Swap crossing system and method

An apparatus comprising:

• one or more processors of an electronic trading venue, in which the one or more processors is configured to control:
• receiving, over a communication network, an indication of a swap contract including a ticker symbol of the swap contract from a first remote computing device of a first market participant, in which the ticker symbol identifies a clearinghouse to be used for trades in the swap contract;
• in response to receiving the indication of the swap contract including the ticker symbol, displaying, over the communication network, a public announcement of a potential crossing of the swap contract on second user interfaces respectively of second remote computing devices of second market participants, the public announcement including a request for cross in the swap contract;
• upon displaying the public announcement, timing using a first electronic timer of the apparatus a first period of time and assigning a numerical identifier to the potential crossing;
• displaying, over the communication network, on a first user interface of the first remote computing device, a progress bar together with a first countdown timer showing a real time count down of the first period of time being timed on the first electronic timer, and disabling, over the communication network, during the first period of time, an operation state of the first remote computing device that provides a functionality at the first remote computing device to submit a request for cross;
• after the first period of time has passed, and for a second period of time timed on a second electronic timer of the apparatus, enabling, over the communication network, an operation state of the first remote computing device that provides the functionality to submit the request for cross;
• after the first period of time has passed, displaying, over the communication network, on the first user interface the progress bar together with a second countdown timer showing a real time count down of the second period of time being timed on the second electronic timer;
• displaying, over the communication network, on the first user interface two parties, a ticker symbol of the swap contract, the numerical identifier, a price and a quantity;
• receiving, over the communication network, the request for cross identifying the ticker symbol from the first remote computing device during the second period of time, in which the request for cross identifies the two parties, the ticker symbol of the swap contract, the numerical identifier, the price and the quantity;
• verifying that the request for cross includes the numerical identifier;
• determining the clearinghouse based on the ticker symbol and a database mapping ticker symbols and clearinghouses;
• determining that, compared to the price, a better price for fulfilling at least a portion of the request for cross for at least one of the two parties exists in a market;
• and
• in response to verifying the numerical identifier and determining the clearinghouse, facilitating execution of the cross using the clearinghouse, in which facilitating execution of the cross includes facilitating execution of the at least the portion at the better price.

An apparatus comprising:

• one or more processors of an electronic trading venue, in which the one or more processors is configured to control:
• receiving, over a communication network, a first indication of a future contract from a first remote computing device of a first market participant;
• in response to receiving the first indication of the future contract, displaying, over the communication network, a public announcement of a potential crossing of the future contract on second user interfaces respectively of second remote computing devices of second market participants;
• in response to receiving the first indication of the future contract, timing using a first electronic timer of the apparatus a first period of time and assigning a numerical identifier to the potential crossing;
• in response to receiving the first indication of the future contract,
• displaying, over the communication network, on a first user interface of the first remote computing device, a progress bar together with a first countdown timer showing a real time count down of the first period of time being timed on the first electronic timer;
• and
• disabling, over the communication network, during the first period of time, an operation state of the first remote computing device that provides a functionality at the first remote computing device to submit a request for cross;
• after the first period of time has passed, and for a second period of time timed on a second electronic timer of the apparatus, enabling, over the communication network, the operation state of the first remote computing device that provides the functionality to submit the request for cross;
• after the first period of time has passed, displaying, over the communication network, on the first user interface the progress bar together with a second countdown timer showing a real time count down of the second period of time being timed on the second electronic timer;
• after the first period of time has passed and before the second period of time ends, generating a public re-announcement of a potential crossing of the future contract in response to receiving a request to announce from the first remote computing device;
• after the first period of time has passed before the second period of time ends, receiving, over the communication network, a second indication of the future contract from the first remote computing device of the first market participant associated with the public re-announcement of the potential crossing of the future contract;
• in response to receiving the second indication of the future contract, displaying, over the communication network, the public re-announcement of the potential crossing of the future contract on the second user interfaces respectively of the second remote computing devices;
• in response to receiving the second indication of the future contract, allowing facilitation of the request for cross in the future contract by the first market participant for the second period of time after receiving the second indication so that a total amount of time that facilitation of the request for cross is allowed by the first market participant includes twice the second period of time based on the first and second indications of the future contract;
• displaying, over the communication network, on the first user interface two parties, a ticker symbol of the future contract, the numerical identifier, a price and a quantity;
• receiving, over the communication network, the request for cross from the first remote computing device during the total amount of time, in which the request for cross identifies the two parties, the ticker symbol of the future contract, the numerical identifier, the price and the quantity;
• verifying that the request for cross includes the numerical identifier;
• determining, based on the ticker symbol of the future contract and a database mapping ticker symbols and clearinghouses, a clearinghouse for the cross;
• and
• in response to verifying the numerical identifier and determining the clearinghouse, facilitating execution of the cross through the clearinghouse.