mainittu kysy kysyä leviää jokaisen tietoturvan osalta. executing mainitun ensimmäisen tietoturvan ensimmäisen osan kaupankäynti mainitun yhden parin kauppapyynnön ja vähintään yhden ei-parin kaupan pyynnön välillä, edellyttäen että mini mainittu yhden parin kauppapyynnön mainittu enimmäispituus täyttyy sanotun tarjouksen hajautuksen leviämisalueella ja sanotulla ask ask levyn leviämisellä. Pariliitäntäverkko vastaamaan mainitun ensimmäisen tietoturvan toisen kaupan osuutta mainitussa yhden parin kauppapyynnössä ja ainakin ensimmäisen osan mainitun toisen varmennuksen kaupasta mainitussa yhden parin kaupan pyynnössä mainittua toista paria kauppapyyntöä vastaan, edellyttäen, että mainitun yhden parin kauppapyynnön ja mainitun toisen parin kauppapyynnön vähimmäisrajahaaran alue vaihtelee mainitun tuoteluokan mainitun tarjouksen tarjouksen leviämisen ja mainitun kysyntäpyynnön leviämisen. 25. Patenttivaatimuksen 24 mukainen järjestelmä, joka käsittää edelleen yhteyden ulkoiseen markkinatilanteeseen, jossa mainittu parinvaihto-moottori välittää mainitun tapahtuman mainitun ensimmäisen tietoturvan kaupan ensimmäiselle osalle mainitussa yhden parin kaupankäynnissä toteuttamiseksi mainitulla ul - kopuolisella markkinalla mainitun linkin kautta. 26. Patenttivaatimuksen 24 mukainen järjestelmä, joka lisäksi käsittää rahoituslaitoksen, jolla on tilausvarasto ja jossa mainittu parikauppa - moottori suorittaa mainitun liiketoimen n mainitun ensimmäisen varmennuksen kaupan ensimmäiseen osaan mainitussa yhden parin kaupankäynnissä mainitun tilauskannan suhteen. 27. Patenttivaatimuksen 24 mukainen järjestelmä, jossa mainittu parikauppamoottori määrittää, onko ensimmäisessä arvopaperin tarjoushinta mainitussa yhden parin kauppapyynnössä ja kyseisen toisen parin kauppapyynnön toisen vakuuden tarjoushinta täyttää hajautusraja määrittelee toisen vakuuden määrän, joka voidaan myydä toisen varmuuteen liittyvän tarjouksen kokoon perustuen, laskee vastaavan määrän ensimmäistä turvatasoa, joka voidaan ostaa joka perustuu myytävän toisen arvopaperin määrään, sovittaa mainitun ensimmäisen arvopaperin vastaavan määrän määräytymisperusteisiin perustuen laskemalla kyseiselle ensimmäiselle arvopaperisijoitetun vastaavan summan ostohinnaksi leviämisrajaan perustuen aloittavaa järjestelyä kyseisen sopeutetun hinnan hankkimiseksi vastaava määrä mainittua ensimmäistä vakuutta mainitussa ostohinnassa ja suorittamaan kattavan tilauksen myydä mainitun toisen vakuuden määrä 27. Patenttivaatimuksen 27 mukainen järjestelmä, jossa parin kaupankäynnin moottori suorittaa peite - järjestyksen myydä toisen vakuuden mainitun määrän toisen vakuuden hintatarjouksessa. 29. Patenttivaatimuksen 27 mukainen järjestelmä, jossa parin kaupankäyntimoottori määrittää, onko ensimmäisen arvopaperin ja toisen arvopaperin kysyntähinta, joka vastaa leviämisrajaa, määrittelee ensimmäisen vakuuden, joka voidaan ostaa ensimmäisen arvopaperin tarjoaman tarjouksen perusteella, laskee vastaavan määrän kyseistä toista vakuutta, joka voidaan myydä toinen hankittavissa oleva vakuus oikaisee vastaavan määrän toista vakuutta sopeutumisperusteiden perusteella laskettaessa kyseisen hajautusrajoituksen perusteella mainitun toisen sovitetun vastaavan määrän myyntimarginaalin, joka perustuu hajotusrajaan, suorittamaan aloitusjärjestys kyseisen sanotun vastaavan määrän myydä sanotun toisen vakuus mainitussa myyntihinnassa ja suorittaa takuuvarauksen ensimmäisen arvopaperin mainitun määrän lunastamiseksi 29, jossa parikauppamoottori suorittaa peitehakemuksen ensimmäisen arvopaperin mainitun summan hankkimiseksi ensimmäisen arvopaperin kysyntähinnassa.31 Patenttivaatimuksen 27 mukainen järjestelmä, jossa mainitut korjauskriteerit sisältävät vähimmäismäärän ja enimmäismäärän32. 31. Patenttivaatimuksen 31 mukainen menetelmä, jossa parin kaupankäynnin moottori pyörii mainitun aloitusjärjestyksen pyöreän erän kokoon.33 Patenttivaatimuksen 24 mukainen järjestelmä, jossa parin kaupankäynnin moottori suorittaa ainakin osan jonkin mainitun arvopaperin kaupasta jossakin mainitussa parikauppapyynnössä useita eroja.34 24. Patenttivaatimuksen 24 mukainen järjestelmä, jossa mainitulla yhden parin kaupankäynnillä on ensimmäinen hajautusraja ja mainitulla toisella parin kauppapyynnössä on toinen hajautusraja ja jossa parin ylitysverkko määrää, että mainitun ensimmäisen hajautusrajan alue ja mainittu toinen leviämisen rajoitusten päällekkäisyyksiä markkinoiden leviämisen määrittäessä leviämistaso laskee ensimmäiselle arvopaperille ja toiselle vakuudelle asetetut hinnat, jotka ovat markkinoiden leviämisen alapuolella ja jotka perustuvat mainittuun leviämistasoon ja matriisiin mainitun ensimmäisen kaupan tietyn kaupan mainitun toisen kaupan osuuden mainitussa yhden parin kauppapyynnössä ja ainakin toisen osan toisen kaupankäynnin pyynnöstä kaupan toisen pyynnön toisen maksimipari-kauppapyynnön suhteen, joka perustuu mainittuihin laskettuihin hintoihin .35 Vaatimuksen 34 mukainen järjestelmä, jossa parin ylitysverkko laskee mainitun ensimmäisen levitysrajan ja mainitun toisen hajautusrajan välisen keskiarvon ja asettaa mainitun leviämisasteen mainituksi keskiarvoksi, jos mainittu keskiarvo on mainitun markkinoiden leviämisen sisällä. 36. Patenttivaatimuksen 35 mukainen järjestelmä, jossa pari ylitysverkko tunnistaa leviämismäärän, joka on lähempänä mainittua keskiarvoa ja mainitun markkinoiden leviämisen sisällä ja asettaa mainitun leviämisasteen mainituksi leviämismääräksi, jos mainittu keskiarvo ei ole mainitun markkinoiden leviämisen sisällä. 37. Patenttivaatimuksen 24 mukainen järjestelmä, jossa mainittu yhden parin kauppapyyntö on toinen hajautusraja, ostosuhde ja myyntisuhde, toisessa parikauppapyynnössä on toinen hajotusraja, buy-suhde ja myyntisuhde ja jossa pari ylitysverkko määrää, että tuen buy-suhde ja sanottu myyntisuhde, joka liittyy mainittuun yhden parin kauppapyyntöön, ei ole sama kuin mainittu toisen osapuolten myyntisuhde ja mainittu myyntisuhde ja että päällekkäisyys on mainitun ensimmäisen levitysrajan ja mainitun toisen hajautusrajan markkinoiden leviäminen määrää, että päällekkäisyyksissä vallitsevat markkinahinnat määrittävät vastaavan määrän toisessa tietoturvassa, joka perustuu mainitun ostosuhteen ja mainitun myyntisuhteen väliseen eroon, joka liittyy mainittuun yhden parin kauppapyyntöön ja mainitun ostosuhteen ja sanotun toisen osapuolen myyntisuhteen pari kauppapyyntö laskee ensimmäisen arvopaperin ylittävän summan ja mainittu toinen vakuus valitsee mainitun ensimmäisen tietoturvan ylitysmaksun ja mainittu toinen päällekkäisyyksessä oleva toinen vakuus määrää, että mainittu vastaavuusmäärä on käytettävissä mainitun toisen tietoturvan ylitysmaksua vastaan, sanotun toisen osa mainitusta ensim - mäisestä tietoturvasta mainitun yhden parin kauppapyynnössä ja ainakin mainitun kaupan ensimmäisen osan mainitun toisen parin kaupankäynnin pyynnöstä mainittua mainittua valittua hintaa vastaavan toisen parin kauppapyynnön suhteen ja suorittaa mainitun sanotun toisen vakuuden mainitulle ylitysmaksulle mainitun toisen vakuuden vastaavan summan. 38. Patenttivaatimuksen 37 mukainen järjestelmä, jossa parin ylitysverkko määrää, että mainittu yhteensopimattomuusmäärä on saatavissa ulkoisilta markkinoilta mainitun toisen tietoturvan mainitulle ylitysmaksulle.39 37. Patenttivaatimuksen 37 mukainen järjestelmä, jossa pariristeysverkko määrittää, että mainittu yhteensopimattomuusmäärä on käytettävissä mainitun toisen tietoturvan mainitussa ylitysmaksussa sanotun rahoituslaitoksen tilausvaraston 40. Patenttivaatimuksen 24 mukainen järjestelmä, jossa mainittu yhden parin kauppapyyntö ja mainittu toinen parin kauppapyyntö osoittavat lukuisia leviämisiä ja jossa parin ylitysverkko vastaa mainitun ensimmäisen tietoturvan mainitun toisen kaupan osaa mainittu yhden parin kaupankäyntipyyntö ja ainakin mainittu ensimmäinen toisen kaupankäynnin kaupan osa mainitussa yhden parin kaupan vaatimuksissa t mainittua toista parikauppaa koskevaa pyyntöä vastaan, jos mainittu leviämisluku on suurempi kuin vähimmäismäärä leviämistä.41 Patenttivaatimuksen 24 mukainen järjestelmä, jossa mainitut useat parin kaupan pyynnöt käsittävät ainakin jonkin parin kaupan pyynnöt, jotka osoittavat, verkko, joka järjestelmä käsittää lisäksi salkunhoitajayhteyden mainittuun pariristeysverkkoon, sanottu portfolionhoitaja, joka vastaanottaa mainitut useat parin kaupan pyynnöt ja reitittää mainitut ainakin jotkut mainituista useista kauppapyynnöistä mainitulle pariristeytysverkolle mainitun etusijan mukaisesti. 24. Patenttivaatimuksen 24 mukainen järjestelmä, joka lisäksi käsittää parin kaupankäynnin moottorin ainakin joidenkin mainituista useista parikauppapyynnöistä, jolloin mainittu järjestelmä käsittää edelleen salkunhoitajaa kommunikointiin mainitun parikauppoottorin kanssa, jolloin mainitut useat parikauppapyynnöt sisältävät ainakin pari parikauppaa koskevaa pyyntöä, jotka osoittavat, että etusija toteutetaan mainitun parikauppoottorin kautta, mainittu salkunhoitaja, joka vastaanottaa mainitut useat parin kaupan pyynnöt ja reitittää mainitut ainakin jotkut mainituista useista kauppapyynnöistä mainitulle parikauppoottorille mainitun etuoikeuden mukaisesti. 43. Patenttivaatimuksen 24 mukainen menetelmä, jossa asiakas lähettää kyselyn mainitun parin tilasta 41. Patenttivaatimuksen 41 mukainen menetelmä, jossa asiakas esittää etusijan sähköisesti. 45. Patenttivaatimuksen 24 mukainen menetelmä, jossa asiakas vastaanottaa samanaikaisen raportin, kun mainittu parikauppa pyyntö on täytetty ja asiakas vahvistaa mainitun parikaupan sähköisesti.46 Tietokoneella luettava tallennusväline, joka tallentaa ohjeet pariliikehakupyynnön täyttämiseksi, joka tietokoneen suorittamana aiheuttaa tietokoneelle lukuisia parikauppapyyntöjä, jotka käsittävät yhden parin kauppapyyntö ja toinen parin kauppapyyntö, jossa kukin parikauppapyyntö käsittää pyynnön käydä kauppaa ensim - mäisen turvatarkastuksen kanssa ja mainittuun ensimmäiseen suojaukseen ja mainittuun toiseen suojaukseen liittyvä pyyntö vähimmäisraja-arvolla ja jossa mainitulla ensimmäisellä tietoturvalla ja toisella tietoturvalla on kukin tarjoushinta ja kysy hinta. ensim - mäisen turvallisuuden ja sanotun toisen tietoturvan. Määrittele kysy kysyä leviämisen mainitun ensimmäisen tietoturvan markkinoilla ja sanotun toisen tietoturvan. Määritä, että kunkin parikauppapyynnön vähimmäisraja-arvo täyttyy kyseisen tarjouksen hajautuksen eri tasolla ja kysy kysyntä suoritetaan liiketoimi mainitun ensimmäisen varmennuksen ensimmäisen osan kaupankäynnillä mainitun yhden parin kauppapyynnössä ja vähintään yhden ei-parin kaupan pyynnön, edellyttäen, että mainitun yhden parin kauppapyynnön vähimmäisraja-arvo täyttyy sanotun yhden parin kauppapyynnön tarjouksen hintatarjousta ja sanotun kysyvän levityksen leviämistä ja toisen maininnan toisen osan mainitusta ensimmäisestä arvopaperin kaupasta kyseisessä yhden parin kauppapyynnössä ja ainakin toisen osan toisen kaupan parin kaupasta kun mainittuun yhden parin kauppapyynnön ja mainitun toisen parin kauppapyynnön vähimmäisraja-arvo on päällekkäin mainituista tarjouksentarjouksien sanotusta alueesta ja sanotun kyselevän levityksen. CROSS-REFERENSSI YHDISTETTYÄ SOVELLUSTA . Tämä hakemus väittää, että etuus on Yhdysvaltojen väliaikaisen hakemuksen nro 60 334 163, jonka otsikkona on 29.11.2001 jätetty menetelmä ja järjestelmä kaupankäyntipareille, joka on jätetty 29.11.2001, jonka sisältö sisällytetään tähän viitteeksi. koskee järjestelmää ja menetelmää arvopapereiden kaupasta ja erityisesti arvopapereiden kaupankäyntijärjestelmästä ja - menetelmästä. Arvostetun arvopapereiden kaupankäynnin strategiaksi kutsutaan parikauppaa. Pair-trading on suuntaa-antava sijoitusstrategia, jossa Sijoittaja yksilöi kaksi arvopaperia, joilla on samankaltaiset ominaisuudet, ja arvopaperit käyvät parhaillaan kaupankäynnin kohteena hinnoittelussa, joka on pois niiden historiallisesta kaupankäynnin alueesta sijoittaja hyödyntää arvopapereiden välistä hintasuhdetta ostamalla aliarvostetun arvopaperin ja myydä ylimitoitetun arvopaperin. Koska pari-kauppa on markkinoiden kannalta neutraali strategia, se on erityisen toivottava strategia investoida epävakaisiin markkinoihin. Esimerkiksi yritys A on ilmoittanut lopullisesta sopimuksesta hankkia yhtiön T, jolloin yhtiön T-osakkeenomistajat saavat 0 5 osaketta yhtiön A-osaketta varten, mikäli sijoittaja haluaa hyötyä kahden yrityksen sulautumisesta. jokainen osake omistamansa T-osakkeen omistajasta Sijoittaja haluaa kerätä tarjouksen tarjouksen 0 5 A: n osakkeesta ja T-osakkeen hinnasta Tähän tekemistä varten sijoittaja ostaa osakkeet T-osakkeelta ja myy A-osakkeita. , jos T-kauppa on 28 osaketta kohden ja A-kauppa on 60 osaketta kohden, sijoittaja voi suorittaa kaupan 200 000 levitystä ostamalla 200 000 s T-osakekannan ja 100 000 A-osakkeen myynnistä Sulautumisen jälkeen sijoittaja kattaa varastossa A olevan 100 000 osakkeen A-osaketta, jonka sijoittajat saivat 200 000 osakettaan sijoittajalle. , suorittamalla parikaupan sijoittaja lukkiutuu 400 000 voittoon olettaen, että fuusio kulkee Parikaupan toteutusprosessi täten sisältää yksittäisten kauppojen toteuttamisen, jotka kohdistuvat kunkin parin kauppapyynnön jokaiseen osuuteen Esimerkki järjestelmästä, jolla suoritetaan kaupankäyntiä parikauppapyynnön täyttäminen on 380 Madison Avenue New Yorkin, NY 10017: n ITG: n Quantex-järjestelmä. Haaste parikaupan toteuttamisessa on etsiä vastapuolta tietylle sijalle, jonka sijoittaja haluaa perustaa ja pienentää riskialttiutta. Tyypillisesti suuri Esimerkiksi jos sijoittaja haluaa panna täytäntöön p että kahden yrityksen välinen ehdotettu sulautuminen toteutuu, sijoittaja lähestyy rahoituslaitosta, joka haluaa sijoittajalle, joka haluaa panostaa sulautumaa vastaan. Rahoituslaitos toimii sitten välittäjänä kahden sijoittajan välillä, jossa sijoittajat asettavat yhdenvertaisen ja vastakkaiset kannat ehdotettujen sulautumiskumppaneiden kannassa ja siten täydentävät parikauppaa. Näin ollen sovittamalla kahta parin kauppapyyntöä niin, että kunkin parin kaupparyhmään liittyvät liiketoimet toteutetaan samanaikaisesti, ei sijoittaja ole alttiina jalkaraurille, joka muutoin johtaisi ensimmäisen kaaren ja toisen kaaren välisen jakson välisen ajanjakson aikana. Useimmissa haittapuolissa on vallitseva parikauppaa koskeva käytäntö. Ensinnäkin pari-kauppa rajoitetaan yleensä sellaisten suurten rahoituslaitosten asiakkaille, joilla on kyky tunnistaa sopivat vastapuolet tietylle parikaupalle. Tämä on erityisesti tapausta n parikaupalla on suuri määrä varastoja tai epälikvidejä varastoja, joissa ainoa tapa toteuttaa kauppaa ja minimoida riskin riski on rahoitusinstituutin neuvotteleman markkinatapahtuman ulkopuolelle. Myös siksi, että parikauppaa neuvotellaan tyypillisesti osapuolet, joilla on rahoituslaitos välittäjänä, prosessi on usein hidasta ja tehottomaksi. Parin kaupankäynti nykyisen käytännön mukaan soveltuu yleensä suurille asiakkaille, jotka pyrkivät luomaan suuria positioita, jolloin rahoituslaitokset saavat taloudellisen kannustimen toteuttaa toimenpide Pienempi asiakkaiden on kuitenkin luotettava epävakaisiin varastoihin soveltumattomien pariliiketoimintojen markkinoihin ja myös lisääntyneen riskin riskiin. Tämän vuoksi on toivottavaa tarjota järjestelmä ja menetelmä arvopapereiden kaupalle pareissa. Keksinnön yhteenveto. Esillä oleva keksintö kohdistuu tekniikan tason parikauppakäytäntöjen haittojen voittamiseksi. Esillä olevan keksinnön mukaisesti a on järjestetty parin kauppapyynnön täyttämiseksi, ja se sisältää vaiheet, joissa vastaanotetaan useita parikauppapyyntöjä, jotka suorittavat transaktiota yhden parin kaupan pyynnön ensimmäisestä osasta ja sovitetaan toisen osan useista parista kauppapyyntöjä vastaan toista useista parikauppapyynnöistä. Esimerkinomaisessa suoritusmuodossa menetelmä sisältää vaiheen, jossa suoritetaan liiketoimi yhden useista parikauppapyynnöistä ensimmäiselle osalle ulkoisessa markkinassa. Toisessa esimerkinomaisessa suoritusmuodossa Menetelmä käsittää vaiheen, jossa suoritetaan liiketoimi ensimmäisen usean parin kaupan pyynnön ensimmäiseen osaan tilauskannan suhteen. Vielä eräässä toissijaisessa suoritusmuodossa parin kauppapyyntö sisältää ensimmäisen turvatason, jolla on tarjouksen hinta ja kysyntähinta ja toinen vakuus, jolla on tarjoushinta ja kysyntähinta, ja menetelmä sisältää vaiheet, joilla määritetään, onko ensimmäisen arvopaperin tarjoushinta ja tarjouspyyntö ice of the second security meet a spread limit determining an amount of the second