The enhancement involved adding a flag and a button to the GUI, allowing for the optional withdrawal of orders when suspending an instrument. I was tasked with enhancing the instrument suspension feature. We would then restart the instrument in a continuous trading mode, allowing banks to continue buying and selling the new series. For example, they might be able to borrow a billion at 10% interest, but only 500 million at 8%.Īfter settling on a price, they would issue a large sell order to match the existing orders, leaving any unmatched orders in the book.

The central bank would then retreat to a room to analyze the data, determining how much they could borrow and at what rate. Once all orders were submitted, the instrument would be suspended, and a scaled order report generated. They submitted multiple orders, indicating a willingness to buy more at higher yields. Approximately once a week, in the mornings, banks would place orders for government bills, specifying a price and the volume they wished to purchase at that price. We had developed the central trading system for a major country, which conducted its primary bill and bond issuance through our platform. It ended up being reported in the Economist.

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