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US 10,896,463 B2Granted
Trading system with price improvement
AssigneeBGC Partners, Inc.
InventorsHoward W Lutnick, Michael Sweeting
Life of this patent
Estimating the term…
Abstract
A computer trading system has price improvement features.
Claims18
A method comprising:
- managing, by at least one processor, a stack of data in a memory coupled to the at least one processor, the stack of data repreenting a plurality of orders for purchase and sale of a financial instrument, each order having a side, a price, and a timestamp
- maintaining, by the at least one processor, a trading priority in the stack of data in the memory such that at least some orders are traded against opposite-side orders based at least partially on a primary trading priority by price and a secondary trading priority by timestamp;
- varying, by the at least one processor, a price of at least some of the orders that are designated at price-improvement orders over time until the at least one processor detects a contra-matching order;
- receiving a request from a trader to prevent display of indicia that (1) indicates existence of price improvement used on a standard price level and (2) prevents a trader from receiving an indication of other price improved orders;
- in response to the request from the trader, transmitting commands to graphical user interfaces of computing devices of traders to prevent display of indicia that (1) indicates existence of price improvement used on a standard price level and (2) prevents a trader from receiving an indication of other price improved orders;
- removing, by the at least one processor, an order from the stack;
- transmitting, by the at least one processor, the order removed from the stack to an electronic trading market;
- inserting, by the at least one processor, received neutral orders into the stack of data in the memory, wherein the received neutral orders are not subject to the trading priority;
- and
- varying, by the at least one processor, the price of the neutral orders in the stack.
7 more elements
An apparatus comprising:
- a memory;
- at least one processor to:
- manage a stack of data in the memory, the stack of data representing a plurality of orders for purchase and sale of a financial instrument, each order having a side, a price, and a timestamp
- maintain a trading priority in the stack of data in the memory such that at least some orders are traded against opposite-side orders based at least partially on a primary trading priority by price and a secondary trading priority by timestamp;
- receive a request from a trader to prevent display of indicia that (1) indicates existence of price improvement used on a standard price level and (2) prevents a trader from receiving an indication of other price improved orders;
- in response to the request from the trader, transmit commands to graphical user interfaces of computing devices of traders to prevent display of indicia that (1) indicates existence of price improvement used on a standard price level and (2) prevents a trader from receiving an indication of other price improved orders;
- vary a price of at least some of the orders that are designated at price-improvement orders over time until the at least one processor detects a contra-matching order;
- remove an order from the stack;
- transmit the order removed from the stack to an electronic trading market;
- insert received neutral orders into the stack of data in the memory, wherein the received neutral orders are not subject to the trading priority;
- and
- vary the price of the neutral orders in the stack.
9 more elements
Dependencies are inferred from the claim text.