security that can be sold based on a bid size associated with the second security calculating an equivalent amount of the first security that can be bought based on the amount of the second security that can be sold adjusting the equivalent amount of the first security based on adjustment criteria calculating a purchase price for the adjusted equivalent amount of the first security based on the spread limit executing an initiating order to buy the adjusted equivalent amount of the first security at the purchase price and executing a covering order to sell the amount of the second security. In still yet another exemplary embodiment, the method includes the step of executing a covering order to sell the amount of the second security at the bid price of the second security. In an exemplary embodiment, the method includes the steps of determining whether the ask price of the first security and the ask price of the second security and or the bid price of the first security and the bid price of the second security meet a spread limit determining an amount of the first security that can be bought based on an offer size associated with the first security calculating an equivalent amount of the second security that can be sold based on the amount of the second security that can be bought adjusting the equivalent amount of the second security based on adjustment criteria calculating a selling price for the adjusted equivalent amount of the second security based on the spread limit executing an initiating order to sell the adjusted equivalent amount of the second security at the selling price and executing a covering order to purchase the amount of the first security. In another exemplary embodiment, the method includes the step of executing a covering order to purchase the amount of the first security at the ask price of the first security. In yet another exemplary embodiment, the adjustment criter ia include a minimum amount and a maximum amount. In still yet another exemplary embodiment, the method includes the step of rounding the initiating order to a round lot size. In an exemplary embodiment, the method includes the step of executing a first portion of one of the plurality of pair trade requests in a plurality of tranches. In another exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit and the another of said plurality of trade requests has a second spread limit and wherein the method includes the steps of determining that a range of the first spread limit and the second spread limit overlaps with a market spread setting a spread level calculating prices for the first security and the second security that are within the market spread and based on the spread level and matching the second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices. In yet another exemplary embodiment, the method includes the steps of calculating a mean between the first spread limit and the second spread limit and setting the spread level as the mean if the mean is within the market spread. In still yet another exemplary embodiment, the method includes the step of identifying a spread amount that is closest to the mean and within the market spread and setting the spread level as the spread amount if the mean is not within the market spread. In an exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit, a buy ratio and a sell ratio, the another of the plurality of trade requests has a second spread limit, a buy ratio and a sell ratio and the method includes the steps of determining that the buy ratio and the sell ratio associated with the one of the plurality of trade requests does not equal the buy ratio and the sell ratio of the another of the plurality of trade requests and that an overlap exists between range of the first spread limit and the second spread limit and a market spread determining that market prices exist that are within the overlap determining a mismatch amount in the second security based on a difference between the buy ratio and the sell ratio associated with the one of the plurality of trade requests and the buy ratio and the sell ratio of the another of the plurality of trade requests calculating a cross amount for the first security and the second security selecting a crossing price for the first security and the second security that is within the overlap determining that the mismatch amount is available at the crossing price for the second security matching the second portio n of the one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices and executing a transaction for the mismatch amount of the second security at the crossing price for the second security. In another exemplary embodiment, the method includes the step of determining that the mismatch amount is available in an external market at the crossing price for the second security. In yet another exemplary embodiment, the method is performed by a financial institution having order inventory and includes the step of determining that the mismatch amount is available in the order inventory at the crossing price for the second security. In still yet another exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests indicate a number of spreads and the method includes the step of matching a second portion of the one of the plurality of pair trade requests against anot her of the plurality of pair trade requests if the number of spreads is greater than a minimum number of spreads. In an exemplary embodiment, the method includes the step of receiving a preference for filling at least some of the plurality of trade requests via the step of executing a transaction for a first portion of one of the plurality of pair trade requests, described above. In another exemplary embodiment, the method includes the step of receiving a preference for filling at least some of the plurality of trade requests via the step of matching a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests, described above. Under the present invention, a method for fulfilling a pair trade request is provided and includes the steps of receiving a plurality of pair trade requests and matching at least a portion of one of the plurality of pair trade requests against another of the plurality of pair trade requests. Under the pr esent invention, a system for fulfilling a pair trade request is provided, the system receiving a plurality of pair trade requests and includes a pair trading engine for executing a transaction for a first portion of one of the plurality of pair trade requests The system also includes a pair crossing network for matching a second portion of said one of the plurality of pair trade requests against another of the plurality of pair trade requests. In an exemplary embodiment, the system includes a link to external markets and wherein the pair trading engine executes the transaction for the first portion of one of the plurality of pair trade requests in the external markets. In another exemplary embodiment, the system includes a financial institution having an order inventory and wherein the pair trading engine executes the transaction for the first portion of one of the plurality of pair trade requests against the order inventory. In yet another exemplary embodiment, the pair trade request in cludes a first security having a bid price and an ask price and a second security having a bid price and an ask price, and wherein the pair trading engine determines whether the bid price of the first security and the bid price of the second security meet a spread limit determines an amount of the second security that can be sold based on a bid size associated with the second security calculates an equivalent amount of the first security that can be bought based on the amount of the second security that can be sold adjusts the equivalent amount of the first security based on adjustment criteria calculates a purchase price for the adjusted equivalent amount of the first security based on the spread limit executes an initiating order to buy said adjusted equivalent amount of the first security at the purchase price and executes a covering order to sell the amount of the second security. In still yet another exemplary embodiment, the pair trading engine executes a covering order to sell th e amount of the second security at the bid price of the second security. In an exemplary embodiment, the pair trading engine determines whether the ask price of the first security and the ask price of the second security meet a spread limit determines an amount of the first security that can be bought based on an offer size associated with the first security calculates an equivalent amount of the second security that can be sold based on the amount of the second security that can be bought adjusts said equivalent amount of the second security based on adjustment criteria calculates a selling price for the adjusted equivalent amount of the second security based on the spread limit executes an initiating order to sell the adjusted equivalent amount of the second security at the selling price and executes a covering order to purchase the amount of the first security. In another exemplary embodiment, the pair trading engine executes a covering order to purchase the amount of the first securi ty at the ask price of the first security. In yet another exemplary embodiment, the pair trading engine rounds the initiating order to a round lot size. In still yet another exemplary embodiment, the pair trading engine executes a first portion of one of the plurality of pair trade requests in a plurality of tranches. In an exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit and the another of the plurality of trade requests has a second spread limit and wherein the pair crossing network determines that a range of the first spread limit and the second spread limit overlaps with a market spread sets a spread level calculates prices for the first security and the second security that are within the market spread and based on the spread level and matches the second portion of said one of the pluralit y of pair trade requests against another of the plurality of pair trade requests based on the calculated prices. In another exemplary embodiment, the pair crossing network calculates a mean between the first spread limit and the second spread limit and sets the spread level as the mean if the mean is within the market spread. In yet another exemplary embodiment, the pair crossing network identifies a spread amount that is closest to the mean and within the market spread and sets the spread level as the spread amount if the mean is not within the market spread. In still yet another exemplary embodiment, the one of said plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit, a buy ratio and a sell ratio, the another of the plurality of trade requests has a second spread limit, a buy ratio and a sell ratio and wherein the pair crossing net work determines that the buy ratio and the sell ratio associated with the one of the plurality of trade requests does not equal the buy ratio and the sell ratio of the another of the plurality of trade requests and that an overlap exists between range of the first spread limit and the second spread limit and a market spread determines that market prices exist that are within the overlap determines a mismatch amount in the second security based on a difference between the buy ratio and the sell ratio associated with the one of the plurality of trade requests and the buy ratio and the sell ratio of the another of the plurality of trade requests calculates a cross amount for the first security and the second security selects a crossing price for the first security and the second security that is within said overlap determines that the mismatch amount is available at the crossing price for the second security matches the second portion of the one of the plurality of pair trade requests aga inst another of the plurality of pair trade requests based on the calculated prices and executes a transaction for the mismatch amount of the second security at the crossing price for the second security. In an exemplary embodiment, the pair crossing network determines that the mismatch amount is available in an external market at the crossing price for the second security. In another exemplary embodiment, the pair crossing network determines that the mismatch amount is available in the order inventory at the crossing price for the second security. In yet another exemplary embodiment, the one of said plurality of pair trade requests and the another of the plurality of pair trade requests indicate a number of spreads and wherein the pair crossing network matches a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests if the number of spreads is greater than a minimum number of spreads. In still yet another exemplary embodim ent, the plurality of pair trade requests include at least some pair trade requests indicating a preference for execution via said pair crossing network, and the system further includes a portfolio manager in communications with the pair crossing network, the portfolio manager receiving the plurality of pair trade requests and routing the at least some pair trade requests to the pair crossing network according to the preference. In an exemplary embodiment, the system includes a pair trading engine for executing at least some of the plurality of pair trade requests, further includes a portfolio manager in communications with the pair trading engine and wherein the plurality of pair trade requests include at least some pair trade requests indicating a preference for execution via the pair trading engine, the portfolio manager receiving the plurality of pair trade requests and routing the at least some of the plurality of trade requests to the pair trading engine according to the preferenc e. Under the present invention, a system for fulfilling a pair trade request is provided, wherein the system receives a plurality of pair trade requests and includes a pair crossing network for matching at least one of the plurality of pair trade requests against another of the plurality of pair trade requests. Accordingly, a method and a system are provided for trading pair securities. The invention accordingly comprises the features of construction, combination of elements and arrangement of parts that will be exemplified in the following detailed disclosure, and the scope of the invention will be indicated in the claims Other features and advantages of the invention will be apparent from the description, the drawings and the claims. DESCRIPTION OF THE DRAWINGS. For a fuller understanding of the invention, reference is made to the following description taken in conjunction with the accompanying drawings, in which. FIG 1 is a block diagram of a system for trading securities in pairs accordi ng to the present invention. FIG 2 is a flowchart of the steps a pair trading engine included in the system of FIG 1 applies to fill a pair trade request. FIG 3 is a flowchart of the steps a pair crossing network included in the system of FIG 1 applies to fill a pair trade request. FIG 4 is a flowchart of a process by which the pair crossing network of the system of FIG 1 fills imperfectly matched orders and. FIG 5 is a graph for identifying the market prices for two securities that meet the required spread limits. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS. Referring now to FIG 1 there is shown a block diagram of a system 1 for trading securities in pairs according to the present invention System 1 receives pair trade requests from clients operating client access devices 7 and attempts to fill the pair trade requests according to the parameters associated with the particular pair trade request System 1 includes two different subsystems for filling pair trade requests a pair trading e ngine 3 and a pair crossing network 5 As will be described below, pair trading engine 3 receives a pair trade request and attempts to fill in whole or in part the trade request by executing the appropriate trades in an external market 13 that may include, by way of non-limiting example, the New York Stock Exchange, the NASDAQ or any other financial market Pair trading engine 3 may also fill in whole or in part a pair trade request by executing a transaction against order inventory 11 of non-pair trade requests controlled by the financial institution that is operating system 1 In addition, pair trading engine may also fill in whole or in part a pair trade request by forwarding the trade request to pair crossing network 5 for matching with other pair trade requests. Likewise, pair crossing network 5 receives a pair trade request and fulfills in whole or in part the request by matching it against another pair trade request received by pair crossing network 5 by matching the request against inventory 11 controlled by the financial institution and or by forwarding the trade request to pair trading engine 3 for execution in external markets 13.System 1 also includes a portfolio manager 9 that may be, for example, a software program executing on a computer system that receives the pair trade requests from client access device 7 and presents the trade request to either pair trading engine 3 pair crossing network 5 or both, depending on the trade parameters set by the client Also, the client may query portfolio manager 9 regarding the status of any pair trade request the client has presented to system 1.In operation, system 1 may fulfill a pair trade request either using pair trading engine 3 or pair crossing network 5 or a combination of the two For example, a pair trade request received by system 1 may be completely filled by pair trading engine 3 as follows. Assume a case where XYZ is taking over ABC and is offering 0 575 shares of XYZ for each ABC share and investor Arb wa nts to invest in the price difference between ABC stock and XYZ stock To take advantage of the price difference, Arb wants to lock in the difference between the value offered 0 575 XYZ stock and the value of ABC stock by buying ABC stock and selling XYZ stock subject to the condition that ABC 0 575 XYZ 1 19 i e Arb desires to capture a 1 19 difference between XYZ s takeover offer and ABC s share price. In order to fill this pair trade, Arb presents a pair trade request to portfolio manager 9 using client access device 7 The pair trade request typically includes a number of parameters that define the pair trade and that also may be used by portfolio manager 9 in determining how the pair trade request is to be filled Arb typically indicates in the trade request the number of spreads the Arb desires to invest in and also provides a minimum and maximum share amount that he is willing to trade per tranche. For example, Arb may indicate a desire to invest in 100,000 spreads and may only wish t o trade the spread 3,000-8,000 shares at a time Arb generally sets this tranche size range based on the liquidity and volatility of ABC stock and XYZ stock Arb may set a larger minimum tranche size if ABC stock and XYZ stock are fairly liquid stocks because higher liquidity increases the likelihood that a larger tranche size will be executed Arb may set a lower maximum tranche size if XYZ stock and ABC stock are volatile stocks so as to limit the leg risk associated with executing a pair trade. Yet another pair trade parameter Arb provides is the spread limit in the above case 1 19 which is the amount Arb desires to capture in the trade Arb does not have to provide, however, the discrete prices at which trades for ABC and XYZ stock are to be executed as these prices are calculated by pair trading engine 3 and or pair crossing network 5 , as will be described below. Referring now to FIG 2 there is shown a flowchart describing the steps pair trading engine 3 applies to fill a pair trade re quest The flowchart in FIG 2 is based on the above example and the market data listed in Table 1 below. Initially, in Step 201 pair trading engine 3 determines whether the bid bid prices or ask ask prices of ABC and XYZ stock, respectively, meet the spread limit requirement of the particular pair trade request In this case the bid bid spread is 1 4375 122 50 0 575 69 and the ask ask spread is 1 1969 122 625 0 575 69 3125 so that each spread is less than the spread limit of 1 19, as is required for this particular trade Once it is determined that either the bid bid spread or the ask ask spread meets the spread limit, then in Step 202 it is determined as is indicated in Table 1 how much XYZ stock can be sold at the bid and how much ABC stock can be bought at the ask In an exemplary embodiment, the client may specify whether the bid bid spread, the ask ask spread or either the bid bid or the ask ask spread must exceed the indicated spread limit for a transaction to proceed If neither the b id bid spread nor the ask ask spread meets the spread limit, the process waits a period of time for example 0 10 seconds and returns to Step 201 to again test whether the bid bid spread or the ask ask spread meets the spread limit. Next, in step 203 an equivalent amount of stock that can be sent into the market i e bought sold in the market is calculated for a spread based on the bid bid price spread and or the ask ask price spread that meets the spread limit In this example, if a maximum of 10,000 shares of XYZ stock can be sold into the market i e the XYZ bid size then, based on the ABC XYZ ratio of 1 0 575 in this case , a total of 17,391 10,000 0 575 shares of ABC stock are to be bought in order to execute a balanced pair trade Likewise, if a maximum of 1,500 shares of ABC stock can be bought in the market i e the ABC ask size , then, based on the ABC XYZ ratio of 1 0 575 in this case , a total of 863 1500 0 575 shares of XYZ stock are to be sold in order to execute a balanced pair trade. Next, in Step 204 the pair trade share amounts calculated in Step 203 are adjusted to conform to the wave maximum and minimum parameters i e the maximum minimum tranche size included in the pair trade request as well as market round lot limits In the above example, the amount of ABC shares to be bought that was calculated based on the XYZ bid size i e 17,391 is first rounded to an even lot size i e 17,400 and then reduced to the maximum tranche size of 8000 Also, the amount of XYZ shares to be offered that was calculated based on the ABC ask size i e 863 is first rounded to an even lot size i e 900 and then increased to 1,700 shares to meet the minimum tranche size of 3000 3000 0 575 1777 In an exemplary embodiment the minimum and maximum tranche size is scaled by the particular ratio for example, in the above case, the tranche sizes for XYZ stock is scaled by 0 575 In another embodiment, the maximum minimum tranche size is used for each security in the pair trade request without scaling In yet another exemplary embodiment, the pair trade request includes a separate maximum minimum tranche for each security. Once the share amounts for the pair trade are calculated, in Step 205 the share prices that are needed to meet the spread limit of the pair trade request are calculated For example, for a pair trade based on the bid bid price spread, in order to meet the spread limit of 1 19 credit, the price at which ABC stock is to be bid should be no greater than 69 2475 122 50 0 575 1 19 a share Likewise, for a pair trade based on the ask ask price spread, in order to meet the spread limit, the price at which XYZ stock is to be offered should be greater than or equal to 122 6130 69 3125 1 19 0 575 a share. Next, once the pair trade share amounts and share prices have been calculated, in Step 206 pair trading engine 3 sends initiating orders to external markets 13 in order to fill the pair trade request The initiating orders may include an initiating order for executing a pair trade based on the bid bid spread in this case a bid for 8,000 shares of ABC stock at 69 2475 and or an initiating order for executing a pair trade based on the ask ask spread in this case an offer of 1,700 shares of XYZ stock at 122 6130.Finally, as the initiating orders sent to external markets 13 in Step 207 get filled, pair trading engine 3 automatically sends into the market the covering side of the pair trade So, for example, as the initiating order of buying 8,000 shares of ABC stock at 69 2475 gets filled, pair trading engine 3 sends an order to external markets 13 to sell 4,600 8,000 0 575 shares of XYZ stock at 122 50.In an exemplary embodiment, the client s pair trade request includes threshold amounts that indicate the amount of variance in stock price and or share amount the client is willing to absorb For example, if in the process of covering the initiating order the price of XYZ stock dips to 122 49 in which case the spread limit of the pair trade would drop to 1 18 , then pair trading engine 3 would still sell XYZ stock at the price of 122 49 if the 0 01 difference was within the threshold amount included in the pair trade request Similarly, the pair trade request may include threshold amounts for any other pair trade parameter, including by way of non-limiting example, the number of spreads to be purchased and the tranche sizes If, however, a particular threshold amount indicated by the client is exceeded for any given pair trade parameter, then pair trading engine 3 would attempt to cancel the initiating order and or the covering order that may be possible if the orders have not yet reached the market or have not yet been filled In such a case, pair trading engine 3 would then repeat the above analysis for determining suitable initiating and cover orders. To fill a pair trade request, pair trading engine 3 executes trades utilizing the method described above Typically, pair trading engine 3 tranches a pair trade request and trades piece-meal in external markets 13 In certain cases, however, it may be difficult to fill a trade request by executing several transactions in external markets 13 either because the pair trade request is for a very large number of spreads or includes stocks that are illiquid in which cases pair trading engine 3 may be ineffective in filling the pair trade request Also, in certain situations, a client wishing to remain anonymous may indicate in the pair trade request a preference that no orders be sent to external markets 13 In these circumstances, portfolio manager 9 may route the particular pair trade request to pair crossing network 5.Referring now to FIG 3 there is shown a flowchart illustrating the steps pair crossing network 5 applies to fill a pair trade request The flowchart in FIG 3 is based on the above example and the market data listed in Table 2 below. Spread Limit as defined by 0 575 XYZ - ABC. Continuing the previous example, assume the pair trade request issued by Arb for 100,000 spreads was half-filled by pair trading engine 3 Also, assume that system 1 receives a pair trade request from Antiarb that indicates a desire to sell 30,000 shares of ABC and buy 17,200 shares a ratio of 1 0 575 and also indicates a spread limit of 1 30 i e ABC 0 575XYZ 1 30 In this case Arb and Antiarb s orders are complimentary in the primary order elements securities, ratios and buy versus sell Also, Antiarb is willing to pay 0 11 per spread more than Arb is demanding from the marketplace Based on these parameters, there is an opportunity for Arb s and Antiarb s trade requests to be filled via pair crossing network 5.If Antiarb s pair trade request was marked for trading by pair trading engine 3 then portfolio manager 9 sends Antiarb s order to pair trading engine 3 for execution Pair trading engine 3 then sends the parameters of Antiarb s trade reques t, as well as all orders waiting for execution in pair trading engine 3 to pair crossing network 5 Pair crossing network 5 will recognize as described above that there is a crossing opportunity between Arb s order and Antiarb s order In this case, pair crossing network 5 then directs pair trading engine 3 to suspend the execution of Antiarb s order in the amount that can be crossed by pair crossing network 5 30,000 spreads in this case In addition, pair trading engine 3 routes a cross amount of 30,000 spreads from Arb s order to pair crossing network 5 for crossing against Antiarb s order At this point, the pair crossing network 5 crosses the Antiarb order against a portion of Arb s order, as follows. Assume the prevailing market conditions at the time of the cross are as shown in Table 3 Furthermore, Table 3 indicates the XYZ Ratio-Adjusted Value for both the bid and ask prices based on the conversion ratio of 1 0 575 Based on the XYZ Ratio-Adjusted Values, a Bid Ask Spread Range i e t he spread provided for a cross between the bid price of ABC stock and the XYZ Ratio-Adjusted ask price of 1 3863 is calculated and an Ask Bid Spread Range i e the spread provided for a cross between the ask price of ABC stock and the XYZ Ratio-Adjusted bid price of 1 05 is calculated. To perform the cross, in Step 301 pair crossing network 5 first determines whether the range of spread limits associated with Arb s and Antiarb s trade requests i e 1 30- 1 19 coincides with the range of the prevailing market spread 1 3863- 1 05 In this example, the range of spread limits does coincide with the prevailing market spread because at least a portion of the spread limit range overlaps with a portion of the market spread Thus, a cross can occur. Next, in Step 302 pair crossing network 5 calculates the mean of Arb s and Antiarb s spread order limit which is 1 30 1 19 2 1 245 and determines whether the mean is within the range of the market spread i e 1 3863- 1 05 If it is, then in Step 303 pair cr ossing network 5 calculates the prices at which to cross The prices must be within the current markets for ABC stock and XYZ stock, and satisfy market uptick requirements for short sales , and provide a spread that is equal to the spread level calculated above For example, with the inside market for ABC stock at 70 00-70 25 and the inside market for XYZ stock at 124 00-124 15, a cross price of 70 11 for ABC stock and 124 096 for XYZ stock provides the spread of 1 2452 thereby meeting the requirement of both Arb s and Antiarb s trade request Finally, in Step 304 pair crossing network 5 crosses 30,000 shares of ABC stock at 70 11 with Arb buying and Antiarb selling and 17,200 shares of XYZ at 124 096 with Arb selling and Antiarb buying. If it is determined in Step 302 that the mean of Arb s and Antiarb s spread order limits does not fall within the range of the market spread, then in Step 305 the spread closest to the mean of the two spread limits that is also within the market spread is calculated For example, if the market spread is 1 3863- 1 28, then the mean of the two spread limits 1 245 is not within the market spread In such a case, 1 28 is selected as the spread level that is closest to the mean and within the market spread In an exemplary embodiment, the spread level at which Arb and Antiarb cross can be determined in any other suitable manner as long as the spread level is within the market spread and within the range of spread limits indicated in the pair trade requests. Once the spread level is determined, the method proceeds to Step 303 in which pair crossing network 5 calculates prices to cross at that are within the current markets for ABC stock and XYZ stock and that meet the calculated spread level In the case where the calculated spread level is 1 28, the cross will occur at a price of 70 08 for ABC stock and 124 1043 for XYZ stock Finally, the method proceeds to Step 304 in which pair crossing network 5 performs the cross between Arb and Antiarb. Once a pair trade request is filled or partially filled , the transaction details are reported to portfolio manager 9 and made available to the client operating client access device 7.In the previous example, pair crossing network 5 crosses orders in which both Arb and Antiarb desire to trade the same pair of securities in the same ratio In an exemplary embodiment, pair crossing network 5 executes a cross between two pair trade requests that are not perfectly matched. For example, assume that pair crossing network 5 receives the pair trade requests as shown in Table 4 Note that these two pair trade requests are imperfectly matched because each trade request uses a different ratio between ABC and XYZ stock. Arb s Spread Limit is defined by 0 575 XYZ - ABC. Antiarb s Spread Limit is defined by 0 6 XYZ - ABC. Also, assume the market in ABC and XYZ stocks at the time the pair trade requests are received by pair crossing network 5 is as described in Table 5 below. Arb s XYZ Ratio-Adjusted Value. Arb s Dollar Range. AntiArb s XYZ Ratio-Adjusted Value. AntiArb s Dollar Range. Referring now to FIG 4 there is shown a flowchart illustrating a process by which pair crossing network 5 fills these imperfectly matched order First, in Step 401 pair crossing network 5 determines whether Arb s buy security equals Antiarb s