# US 12,112,376 B2 · Method and system for order management > Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt - Number: US 12,112,376 B2 - Document ID: US12112376B2 - Status: Granted - Kind: B2 - Application number: 18/222,518 - Filed: 2023-07-17 - Published: 2023-11-09 - Granted: 2024-10-08 - Earliest claimed: 2008-09-25 - Assignees: Cfph, LLC - Applicants: Cfph, LLC - Inventors: Howard W. Lutnick; Dean P. Alderucci; Andrew Fishkind; Brian L. Gay; Kevin Foley; Mark Miller; Charles Plott - Web page: https://patentgrep.com/patent/US12112376B2 ## CPC - G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange - G06F 16/9538: Presentation of query results - G06Q 30/08: Auctions - G06Q 40/00: Finance; Insurance; Tax strategies; Processing of corporate or income taxes - G06Q 40/06: Asset management; Financial planning or analysis - G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR - G06F: ELECTRIC DIGITAL DATA PROCESSING (computer systems based on specific computational models G06N) ## Abstract A method and system for order management that allows access to additional pools of liquidity is described. Other embodiments are also described. ## Claims ### Claim 1 A method comprising; controlling, by at least one processor: receiving, via a communication network, from at least one remote device of a first market participant, an indication of a first order, in which the first order is for execution of a trade at a price determined by a first pricing model; querying, via the communication network through a port, at least one order management system of a second market participant likely to positively respond to the first order; determining whether a response indicating a second order of the second market participant matching the first order is stored in the at least one order management system is received from the at least one order management system via the communication network, in which the second order is for execution of a trade at a price determined by a second pricing model; when the first order is determined to match the second order, displaying, via the communication network, on a display of the at least one remote device, an indication of a time period being counted down by the at least one processor; receiving, via the communication network, from the at least one remote device, an indication of a request to cancel the first order; responsive to receiving the indication of the request to cancel, in real time: determining whether the indication of the request to cancel is received during the time period, when the indication of the request to cancel is determined to be received during the time period, constraining cancelation of the first order during the time period and queuing the request to cancel until the time period expires, and when the indication of the request to cancel is determined to be received after the time period, and a determination of whether (i) data representing a matching order to the first order is stored in the at least one order management system and (ii) a response indicating acceptance into a trade that fulfills at least a portion of the first order is received via the communication network during the time period from the at least one order management system, has not been completed before receipt of the indication of the request to cancel, canceling the first order; and facilitating an automatic execution of a trade fulfilling at least part of the first order and at least part of the second order, in which the execution is without the first market participant and the second market participant receiving notification before execution of the trade. ### Claim 2 (depends on 1) The method of claim 1, wherein the indication of the time period is displayed via a counting down clock. ### Claim 3 (depends on 1) The method of claim 1, further comprising: controlling, by the at least one processor, transmitting to the at least one order management system an indication of whether the time period has passed. ### Claim 4 (depends on 3) The method of claim 3, in which the indication includes at least one of an indication of: a color, a tone, a remaining time in the time period, or an end time in the time period. ### Claim 5 (depends on 1) The method of claim 1, further comprising: controlling, by the at least one processor, via the communication network, displaying an indication of whether the time period has passed on the display of the at least one remote device. ### Claim 6 (depends on 1) The method of claim 1, further comprising: controlling, by the at least one processor: receiving a request to change at least one of a price or a quantity of the first order; and rejecting the request to change the at least one of the price or the quantity, when the response from the at least one order management system is not received via the communication network during the time period. ### Claim 7 An apparatus comprising: at least one processor configured to control: receiving, via a communication network, from at least one remote device of a first market participant, an indication of a first order, in which the first order is for execution of a trade at a price determined by a first pricing model; querying, via the communication network through a port, at least one order management system of a second market participant likely to positively respond to the first order; determining whether a response indicating a second order of the second market participant matching the first order is stored in the at least one order management system is received from the at least one order management system via the communication network, in which the second order is for execution of a trade at a price determined by a second pricing model; when the first order is determined to match the second order, displaying, via the communication network, on a display of the at least one remote device, an indication of a time period being counted down by the at least one processor; receiving, via the communication network, from the at least one remote device, an indication of a request to cancel the first order; responsive to receiving the indication of the request to cancel, in real time: determining whether the indication of the request to cancel is received during the time period, when