sell security and whether Arb s sell security equals Antiarb s buy security If both conditions are not met, then a cross between the two orders cannot occur If the two conditions are met, then in Step 402 it is determined whether Arb s buy ratio equals Antiarb s sell ratio and whether Arb s sell ratio equals Antiarb s buy ratio If these ratios are the same, then pair crossing network 5 procee ds to cross the two orders as described in the example above Note that for a cross to occur at this stage does not require the ratios themselves to match but rather that the ratios of the ratios match for e g a ratio of 2 3 matches a ratio of 0 667 1.If, however, the two ratios are not equal as in this case where Arb s sell ratio does not equal Antiarb s buy ratio , then in Step 403 pair crossing network determines whether there is an overlap between Arb s and Antiarb s spread limit that also falls within the bid ask market for ABC and XYZ stock To make such a determination, pair crossing network 5 calculates whether there are market prices for both ABC and XYZ stock that satisfy the following inequalities L 1 Ratio A ABC Ratio B XYZ and 1 L 2 Ratio C ABC Ratio D XYZ 2 Where L1 is Arb s spread limit of 1 19 credit, L2 is Antiarb s spread limit of 4 40 debit, RatioA is Arb s buy ratio of 1 1, RatioB is Arb s sell ratio of 1 0 575, RatioC is Antiarb s sell ratio of 1 1 and RatioD is Anti arb s buy ratio of 1 0 6.Referring now to FIG 5 there is shown a graph 51 that depicts market prices for ABC and XYZ stock that meet the spread limits of Arb and Antiarb In graph 51 the x-axis represents the prices for XYZ stock while the y-axis represents the prices for ABC stock Graph 51 includes a shaded area 53 that is the universe of market prices for ABC and XYZ stock that could satisfy the spread trade involving those stocks Also included in graph 53 is a spreadlimit line L1 inequality 1 , above that represents the spread limit associated with Arb and a spread limit line L2 inequality 2 , above that represents the spread limit associated with Antiarb Thus, the solution set of market prices that satisfies inequalities 1 and 2 is the portion of dark shared area 53 that falls between spread limit line L1 and spread limit line L2 In this example, a cross at a share price for ABC of 70 14 and a share price of 124 15 for XYZ stock meets the investor s spread limits and falls within th e market prices for ABC and XYZ stock. If it is determined that no share prices for both ABC and XYZ stock satisfy Arb s and Antiarb s spread limits, then no cross can occur If such share prices do exist, then in Step 404 it is determined which of the investors desires to transact in fewer shares of ABC stock and a mismatch in share amounts caused by the differing ratios is determined In our example, Antiarb desires to sell fewer ABC shares than Arb desires to buy 30,000 vs 50,000 Then, in Step 405 pair crossing network 5 determines the number of XYZ shares that can be crossed between Arb and Antiarb based on the maximum amount of ABC shares that can be crossed 30,000 in this example Based on the Antiarb ABC order quantity of 30,000 shares, the maximum number of XYZ shares that Arb will cross with Antiarb is.30 000 Arb XYZ Ratio Arb ABC Ratio 30 000 0 575 1 17 300 17 250 rounded to an even lotsize. While the maximum quantity of XYZ shares that Arb will cross is 17,300, Antiarb s trade re quest indicates a desire to cross 18,000 shares To overcome this imbalance, in Step 406 pair crossing network 5 is in communications with external markets 13 for determining whether the excess 700 XYZ shares needed to satisfy Antiarb s trade request can be transacted for in external markets 13 In an exemplary embodiment, pair crossing network 5 makes this determination by issuing a query to pair trading engine 3 as to whether 700 shares of XYZ stock can be bought in external markets 13 Because, as indicated in Table 5, 3,000 shares of XYZ stock are offered at 124 15, pair trading engine 3 responds to pair crossing network 5 that the 700 shares needed to balance the cross between Arb and Antiarb are available from external markets 13 at 124 15.Next, in Step 407 pair crossing network calculates the cross prices that are necessary such that Arb and Antiarb achieve their respective spread limits while also incorporating the excess 700 shares of XYZ stock that must be purchased from externa l markets 13 at 124 15 to satisfy Antiarb s trade request An example of such cross prices that meet these criteria is a price of 70 14 for ABC stock and a price of 124 15 for XYZ stock. Once the cross prices are calculated, in Step 408 pair crossing network 5 crosses 30,000 shares of ABC stock and 17,300 shares of XYZ stock between Arb and Antiarb and also buys 700 shares of XYZ stock at 124 15 in external markets 13 on behalf of Antiarb Thus, both Arb and Antiarb s pair trade requests are satisfied. Alternatively, the entire 18,000 shares of XYZ stock may be crossed thereby fully satisfying Antiarb s trade request In such a case, the ratio mismatch is addressed by Arb purchasing an additional 1200 700 0 575 rounded to a lotsize shares of ABC stock from external market 13 or from firm inventory 11.Once the trade is completed, the details of the transaction are provided to portfolio manager 9 to report the transaction details to the investors. In an exemplary embodiment, a pair order or po rtion thereof may be filled against an internal inventory 11 of trade requests maintained by the financial institution operating system 1 For example, in the previous example in which an excess of 700 shares of XYZ stock needs to be purchased in order for a match i e cross between Arb and Antiarb s trade requests to occur, instead of determining whether the 700 shares are available in external markets 3 pair crossing network 5 examines firm inventory 11 to determine whether the shares are available at the required price Likewise, in cases where pair trading engine 3 desires to execute a pair trade based on orders to be sent to external markets 13 pair trading engine 3 may first determine whether the order can be filled, in whole or in part, using trade requests pending in firm inventory 11 Generally, the advantages of filling an order using pending trade requests in firm inventory 11 is that execution is faster, transaction costs are lower and leg risk is minimized. In another exemplary embodiment, a client s pair trade request may also include a minimum number of spreads that can be traded in pair crossing network 5 Also, pair crossing network 5 may be designed to require a minimum share amount for a cross to occur A minimum number of spreads that can be traded may be provided in order to reduce the distractions and booking costs associated with numerous smaller trades that may exceed the benefits of a de minimis fill. In another exemplary embodiment, portfolio manager 9 publishes the inside cross market for any pair that a client has selected for crossing in pair crossing network 5 In still another exemplary embodiment, the client has the option for each pair trade selected for crossing in pair crossing network 5 to designate that the order should be reflected in the published inside cross market This inside cross market consists of the tightest spread bid and offer and corresponding bid size and offer size from all client pair orders pending in pair crossing networ k 5 In this way, a client can assess the likelihood and timing of a pair trade request being filled by pair crossing network 5 Also, by publishing the client s spread interest, others seeking liquidity can trade at the client s level. In an exemplary embodiment, the client can designate each pair order designated for pair trading engine 3 and or pair crossing network 5 for Broker Negotiation If Broker Negotiation is designated, the client s broker-dealer sales representative is notified of the client s spread order thereby prompting the broker-dealer to solicit a complementary, agency order from another client The client may also designate each pair order for Broker Facilitation in which case the client allows the broker-dealer to act principally to fill the client s order. In summary, the advantages to a client of using pair trading engine 3 is that pair trading engine 3 allows the client to trade a spread order while limiting leg risk or the risk of missing a targeted spread level This is accomplished by breaking the total order into tranches of sizes proportionate to the market, subject to user minimums and maximums, that can be traded in external markets 13 or against firm inventory 11 Orders executed via pair trading engine 3 however, are typically of a lower traded volume because trading is constrained to the liquidity available in the market In contrast, trades executed via pair crossing network 5 are not constrained by market liquidity and do not have to be tranched to minimize leg risk In particular, the benefits of filling a pair trade request via pair crossing network 5 are as follows. Elimination of Leg Risk Pair crossing network 5 potentially provides a deeper well of liquidity because the trades are brokered, as a spread, directly between spread investors via a central clearing facility Moreover, the introduction and use of a pair trading facility eliminates the leg risk described above without a sacrifice of liquidity. Large Transactions Only Certain larg e investors may prefer to use pair crossing network 5 rather than pair trading engine 3 to avoid having a trade request broken up into numerous small executions For example, sudden, brief moves in one of the two stocks included in the pair trade request may cause pair trading engine 3 to issue numerous small executions to fill the request While a small investor may welcome capturing these small opportunities, a large investor may find such small executions to be more of a nuisance than a service. Price Setting versus Price Taking Large investors seeking liquidity may prefer to set their price via the pair crossing network 5 Also, other spread investors looking for liquidity can use pair crossing network 5 to monitor and trade with the large investor at the large investor s level While client orders directed to pair trading engine 3 can designate a spread limit, such orders are essentially price-takers as the market reaches the desired level, the orders are executed Moreover, the pair tr ading engine tranching mechanism creates relatively small orders, allowing institutional flows to move the individual stocks As a result, the small, tranched orders generated by pair trading engine 3 can become overpowered by single-name institutional flows In addition, orders designated solely for pair trading engine 3 and not for pair crossing network 5 are not published to a central quote facility such as by portfolio manager 9 thereby preventing other spread traders from knowing the size and limit of a pair trading engine order. Illiquid Stocks vs Liquid Stocks Spreads that include one or two illiquid stocks are difficult to fill using pair trading engine 3 alone Because illiquid stocks often demonstrate small bid and ask sizes and wide bid-ask spreads, pair trading engine 3 will typically only issue market orders having small quantities subject to user minimums and maximums that presents the client with greater leg risk from mid-trade changes in the bid-ask prices In contrast, orde rs routed to price crossing network 5 are not confined by liquidity in the market place thereby allowing large crosses between spread traders in illiquid spreads. Accordingly, a system and method for trading pair securities is provided in which the client receives the benefits of having a pair order filled by either pair trading engine 3 pair crossing network 5 or a combination of both. A number of embodiments of the present invention have been described Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention Based on the above description, it will be obvious to one of ordinary skill to implement the system and methods of the present invention in one or more computer programs that are executable on a programmable system including at least one programmable processor coupled to receive data and instructions from, and to transmit data and instructions to, a data storage system, at least one input device, and at least one output device Each computer program may be implemented in a high-level procedural or object-oriented programming language, or in assembly or machine language if desired and in any case, the language may be a compiled or interpreted language Suitable processors include, by way of example, both general and special purpose microprocessors Furthermore, alternate embodiments of the invention that implement the system in hardware, firmware or a combination of both hardware and software, as well as distributing modules and or data in a different fashion will be apparent to those skilled in the art and are also within the scope of the invention In addition, it will be obvious to one of ordinary skill to use a conventional database management system such as, by way of non-limiting example, Sybase, Oracle and DB2, as a platform for implementing the present invention Also, network access devices can comprise a personal computer executing an operating system such as Microsoft Windows , U nix , or Apple Mac OS , as well as software applications, such as a JAVA program or a web browser Access devices can also be a terminal device, a palm-type computer, mobile WEB access device or other device that can adhere to a point-to-point or network communication protocol such as the Internet protocol Computers and network access devices can include a processor, RAM and or ROM memory, a display capability, an input device and hard disk or other relatively permanent storage Accordingly, other embodiments are within the scope of the following claims. It will thus be seen that the objects set forth above, among those made apparent from the preceding description, are efficiently attained and, since certain changes may be made in carrying out the above process, in a described product, and in the construction set forth without departing from the spirit and scope of the invention, it is intended that all matter contained in the above description shown in the accompanying drawing shall be i nterpreted as illustrative and not in a limiting sense. It is also to be understood that the following claims are intended to cover all of the generic and specific features of the invention herein described, and all statements of the scope of the invention, which, as a matter of language, might be said to fall therebetween. A method is provided for fulfilling a pair trade request and includes the steps of receiving a plurality of pair trade requests executing a transaction for a first portion of one of the plurality of pair trade requests and matching a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests. 20.The invention claimed is.1 A computer-implemented method for fulfilling a pair trade request, said pair trade request performed by a financial institution having an order inventory, the method comprising the steps of. receiving a plurality of pair trade requests, comprising at least one pair trade request, wherein said pair trade request comprises a request to trade a first security, a request to trade a second security, and a request to trade said first security and said second security with a minimum spread limit, and wherein said first security and said second security each have a bid price and an ask price. determining the bid bid spread in the market of said first security and said second security. determining the ask ask spread in the market of said first security and said second security. determining that the minimum spread limit of said pair trade request is met by a range of said bid bid spread and said ask ask spread. executing a transaction between a first portion of the trade of said first security in said one pair trade request and at least one non-pair trade request in an external market, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread and. executing a transaction between one of a second portion of said trade of said first security in said one pair trade request or a first portion of the trade of said second security in said one pair trade request, and at least one non-pair trade request in said order inventory, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread. wherein at least one of said steps is implemented with a computer.2 The method of claim 1 further comprising. executing a transaction between a portion of the trade of said second security in said one pair trade request and at least another non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread. and wherein the steps of executing said first portion of the trade of said first security in said one pair trade request and executing said portion of the trade of said second security in said one pair trade request include the steps of. determining whether the bid price of the first security and the bid price of the second security meet a spread limit. determining an amount of the second security that can be sold based on a bid size associated with the second security. calculating an equivalent amount of said first security that can be bought based on the amount of said second security that can be sold. adjusting said equivalent amount of said first security based on adjustment criteria. calculating a purchase price for said adjusted equivalent amount of said first security based on the spread limit. executing an initiating order to buy said adjusted equivalent amount of said first security at said purchase price a nd. executing a covering order to sell said amount of the second security.3 The method of claim 2 wherein the step of executing a covering order to sell includes the step of. executing a covering order to sell said amount of the second security at the bid price of the second security.4 The method of claim 2 further comprising the steps of. determining whether the ask price of the first security and the ask price of the second security meet a spread limit. determining an amount of the first security that can be bought based on an offer size associated with the first security. calculating an equivalent amount of said second security that can be sold based on the amount of the second security that can be bought. adjusting said equivalent amount of said second security based on adjustment criteria. calculating a selling price for said adjusted equivalent amount of said second security based on the spread limit. executing an initiating order to sell said adjusted equivalent amount of said second se curity at said selling price and. executing a covering order to purchase said amount of the first security.5 The method of claim 4 wherein the step of executing a covering order to purchase includes the step of. executing a covering order to purchase said amount of the first security at the ask price of the first security.6 The method of claim 4 wherein said adjustment criteria include a minimum amount and a maximum amount.7 The method of claim 4 wherein the step of executing an initiating order includes the step of. rounding said initiating order to a round lot size.8 The method of claim 1 further comprising. executing a transaction between a portion of the trade of said second security in said one pair trade request and at least another non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread. and wherein the steps of executing said first portion of the trade of said first security in said one pair trade request and executing said portion of the trade of said second security in said one pair trade request includes the steps of. determining whether the ask price of the first security and the ask price of the second security meet a spread limit. determining an amount of the second security that can be bought based on an ask size associated with the second security. calculating an equivalent amount of said first security that can be sold based on the amount of the second security that can be bought. adjusting said equivalent amount of said first security based on adjustment criteria. calculating a selling price for said adjusted equivalent amount of said first security based on the spread limit. executing an initiating order to sell said adjusted equivalent amount of said first security at said selling price and. executing a covering order to purchase said amount of said second security.9 The method of claim 1 wherein at least one of the executing steps include the step of. ex ecuting at least a portion of the trade of said first security or said second security in said one pair trade request in a plurality of tranches.10 The method of claim 1 wherein said plurality of pair trade requests comprises another pair trade request, wherein said another pair trade request comprises a request to trade said first security, a request to trade said second security and wherein said one pair trade request has a first spread limit and said another pair trade request has a second spread limit and wherein said method further comprises the steps of. determining that the minimum spread limit of said another pair trade request is met by said range of said bid bid spread and said ask ask spread and. matching another portion of said trade of said first security in said one pair trade request and at least another portion of said trade of said second security in said one pair trade request against said another pair trade request, provided that a range of the minimum spread limit of said one pair trade request and said another pair trade request overlaps with said range of said bid bid spread and said ask ask spread.11 The method of claim 10 wherein said matching step further includes the steps of. determining that a range of said first spread limit and said second spread limit overlaps with a market spread. setting a spread level. calculating prices for the first security and the second security that are within the market spread and based on said spread level and. matching said another portion of said trade of said first security in said one pair trade request and at least said another portion of the trade of said second security in said one pair trade request against said another pair trade request based on said calculated prices.12 The method of claim 11 wherein the step of setting a spread level includes the steps of. calculating a mean between said first spread limit and said second spread limit and. setting said spread level as said mean if said mean is within sai d market spread.13 The method of claim 12 further including the step of. identifying a spread amount that is closest to said mean and within said market spread and. setting said spread level as said spread amount if said mean is not within said market spread.14 A computer-implemented method for fulfilling a pair trade request, comprising the steps of. receiving a plurality of pair trade requests, comprising at least one pair trade request, wherein said pair trade request comprises a request to trade a first security, a request to trade a second security, and a request to trade said first security and said second security with a minimum spread limit, and wherein said first security and said second security each have a bid price and an ask price. determining the bid bid spread in the market of said first security and said second security. determining the ask ask spread in the market of said first security and said second security. determining that the minimum spread limit of said pair trade re quest is met by a range of said bid bid spread and said ask ask spread. executing a transaction between a first portion of the trade of said first security in said one pair trade request and at least a first non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread. executing a transaction between a first portion of the trade of said second security in said one pair trade request and at least a second non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread and. repeating the executing steps until the pair trade request is fulfilled. wherein at least one of said steps is implemented with a computer.15 The method of claim 14 wherein at least one of the repeated steps includes the step of. executing a transaction for a portion of the trade of said first security in said one pair trade re quest in an external market.16 The method of claim 14 wherein at least one of the repeated executing steps is performed by a financial institution having an order inventory and at least said one of said repeated steps includes the step of. executing a transaction for a portion of the trade of said first security in said one pair trade request against said order inventory.17 The method of claim 14 wherein said plurality of pair trade requests comprises another pair trade request, wherein said another pair trade request comprises a request to trade said first security, a request to trade said second security and a request said first security and said second security with a second minimum spread limit, the method further comprising the steps of. determining that the minimum spread limit of said another pair trade request is met by said range of said bid bid spread and said ask ask spread and. matching a second portion of said trade of said first security in said one pair trade request and at least a first portion of the trade of said second security in said one pair trade request against said another pair trade request, provided that a range of the minimum spread limit of said one pair trade request and said another pair trade request overlaps with said range of said bid bid spread and said ask ask spread.18 A computer readable storage medium storing instructions for fulfilling a pair trade request that, when executed by a computer, cause the computer to. receive a plurality of pair trade requests, comprising at least one pair trade request, wherein said pair trade request comprises a request to trade a first security, a request to trade a second security, and a request to trade said first security and said second security with a minimum spread limit, and wherein said first security and said second security each have a bid price and an ask price. determine the bid bid spread in the market of said first security and said second security. determine the ask ask spread in the ma rket of said first security and said second security. determine that the minimum spread limit of said pair trade request is met by a range of said bid bid spread and said ask ask spread. execute a transaction between a first portion of the trade of said first security in said one pair trade request and at least one non-pair trade request in an external market, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread and. execute a transaction between one of a second portion of said trade of said first security in said one pair trade request or a first portion of the trade of said second security in said one pair trade request, and at least one non-pair trade request in said order inventory, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread.19 A computer readable storage medium storing instructions for fulfilling a pair tra de request that, when executed by a computer, cause the computer to. receive a plurality of pair trade requests, comprising at least one pair trade request, wherein said pair trade request comprises a request to trade a first security, a request to trade a second security, and a request to trade said first security and said second security with a minimum spread limit, and wherein said first security and said second security each have a bid price and an ask price. determine the bid bid spread in the market of said first security and said second security. determine the ask ask spread in the market of said first security and said second security. determine that the minimum spread limit of said pair trade request is met by a range of said bid bid spread and said ask ask spread. execute a transaction between a first portion of the trade of said first security in said one pair trade request and at least a first non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread. execute a transaction between a first portion of the trade of said second security in said one pair trade request and at least a second non-pair trade request, provided that the minimum spread limit of said one pair trade request is met by said range of said bid bid spread and said ask ask spread and. repeat the executing steps until the pair trade request is fulfilled.20 The method of claim 19 wherein at least one non-pair trade request is selected from the group consisting of an external market order and an order from an inventory from a financial institution. CROSS-REFERENCE TO RELATED APPLICATIONS. This application is a divisional application of U S patent application Ser No 10 206,549, entitled Pair trading system and method , which was filed on Jul 25, 2002 now U S Pat No 7,412,415, which claims priority to U S provisional patent application Ser No 60 334,163 entitled Method and System for Trading Pairs of S ecurities that was filed on Nov 29, 2001 The contents of both applications are herein incorporated by reference. The following invention relates to a system and method for trading securities and, in particular, for a system and method of trading securities in pairs. A recognized strategy for trading securities is known as pair-trading Pair-trading is a non-directional investment strategy in which the investor identifies two securities having similar characteristics and the securities are currently trading at a price relationship that is out of their historical trading range The investor exploits the price relationship between the securities by buying the undervalued security while short-selling the overvalued security Because pair-trading is a market-neutral strategy, it is a particularly desirable strategy for investing in volatile markets. One context in which pair trading is useful is where an investor desires to take advantage of an arbitrage opportunity resulting from a merger betwee n two companies For example, Company A has announced a definitive agreement to acquire Company T in which case Company T shareholders will receive 0 5 shares of Company A stock for each share of Company T stock they own The investor desires to capture the spread between the offered consideration 0 5 shares of A and the price of T stock To do this, the investor buys shares in T stock and sells shares of A stock. For instance, if stock T is trading at 28 per share and stock A is trading at 60 per share, then the investor may execute a trade for 200,000 spreads by buying 200,000 shares of T stock and selling 100,000 shares of A stock After the merger takes place, the investor will cover the short position in stock A with the 100,000 shares of A stock the investors receives in exchange of the 200,000 shares the investor held of stock T Thus, by executing the pair trade, the investor locks in a 400,000 profit assuming that the merger goes through The process of executing a pair trade thus in cludes executing individual trades directed to each leg of the pair trade request An example of a system for executing trades for filling a pair trade request is the Quantex system from ITG of 380 Madison Avenue, New York, N Y 10017.A challenge in implementing a pair trade is to find a counterparty for a particular position an investor desires to establish while minimizing leg risk Typically, a large pair trade is performed off the market as a private transaction negotiated by a financial institution that services large clients For example, if an investor desires to execute a pair trade betting that a proposed merger between two companies will go through, the investor would approach a financial institution seeking an investor that is willing to bet against the merger The financial institution then acts as an intermediary between the two investors in which the investors establish equal and opposite positions in the stock of the proposed merger partners thereby completing the pair trade Thus by matching two pair trade requests so that the transactions associated with each of the pair trade legs are executed simultaneously, neither investor is exposed to leg risk that would otherwise result for the period of time between execution of the first leg and the second leg of the pair trade. There are numerous drawbacks associated with the prevalent pair-trading practice First, pair-trading is typically limited to clients of large financial institutions that have the ability to identify suitable counterparties for a particular pair trade This is especially the case when the pair trade involves a large amount of stock or illiquid stocks in which the only way to execute the trade and minimize leg risk is via an off the market transaction negotiated by a financial institution Also, because a pair-trade is typically negotiated by the parties with a financial institution as an