the indication of the request to cancel is determined to be received during the time period, constraining cancelation of the first order during the time period and queuing the request to cancel until the time period expires, and when the indication of the request to cancel is determined to be received after the time period, and a determination of whether (i) data representing a matching order to the first order is stored in the at least one order management system and (ii) a response indicating acceptance into a trade that fulfills at least a portion of the first order is received via the communication network during the time period from the at least one order management system, has not been completed before receipt of the indication of the request to cancel, canceling the first order; and facilitating an automatic execution of a trade fulfilling at least part of the first order and at least part of the second order, in which the execution is without the first market participant and the second market participant receiving notification before execution of the trade. ### Claim 8 (depends on 7) The apparatus of claim 7, wherein the indication of the time period is displayed via a counting down clock. ### Claim 9 (depends on 7) The apparatus of claim 7, in which the at least one processor is configured to control transmitting to the at least one order management system an indication of whether the time period has passed. ### Claim 10 (depends on 9) The apparatus of claim 9, in which the indication includes at least one of an indication of: a color, a tone, a remaining time in the time period, or an end time in the time period. ### Claim 11 (depends on 7) The apparatus of claim 7, in which the at least one processor is configured to control, via the communication network, displaying an indication of whether the time period elapsed on the display of the at least one remote device. ### Claim 12 (depends on 7) The apparatus of claim 7, in which the at least one processor is configured to control: receiving a request to change at least one of a price or a quantity of the first order; and rejecting the request to change the at least one of the price or the quantity, when the response from the at least one order management system is not received via the communication network during the time period. ### Claim 13 A non-transitory storage medium configured to store instructions which, when executed by at least one processor, control: receiving, via a communication network, from at least one remote device of a first market participant, an indication of a first order, in which the first order is for execution of a trade at a price determined by a first pricing model; querying, via the communication network through a port, at least one order management system of a second market participant likely to positively respond to the first order; determining whether a response indicating a second order of the second market participant matching the first order is stored in the at least one order management system is received from the at least one order management system via the communication network, in which the second order is for execution of a trade at a price determined by a second pricing model; when the first order is determined to match the second order, displaying, via the communication network, on a display of the at least one remote device, an indication of a time period being counted down by the at least one processor; receiving, via the communication network, from the at least one remote device, an indication of a request to cancel the first order; responsive to receiving the indication of the request to cancel, in real time: determining whether the indication of the request to cancel is received during the time period, when the indication of the request to cancel is determined to be received during the time period, constraining cancelation of the first order during the time period and queuing the request to cancel until the time period expires, and when the indication of the request to cancel is determined to be received after the time period, and a determination of whether (i) data representing a matching order to the first order is stored in the at least one order management system and (ii) a response indicating acceptance into a trade that fulfills at least a portion of the first order is received via the communication network during the time period from the at least one order management system, has not been completed before receipt of the indication of the request to cancel, canceling the first order; and facilitating an automatic execution of a trade fulfilling at least part of the first order and at least part of the second order, in which the execution is without the first market participant and the second market participant receiving notification before execution of the trade. ### Claim 14 (depends on 13) The non-transitory storage medium of claim 13, wherein the indication of the time period is displayed via a counting down clock. ### Claim 15 (depends on 13) The non-transitory storage medium of claim 13, in which the instructions, when executed by the at least one processor, control transmitting to the at least one order management system an indication of whether the time period has passed. ### Claim 16 (depends on 15) The non-transitory storage medium of claim 15, in which the indication includes at least one of an indication of: a color, a tone, a remaining time in the time period, or an end time in the time period. ### Claim 17 (depends on 13) The non-transitory storage medium of claim 13, in which the instructions, when executed by the at least one processor, control, via the communication network, displaying an indication of whether the time period elapsed on the display of the at least one remote device. ### Claim 18 (depends on 13) The non-transitory storage medium of claim 13, in which the instructions, when executed by the at least one processor, control: receiving a request to change at least one of a price or a quantity of the first order; and rejecting the request to change the at least one of the price or the quantity, when the response from the at least one order management system is not received via the communication network during the time period.