intermediary, the process is often slow and inefficient Furthermore, pair-trading under current practice i s generally best suited for large clients seeking to establish large positions thereby providing the financial institutions with the economic incentive to execute the transaction Smaller clients, however, must rely on the markets for executing pair trades, which is unsuitable for illiquid stocks and also results in increased leg risk. Accordingly, it is desirable to provide a system and method for trading securities in pairs. SUMMARY OF THE INVENTION. The present invention is directed to overcoming the drawbacks of the prior art pair trading practices Under the present invention a method is provided for fulfilling a pair trade request and includes the steps of receiving a plurality of pair trade requests executing a transaction for a first portion of one of the plurality of pair trade requests and matching a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests. In an exemplary embodiment, the method includes the step of e xecuting a transaction for a first portion of one of the plurality of pair trade requests in an external market. In another exemplary embodiment, the method includes the step of executing a transaction for a first portion of one of the plurality of pair trade requests against the order inventory. In yet another exemplary embodiment, the pair trade request includes a first security having a bid price and an ask price and a second security having a bid price and an ask price, and the method includes the steps of determining whether the bid price of the first security and the bid price of the second security meet a spread limit determining an amount of the second security that can be sold based on a bid size associated with the second security calculating an equivalent amount of the first security that can be bought based on the amount of the second security that can be sold adjusting the equivalent amount of the first security based on adjustment criteria calculating a purchase price for t he adjusted equivalent amount of the first security based on the spread limit executing an initiating order to buy the adjusted equivalent amount of the first security at the purchase price and executing a covering order to sell the amount of the second security. In still yet another exemplary embodiment, the method includes the step of executing a covering order to sell the amount of the second security at the bid price of the second security. In an exemplary embodiment, the method includes the steps of determining whether the ask price of the first security and the ask price of the second security and or the bid price of the first security and the bid price of the second security meet a spread limit determining an amount of the first security that can be bought based on an offer size associated with the first security calculating an equivalent amount of the second security that can be sold based on the amount of the second security that can be bought adjusting the equivalent amount of the second security based on adjustment criteria calculating a selling price for the adjusted equivalent amount of the second security based on the spread limit executing an initiating order to sell the adjusted equivalent amount of the second security at the selling price and executing a covering order to purchase the amount of the first security. In another exemplary embodiment, the method includes the step of executing a covering order to purchase the amount of the first security at the ask price of the first security. In yet another exemplary embodiment, the adjustment criteria include a minimum amount and a maximum amount. In still yet another exemplary embodiment, the method includes the step of rounding the initiating order to a round lot size. In an exemplary embodiment, the method includes the step of executing a first portion of one of the plurality of pair trade requests in a plurality of tranches. In another exemplary embodiment, the one of the plurality of pair trade requests a nd the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit and the another of said plurality of trade requests has a second spread limit and wherein the method includes the steps of determining that a range of the first spread limit and the second spread limit overlaps with a market spread setting a spread level calculating prices for the first security and the second security that are within the market spread and based on the spread level and matching the second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices. In yet another exemplary embodiment, the method includes the steps of calculating a mean between the first spread limit and the second spread limit and setting the spread level as the mean if the mean is within the market spread. In still yet another exemplary embodimen t, the method includes the step of identifying a spread amount that is closest to the mean and within the market spread and setting the spread level as the spread amount if the mean is not within the market spread. In an exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit, a buy ratio and a sell ratio, the another of the plurality of trade requests has a second spread limit, a buy ratio and a sell ratio and the method includes the steps of determining that the buy ratio and the sell ratio associated with the one of the plurality of trade requests does not equal the buy ratio and the sell ratio of the another of the plurality of trade requests and that an overlap exists between range of the first spread limit and the second spread limit and a market spread determining that market prices exist tha t are within the overlap determining a mismatch amount in the second security based on a difference between the buy ratio and the sell ratio associated with the one of the plurality of trade requests and the buy ratio and the sell ratio of the another of the plurality of trade requests calculating a cross amount for the first security and the second security selecting a crossing price for the first security and the second security that is within the overlap determining that the mismatch amount is available at the crossing price for the second security matching the second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices and executing a transaction for the mismatch amount of the second security at the crossing price for the second security. In another exemplary embodiment, the method includes the step of determining that the mismatch amount is available in an external market at the crossing pr ice for the second security. In yet another exemplary embodiment, the method is performed by a financial institution having order inventory and includes the step of determining that the mismatch amount is available in the order inventory at the crossing price for the second security. In still yet another exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests indicate a number of spreads and the method includes the step of matching a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests if the number of spreads is greater than a minimum number of spreads. In an exemplary embodiment, the method includes the step of receiving a preference for filling at least some of the plurality of trade requests via the step of executing a transaction for a first portion of one of the plurality of pair trade requests, described above. In another exemplary embodiment, th e method includes the step of receiving a preference for filling at least some of the plurality of trade requests via the step of matching a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests, described above. Under the present invention, a method for fulfilling a pair trade request is provided and includes the steps of receiving a plurality of pair trade requests and matching at least a portion of one of the plurality of pair trade requests against another of the plurality of pair trade requests. Under the present invention, a system for fulfilling a pair trade request is provided, the system receiving a plurality of pair trade requests and includes a pair trading engine for executing a transaction for a first portion of one of the plurality of pair trade requests The system also includes a pair crossing network for matching a second portion of said one of the plurality of pair trade requests against another of the p lurality of pair trade requests. In an exemplary embodiment, the system includes a link to external markets and wherein the pair trading engine executes the transaction for the first portion of one of the plurality of pair trade requests in the external markets. In another exemplary embodiment, the system includes a financial institution having an order inventory and wherein the pair trading engine executes the transaction for the first portion of one of the plurality of pair trade requests against the order inventory. In yet another exemplary embodiment, the pair trade request includes a first security having a bid price and an ask price and a second security having a bid price and an ask price, and wherein the pair trading engine determines whether the bid price of the first security and the bid price of the second security meet a spread limit determines an amount of the second security that can be sold based on a bid size associated with the second security calculates an equivalent amo unt of the first security that can be bought based on the amount of the second security that can be sold adjusts the equivalent amount of the first security based on adjustment criteria calculates a purchase price for the adjusted equivalent amount of the first security based on the spread limit executes an initiating order to buy said adjusted equivalent amount of the first security at the purchase price and executes a covering order to sell the amount of the second security. In still yet another exemplary embodiment, the pair trading engine executes a covering order to sell the amount of the second security at the bid price of the second security. In an exemplary embodiment, the pair trading engine determines whether the ask price of the first security and the ask price of the second security meet a spread limit determines an amount of the first security that can be bought based on an offer size associated with the first security calculates an equivalent amount of the second security t hat can be sold based on the amount of the second security that can be bought adjusts said equivalent amount of the second security based on adjustment criteria calculates a selling price for the adjusted equivalent amount of the second security based on the spread limit executes an initiating order to sell the adjusted equivalent amount of the second security at the selling price and executes a covering order to purchase the amount of the first security. In another exemplary embodiment, the pair trading engine executes a covering order to purchase the amount of the first security at the ask price of the first security. In yet another exemplary embodiment, the pair trading engine rounds the initiating order to a round lot size. In still yet another exemplary embodiment, the pair trading engine executes a first portion of one of the plurality of pair trade requests in a plurality of tranches. In an exemplary embodiment, the one of the plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit and the another of the plurality of trade requests has a second spread limit and wherein the pair crossing network determines that a range of the first spread limit and the second spread limit overlaps with a market spread sets a spread level calculates prices for the first security and the second security that are within the market spread and based on the spread level and matches the second portion of said one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices. In another exemplary embodiment, the pair crossing network calculates a mean between the first spread limit and the second spread limit and sets the spread level as the mean if the mean is within the market spread. In yet another exemplary embodiment, the pair crossing network identifies a spread amount that is closest to the mean and within the market spread and sets the spread level as the spread amount if the mean is not within the market spread. In still yet another exemplary embodiment, the one of said plurality of pair trade requests and the another of the plurality of pair trade requests include a first security and a second security, the one of the plurality of pair trade requests has a first spread limit, a buy ratio and a sell ratio, the another of the plurality of trade requests has a second spread limit, a buy ratio and a sell ratio and wherein the pair crossing network determines that the buy ratio and the sell ratio associated with the one of the plurality of trade requests does not equal the buy ratio and the sell ratio of the another of the plurality of trade requests and that an overlap exists between range of the first spread limit and the second spread limit and a market spread determines that market prices exist that are within the overlap determines a mismatch amou nt in the second security based on a difference between the buy ratio and the sell ratio associated with the one of the plurality of trade requests and the buy ratio and the sell ratio of the another of the plurality of trade requests calculates a cross amount for the first security and the second security selects a crossing price for the first security and the second security that is within said overlap determines that the mismatch amount is available at the crossing price for the second security matches the second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests based on the calculated prices and executes a transaction for the mismatch amount of the second security at the crossing price for the second security. In an exemplary embodiment, the pair crossing network determines that the mismatch amount is available in an external market at the crossing price for the second security. In another exemplary embodiment, the pair crossing network determines that the mismatch amount is available in the order inventory at the crossing price for the second security. In yet another exemplary embodiment, the one of said plurality of pair trade requests and the another of the plurality of pair trade requests indicate a number of spreads and wherein the pair crossing network matches a second portion of the one of the plurality of pair trade requests against another of the plurality of pair trade requests if the number of spreads is greater than a minimum number of spreads. In still yet another exemplary embodiment, the plurality of pair trade requests include at least some pair trade requests indicating a preference for execution via said pair crossing network, and the system further includes a portfolio manager in communications with the pair crossing network, the portfolio manager receiving the plurality of pair trade requests and routing the at least some pair trade requests to the pair crossing network according to the preference. In an exemplary embodiment, the system includes a pair trading engine for executing at least some of the plurality of pair trade requests, further includes a portfolio manager in communications with the pair trading engine and wherein the plurality of pair trade requests include at least some pair trade requests indicating a preference for execution via the pair trading engine, the portfolio manager receiving the plurality of pair trade requests and routing the at least some of the plurality of trade requests to the pair trading engine according to the preference. Under the present invention, a system for fulfilling a pair trade request is provided, wherein the system receives a plurality of pair trade requests and includes a pair crossing network for matching at least one of the plurality of pair trade requests against another of the plurality of pair trade requests. Accordingly, a method and a system are provided for trading pair securities. The invention accordingly com prises the features of construction, combination of elements and arrangement of parts that will be exemplified in the following detailed disclosure, and the scope of the invention will be indicated in the claims Other features and advantages of the invention will be apparent from the description, the drawings and the claims. DESCRIPTION OF THE DRAWINGS. For a fuller understanding of the invention, reference is made to the following description taken in conjunction with the accompanying drawings, in which. FIG 1 is a block diagram of a system for trading securities in pairs according to the present invention. FIG 2 is a flowchart of the steps a pair trading engine included in the system of FIG 1 applies to fill a pair trade request. FIG 3 is a flowchart of the steps a pair crossing network included in the system of FIG 1 applies to fill a pair trade request. FIG 4 is a flowchart of a process by which the pair crossing network of the system of FIG 1 fills imperfectly matched orders and. FIG 5 i s a graph for identifying the market prices for two securities that meet the required spread limits. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS. Referring now to FIG 1 there is shown a block diagram of a system 1 for trading securities in pairs according to the present invention System 1 receives pair trade requests from clients operating client access devices 7 and attempts to fill the pair trade requests according to the parameters associated with the particular pair trade request System 1 includes two different subsystems for filling pair trade requests a pair trading engine 3 and a pair crossing network 5 As will be described below, pair trading engine 3 receives a pair trade request and attempts to fill in whole or in part the trade request by executing the appropriate trades in an external market 13 that may include, by way of non-limiting example, the New York Stock Exchange, the NASDAQ or any other financial market Pair trading engine 3 may also fill in whole or in part a pair trade request by executing a transaction against order inventory 11 of non-pair trade requests controlled by the financial institution that is operating system 1 In addition, pair trading engine may also fill in whole or in part a pair trade request by forwarding the trade request to pair crossing network 5 for matching with other pair trade requests. Likewise, pair crossing network 5 receives a pair trade request and fulfills in whole or in part the request by matching it against another pair trade request received by pair crossing network 5 by matching the request against inventory 11 controlled by the financial institution and or by forwarding the trade request to pair trading engine 3 for execution in external markets 13.System 1 also includes a portfolio manager 9 that may be, for example, a software program executing on a computer system that receives the pair trade requests from client access device 7 and presents the trade request to either pair trading engine 3 pair crossi ng network 5 or both, depending on the trade parameters set by the client Also, the client may query portfolio manager 9 regarding the status of any pair trade request the client has presented to system 1.In operation, system 1 may fulfill a pair trade request either using pair trading engine 3 or pair crossing network 5 or a combination of the two For example, a pair trade request received by system 1 may be completely filled by pair trading engine 3 as follows. Assume a case where XYZ is taking over ABC and is offering 0 575 shares of XYZ for each ABC share and investor Arb wants to invest in the price difference between ABC stock and XYZ stock To take advantage of the price difference, Arb wants to lock in the difference between the value offered 0 575 XYZ stock and the value of ABC stock by buying ABC stock and selling XYZ stock subject to the condition that ABC 0 575 XYZ 1 19 i e Arb desires to capture a 1 19 difference between XYZ s takeover offer and ABC s share price. In order to fill this pair trade, Arb presents a pair trade request to portfolio manager 9 using client access device 7 The pair trade request typically includes a number of parameters that define the pair trade and that also may be used by portfolio manager 9 in determining how the pair trade request is to be filled Arb typically indicates in the trade request the number of spreads the Arb desires to invest in and also provides a minimum and maximum share amount that he is willing to trade per tranche. For example, Arb may indicate a desire to invest in 100,000 spreads and may only wish to trade the spread 3,000-8,000 shares at a time Arb generally sets this tranche size range based on the liquidity and volatility of ABC stock and XYZ stock Arb may set a larger minimum tranche size if ABC stock and XYZ stock are fairly liquid stocks because higher liquidity increases the likelihood that a larger tranche size will be executed Arb may set a lower maximum tranche size if XYZ stock and ABC stock are volatile stocks so as to limit the leg risk associated with executing a pair trade. Yet another pair trade parameter Arb provides is the spread limit in the above case 1 19 which is the amount Arb desires to capture in the trade Arb does not have to provide, however, the discrete prices at which trades for ABC and XYZ stock are to be executed as these prices are calculated by pair trading engine 3 and or pair crossing network 5 , as will be described below. Referring now to FIG 2 there is shown a flowchart describing the steps pair trading engine 3 applies to fill a pair trade request The flowchart in FIG 2 is based on the above example and the market data listed in Table 1 below. Initially, in Step 201 pair trading engine 3 determines whether the bid bid prices or ask ask prices of ABC and XYZ stock, respectively, meet the spread limit requirement of the particular pair trade request In this case the bid bid spread is 1 4375 122 50 0 575 69 and the ask ask spread is 1 1969 122 625 0 575 69 3125 so that each spread is less than the spread limit of 1 19, as is required for this particular trade Once it is determined that either the bid bid spread or the ask ask spread meets the spread limit, then in Step 202 it is determined as is indicated in Table 1 how much XYZ stock can be sold at the bid and how much ABC stock can be bought at the ask In an exemplary embodiment, the client may specify whether the bid bid spread, the ask ask spread or either the bid bid or the ask ask spread must exceed the indicated spread limit for a transaction to proceed If neither the bid bid spread nor the ask ask spread meets the spread limit, the process waits a period of time for example 0 10 seconds and returns to Step 201 to again test whether the bid bid spread or the ask ask spread meets the spread limit. Next, in step 203 an equivalent amount of stock that can be sent into the market i e bought sold in the market is calculated for a spread based on the bid bid price spread and or the as k ask price spread that meets the spread limit In this example, if a maximum of 10,000 shares of XYZ stock can be sold into the market i e the XYZ bid size then, based on the ABC XYZ ratio of 1 0 575 in this case , a total of 17,391 10,000 0 575 shares of ABC stock are to be bought in order to execute a balanced pair trade Likewise, if a maximum of 1,500 shares of ABC stock can be bought in the market i e the ABC ask size , then, based on the ABC XYZ ratio of 1 0 575 in this case , a total of 863 1500 0 575 shares of XYZ stock are to be sold in order to execute a balanced pair trade. Next, in Step 204 the pair trade share amounts calculated in Step 203 are adjusted to conform to the wave maximum and minimum parameters i e the maximum minimum tranche size included in the pair trade request as well as market round lot limits In the above example, the amount of ABC shares to be bought that was calculated based on the XYZ bid size i e 17,391 is first rounded to an even lot size i e 17,400 a nd then reduced to the maximum tranche size of 8000 Also, the amount of XYZ shares to be offered that was calculated based on the ABC ask size i e 863 is first rounded to an even lot size i e 900 and then increased to 1,700 shares to meet the minimum tranche size of 3000 3000 0 575 1777 In an exemplary embodiment the minimum and maximum tranche size is scaled by the particular ratio for example, in the above case, the tranche sizes for XYZ stock is scaled by 0 575 In another embodiment, the maximum minimum tranche size is used for each security in the pair trade request without scaling In yet another exemplary embodiment, the pair trade request includes a separate maximum minimum tranche for each security. Once the share amounts for the pair trade are calculated, in Step 205 the share prices that are needed to meet the spread limit of the pair trade request are calculated For example, for a pair trade based on the bid bid price spread, in order to meet the spread limit of 1 19 credit, t he price at which ABC stock is to be bid should be no greater than 69 2475 122 50 0 575 1 19 a share Likewise, for a pair trade based on the ask ask price spread, in order to meet the spread limit, the price at which XYZ stock is to be offered should be greater than or equal to 122 6130 69 3125 1 19 0 575 a share. Next, once the pair trade share amounts and share prices have been calculated, in Step 206 pair trading engine 3 sends initiating orders to external markets 13 in order to fill the pair trade request The initiating orders may include an initiating order for executing a pair trade based on the bid bid spread in this case a bid for 8,000 shares of ABC stock at 69 2475 and or an initiating order for executing a pair trade based on the ask ask spread in this case an offer of 1,700 shares of XYZ stock at 122 6130.Finally, as the initiating orders sent to external markets 13 in Step 207 get filled, pair trading engine 3 automatically sends into the market the covering side of the pa ir trade So, for example, as the initiating order of buying 8,000 shares of ABC stock at 69 2475 gets filled, pair trading engine 3 sends an order to external markets 13 to sell 4,600 8,000 0 575 shares of XYZ stock at 122 50.In an exemplary embodiment, the client s pair trade request includes threshold amounts that indicate the amount of variance in stock price and or share amount the client is willing to absorb For example, if in the process of covering the initiating order the price of XYZ stock dips to 122 49 in which case the spread limit of the pair trade would drop to 1 18 , then pair trading engine 3 would still sell XYZ stock at the price of 122 49 if the 0 01 difference was within the threshold amount included in the pair trade request Similarly, the pair trade request may include threshold amounts for any other pair trade parameter, including by way of non-limiting example, the number of spreads to be purchased and the tranche sizes If, however, a particular threshold amount indicated by the client is exceeded for any given pair trade parameter, then pair trading engine 3 would attempt to cancel the initiating order and or the covering order that may be possible if the orders have not yet reached the market or have not yet been filled In such a case, pair trading engine 3 would then repeat the above analysis for determining suitable initiating and cover orders. To fill a pair trade request, pair trading engine 3 executes trades utilizing the method described above Typically, pair trading engine 3 tranches a pair trade request and trades piece-meal in external markets 13 In certain cases, however, it may be difficult to fill a trade request by executing several transactions in external markets 13 either because the pair trade request is for a very large number of spreads or includes stocks that are illiquid in which cases pair trading engine 3 may be ineffective in filling the pair trade request Also, in certain situations, a client wishing to remain anonym ous may indicate in the pair trade request a preference that no orders be sent to external markets 13 In these circumstances, portfolio manager 9 may route the particular pair trade request to pair crossing network 5.Referring now to FIG 3 there is shown a flowchart illustrating the steps pair crossing network 5 applies to fill a pair trade request The flowchart in FIG 3 is based on the above example and the market data listed in Table 2 below. Spread Limit as defined by 0 575 XYZ ABC. Continuing the previous example, assume the pair trade request issued by Arb for 100,000 spreads was half-filled by pair trading engine 3 Also, assume that system 1 receives a pair trade request from Antiarb that indicates a desire to sell 30,000 shares of ABC and buy 17,200 shares a ratio of 1 0 575 and also indicates a spread limit of 1 30 i e ABC 0 575XYZ 1 30 In this case Arb and Antiarb s orders are complimentary in the primary order elements securities, ratios and buy versus sell Also, Antiarb is willing to pay 0 11 per spread more than Arb is demanding from the marketplace Based on these parameters, there is an opportunity for Arb s and Antiarb s trade requests to be filled via pair crossing network 5.If Antiarb s pair trade request was marked for trading by pair trading engine 3 then portfolio manager 9 sends Antiarb s order to pair trading engine 3 for execution Pair trading engine 3 then sends the parameters of Antiarb s trade request, as well as all orders waiting for execution in pair trading engine 3 to pair crossing network 5 Pair crossing network 5 will recognize as described above that there is a crossing opportunity between Arb s order and Antiarb s order In this case, pair crossing network 5 then directs pair trading engine 3 to suspend the execution of Antiarb s order in the amount that can be crossed by pair crossing network 5 30,000 spreads in this case In addition, pair trading engine 3 routes a cross amount of 30,000 spreads from Arb s order to pair crossing network 5 for crossing against Antiarb s order At this point, the pair crossing network 5 crosses the Antiarb order against a portion of Arb s order, as follows. Assume the prevailing market conditions at the time of the cross are as shown in Table 3 Furthermore, Table 3 indicates the XYZ Ratio-Adjusted Value for both the bid and ask prices based on the conversion ratio of 1 0 575 Based on the XYZ Ratio-Adjusted Values, a Bid Ask Spread Range i e the spread provided for a cross between the bid price of ABC stock and the XYZ Ratio-Adjusted ask price of 1 3863 is calculated and an Ask Bid Spread Range i e the spread provided for a cross between the ask price of ABC stock and the XYZ Ratio-Adjusted bid price of 1 05 is calculated. To perform the cross, in Step 301 pair crossing network 5 first determines whether the range of spread limits associated with Arb s and Antiarb s trade requests i e 1 30- 1 19 coincides with the range of the prevailing market spread 1 3863- 1 05 In this example, the range of spread limits does coincide with the prevailing market spread because at least a portion of the spread limit range overlaps with a portion of the market spread Thus, a cross can occur. Next, in Step 302 pair crossing network 5 calculates the mean of Arb s and Antiarb s spread order limit which is 1 30 1 19 2 1 245 and determines whether the mean is within the range of the market spread i e 1 3863- 1 05 If it is, then in Step 303 pair cros sing network 5 calculates the prices at which to cross The prices must be within the current markets for ABC stock and XYZ stock, and satisfy market uptick requirements for short sales , and provide a spread that is equal to the spread level calculated above For example, with the inside market for ABC stock at 70 00-70 25 and the inside market for XYZ stock at 124 00-124 15, a cross price of 70 11 for ABC stock and 124 096 for XYZ stock provides the spread of 1 2452 thereby meeting the requirement of both Arb s and Antiarb s trade request Finally, in Step 304 pair crossing network 5 crosses 30,000 shares of ABC stock at 70 11 with Arb buying and Antiarb selling and 17,200 shares of XYZ at 124 096 with Arb selling and Antiarb buying. If it is determined in Step 302 that the mean of Arb s and Antiarb s spread order limits does not fall within the range of the market spread, then in Step 305 the spread closest to the mean of the two spread limits that is also within the market spread is ca lculated For example, if the market spread is 1 3863- 1 28, then the mean of the two spread limits 1 245 is not within the market spread In such a case, 1 28 is selected as the spread level that is closest to the mean and within the market spread In an exemplary embodiment, the spread level at which Arb and Antiarb cross can be determined in any other suitable manner as long as the spread level is within the market spread and within the range of spread limits indicated in the pair trade requests. Once the spread level is determined, the method proceeds to Step 303 in which pair crossing network 5 calculates prices to cross at that are within the current markets for ABC stock and XYZ stock and that meet the calculated spread level In the case where the calculated spread level is 1 28, the cross will occur at a price of 70 08 for ABC stock and 124 1043 for XYZ stock Finally, the method proceeds to Step 304 in which pair crossing network 5 performs the cross between Arb and Antiarb. Once a pair trade request is filled or partially filled , the transaction details are reported to portfolio manager 9 and made available to the client operating client access device 7.In the previous example, pair crossing network 5 crosses orders in which both Arb and Antiarb desire to trade the same pair of securities in the same ratio In an exemplary embodiment, pair crossing network 5 executes a cross between two pair trade requests that are not perfectly matched. For example, assume that pair crossing network 5 receives the pair trade requests as shown in Table 4 Note that these two pair trade requests are imperfectly matched because each trade request uses a different ratio between ABC and XYZ stock. Arb s Spread Limit is defined by 0 575 XYZ ABC Antiarb s Spread Limit is defined by 0 6 XYZ ABC. Also, assume the market in ABC and XYZ stocks at the time the pair trade requests are received by pair crossing network 5 is as described in Table 5 below. Arb s XYZ Ratio-Adjusted Value. Arb s Dollar Range. AntiArb s XYZ Ratio-Adjusted Value. AntiArb s Dollar Range. Referring now to FIG 4 there is shown a flowchart illustrating a process by which pair crossing network 5 fills these imperfectly matched order First, in Step 401 pair crossing network 5 determines whether Arb s buy security equals Antiarb s sell security and whether Arb s sell security equals Antiarb s buy security If both conditions are not met, then a cross between the two orders cannot occur If the two conditions are met, then in Step 402 it is determined whether Arb s buy ratio equals Antiarb s sell ratio and whether Arb s sell ratio equals Antiarb s buy ratio If these ratios are the same, then pair crossing network 5 proceeds t o cross the two orders as described in the example above Note that for a cross to occur at this stage does not require the ratios themselves to match but rather that the ratios of the ratios match for e g a ratio of 2 3 matches a ratio of 0 667 1.If, however, the two ratios are not equal as in this case where Arb s sell ratio does not equal Antiarb s buy ratio , then in Step 403 pair crossing network determines whether there is an overlap between Arb s and Antiarb s spread limit that also falls within the bid ask market for ABC and XYZ stock To make such a determination, pair crossing network 5 calculates whether there are market prices for both ABC and XYZ stock that satisfy the following inequalities L 1 Ratio A ABC Ratio B XYZ and 1 L 2 Ratio C ABC Ratio D XYZ 2 Where L 1 is Arb s spread limit of 1 19 credit, L 2 is Antiarb s spread limit of 4 40 debit, RatioA is Arb s buy ratio of 1 1, RatioB is Arb s sell ratio of 1 0 575, RatioC is Antiarb s sell ratio of 1 1 and RatioD is Antiar b s buy ratio of 1 0 6.Referring now to FIG 5 there is shown a graph 51 that depicts market prices for ABC and XYZ stock that meet the spread limits of Arb and Antiarb In graph 51 the x-axis represents the prices for XYZ stock while the y-axis represents the prices for ABC stock Graph 51 includes a shaded area 53 that is the universe of market prices for ABC and XYZ stock that could satisfy the spread trade involving those stocks Also included in graph 53 is a spread limit line L 1 inequality 1 , above that represents the spread limit associated with Arb and a spread limit line L 2 inequality 2 , above that represents the spread limit associated with Antiarb Thus, the solution set of market prices that satisfies inequalities 1 and 2 is the portion of dark shared area 53 that falls between spread limit line L 1 and spread limit line L 2 In this example, a cross at a share price for ABC of 70 14 and a share price of 124 15 for XYZ stock meets the investor s spread limits and falls within the market prices for ABC and XYZ stock. If it is determined that no share prices for both ABC and XYZ stock satisfy Arb s and Antiarb s spread limits, then no cross can occur If such share prices do exist, then in Step 404 it is determined which of the investors desires to transact in fewer shares of ABC stock and a mismatch in share amounts caused by the differing ratios is determined In our example, Antiarb desires to sell fewer ABC shares than Arb desires to buy 30,000 vs 50,000 Then, in Step 405 pair crossing network 5 determines the number of XYZ shares that can be crossed between Arb and Antiarb based on the maximum amount of ABC shares that can be crossed 30,000 in this example Based on the Antiarb ABC order quantity of 30,000 shares, the maximum number of XYZ shares that Arb will cross with Antiarb is.30 000 Arb XYZ Ratio Arb ABC Ratio 30 000 0 575 1 17 300 17 250 rounded to an even lotsize. While the maximum quantity of XYZ shares that Arb will cross is 17,300, Antiarb s trade request indicates a desire to cross 18,000 shares To overcome this imbalance, in Step 406 pair crossing network 5 is in communications with external markets 13 for determining whether the excess 700 XYZ shares needed to satisfy Antiarb s trade request can be transacted for in external markets 13 In an exemplary embodiment, pair crossing network 5 makes this determination by issuing a query to pair trading engine 3 as to whether 700 shares of XYZ stock can be bought in external markets 13 Because, as indicated in Table 5, 3,000 shares of XYZ stock are offered at 124 15, pair trading engine 3 responds to pair crossing network 5 that the 700 shares needed to balance the cross between Arb and Antiarb are available from external markets 13 at 124 15.Next, in Step 407 pair crossing network calculates the cross prices that are necessary such that Arb and Antiarb achieve their respective spread limits while also incorporating the excess 700 shares of XYZ stock that must be purchased from exte rnal markets 13 at 124 15 to satisfy Antiarb s trade request An example of such cross prices that meet these criteria is a price of 70 14 for ABC stock and a price of 124 15 for XYZ stock. Once the cross prices are calculated, in Step 408 pair crossing network 5 crosses 30,000 shares of ABC stock and 17,300 shares of XYZ stock between Arb and Antiarb and also buys 700 shares of XYZ stock at 124 15 in external markets 13 on behalf of Antiarb Thus, both Arb and Antiarb s pair trade requests are satisfied. Alternatively, the entire 18,000 shares of XYZ stock may be crossed thereby fully satisfying Antiarb s trade request In such a case, the ratio mismatch is addressed by Arb purchasing an additional 1200 700 0 575 rounded to a lotsize shares of ABC stock from external market 13 or from firm inventory 11.Once the trade is completed, the details of the transaction are provided to portfolio manager 9 to report the transaction details to the investors. In an exemplary embodiment, a pair order or portion thereof may be filled against an internal inventory 11 of trade requests maintained by the financial institution operating system 1 For example, in the previous example in which an excess of 700 shares of XYZ stock needs to be purchased in order for a match i e cross between Arb and Antiarb s trade requests to occur, instead of determining whether the 700 shares are available in external markets 3 pair crossing network 5 examines firm inventory 11 to determine whether the shares are available at the required price Likewise, in cases where pair trading engine 3 desires to execute a pair trade based on orders to be sent to external markets 13 pair trading engine 3 may first determine whether the order can be filled, in whole or in part, using trade requests pending in firm inventory 11 Generally, the advantages of filling an order using pending trade requests in firm inventory 11 is that execution is faster, transaction costs are lower and leg risk is minimized. In another exempl ary embodiment, a client s pair trade request may also include a minimum number of spreads that can be traded in pair crossing network 5 Also, pair crossing network 5 may be designed to require a minimum share amount for a cross to occur A minimum number of spreads that can be traded may be provided in order to reduce the distractions and booking costs associated with numerous smaller trades that may exceed the benefits of a de minimis fill. In another exemplary embodiment, portfolio manager 9 publishes the inside cross market for any pair that a client has selected for crossing in pair crossing network 5 In still another exemplary embodiment, the client has the option for each pair trade selected for crossing in pair crossing network 5 to designate that the order should be reflected in the published inside cross market This inside cross market consists of the tightest spread bid and offer and corresponding bid size and offer size from all client pair orders pending in pair crossing net work 5 In this way, a client can assess the likelihood and timing of a pair trade request being filled by pair crossing network 5 Also, by publishing the client s spread interest, others seeking liquidity can trade at the client s level. In an exemplary embodiment, the client can designate each pair order designated for pair trading engine 3 and or pair crossing network 5 for Broker Negotiation If Broker Negotiation is designated, the client s broker-dealer sales representative is notified of the client s spread order thereby prompting the broker-dealer to solicit a complementary, agency order from another client The client may also designate each pair order for Broker Facilitation in which case the client allows the broker-dealer to act principally to fill the client s order. In summary, the advantages to a client of using pair trading engine 3 is that pair trading engine 3 allows the client to trade a spread order while limiting leg risk or the risk of missing a targeted spread level T his is accomplished by breaking the total order into tranches of sizes proportionate to the market, subject to user minimums and maximums, that can be traded in external markets 13 or against firm inventory 11 Orders executed via pair trading engine 3 however, are typically of a lower traded volume because trading is constrained to the liquidity available in the market In contrast, trades executed via pair crossing network 5 are not constrained by market liquidity and do not have to be tranched to minimize leg risk In particular, the benefits of filling a pair trade request via pair crossing network 5 are as follows. Elimination of Leg Risk Pair crossing network 5 potentially provides a deeper well of liquidity because the trades are brokered, as a spread, directly between spread investors via a central clearing facility Moreover, the introduction and use of a pair trading facility eliminates the leg risk described above without a sacrifice of liquidity. Large Transactions Only Certain l arge investors may prefer to use pair crossing network 5 rather than pair trading engine 3 to avoid having a trade request broken up into numerous small executions For example, sudden, brief moves in one of the two stocks included in the pair trade request may cause pair trading engine 3 to issue numerous small executions to fill the request While a small investor may welcome capturing these small opportunities, a large investor may find such small executions to be more of a nuisance than a service. Price Setting versus Price Taking Large investors seeking liquidity may prefer to set their price via the pair crossing network 5 Also, other spread investors looking for liquidity can use pair crossing network 5 to monitor and trade with the large investor at the large investor s level While client orders directed to pair trading engine 3 can designate a spread limit, such orders are essentially price-takers as the market reaches the desired level, the orders are executed Moreover, the pair trading engine tranching mechanism creates relatively small orders, allowing institutional flows to move the individual stocks As a result, the small, tranched orders generated by pair trading engine 3 can become overpowered by single-name institutional flows In addition, orders designated solely for pair trading engine 3 and not for pair crossing network 5 are not published to a central quote facility such as by portfolio manager 9 thereby preventing other spread traders from knowing the size and limit of a pair trading engine order. Illiquid Stocks vs Liquid Stocks Spreads that include one or two illiquid stocks are difficult to fill using pair trading engine 3 alone Because illiquid stocks often demonstrate small bid and ask sizes and wide bid-ask spreads, pair trading engine 3 will typically only issue market orders having small quantities subject to user minimums and maximums that presents the client with greater leg risk from mid-trade changes in the bid-ask prices In contrast, o rders routed to price crossing network 5 are not confined by liquidity in the market place thereby allowing large crosses between spread traders in illiquid spreads. Accordingly, a system and method for trading pair securities is provided in which the client receives the benefits of having a pair order filled by either pair trading engine 3 pair crossing network 5 or a combination of both. A number of embodiments of the present invention have been described Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention Based on the above description, it will be obvious to one of ordinary skill to implement the system and methods of the present invention in one or more computer programs that are executable on a programmable system including at least one programmable processor coupled to receive data and instructions from, and to transmit data and instructions to, a data storage system, at least one input device, and at least one output device Each computer program may be implemented in a high-level procedural or object-oriented programming language, or in assembly or machine language if desired and in any case, the language may be a compiled or interpreted language Suitable processors include, by way of example, both general and special purpose microprocessors Furthermore, alternate embodiments of the invention that implement the system in hardware, firmware or a combination of both hardware and software, as well as distributing modules and or data in a different fashion will be apparent to those skilled in the art and are also within the scope of the invention In addition, it will be obvious to one of ordinary skill to use a conventional database management system such as, by way of non-limiting example, Sybase, Oracle and DB2, as a platform for implementing the present invention Also, network access devices can comprise a personal computer executing an operating system such as Microsoft Windows , Unix , or Apple Mac OS , as well as software applications, such as a JAVA program or a web browser Access devices can also be a terminal device, a palm-type computer, mobile WEB access device or other device that can adhere to a point-to-point or network communication protocol such as the Internet protocol Computers and network access devices can include a processor, RAM and or ROM memory, a display capability, an input device and hard disk or other relatively permanent storage Accordingly, other embodiments are within the scope of the following claims. It will thus be seen that the objects set forth above, among those made apparent from the preceding description, are efficiently attained and, since certain changes may be made in carrying out the above process, in a described product, and in the construction set forth without departing from the spirit and scope of the invention, it is intended that all matter contained in the above description shown in the accompanying drawing shall b e interpreted as illustrative and not in a limiting sense. It is also to be understood that the following claims are intended to cover all of the generic and specific features of the invention herein described, and all statements of the scope of the invention, which, as a matter of language, might be said to fall therebetween.
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