Systems and methods of obtaining trading exclusivity in electronic trading systems
OwnerHoward Lutnick, Michael Sweeting +1inventors
InventorsHoward Lutnick, Michael Sweeting, Joseph Noviello
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Abstract
Systems and methods for obtaining trading exclusivity in electronic trading systems are provided. The systems and method preferably provide criteria for determining whether exclusivity to certain incoming orders is available. Suitable electronic trading systems for implementation of such methods include, but are not limited to, hit/lift exclusive priority systems, price time priority systems, order allocation systems, and request for quote systems.
Claims24
A method for trading an item in an electronic trading system, the method comprising:
- receiving an incoming order;
- determining whether a current order, the current order being contra to the incoming order, satisfies a set of predetermined criteria;
- if the current order satisfies the set of predetermined criteria, presenting the incoming order for trading exclusively to the participant associated with the current order.
The method for trading an item according to claim 3 wherein the determining comprises querying whether the size of the current order exceeds a percentage of the size of incoming order.
A method for trading an item in an electronic trading system, the method comprising:
- receiving an incoming order;
- determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
- if the incoming order satisfies the set of predetermined criteria, presenting the incoming order for trading to at least one select participant.
A computer system for trading an item in an electronic trading system, the computer system comprising:
- a trade order receiving component for
- receiving an incoming order;
- determining whether a current order, the current order being resident in the system before the receiving of the incoming order and being contra to the incoming order, satisfies a set of predetermined criteria;
- if the current order satisfies the set of predetermined criteria, presenting the incoming order for trading exclusively to the participant associated with the current order.
A computer system for trading an item in an electronic trading system, the computer system comprising:
- a trade order receiving component for:
- receiving an incoming order;
- determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
- if the incoming order satisfies the set of predetermined criteria, presenting the incoming order for trading to at least one select participant.
A computer readable medium for trading an item in an electronic trading system, the computer readable medium comprising:
- a first program code for receiving an incoming order;
- a second program code for determining whether a current order, the current order being resident in the system before the receiving of the incoming order and being contra to the incoming order, satisfies a set of predetermined criteria;
- a third program code for presenting the incoming order for trading exclusively to the participant associated with the current order if the current order satisfies the set of predetermined criteria.
A computer readable medium for trading an item in an electronic trading system, the computer system comprising:
- a first program code for receiving an incoming order;
- a second program code for determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
- a third program code presenting the incoming order for trading to at least one select participant if the incoming order satisfies the set of predetermined criteria.
Dependencies are inferred from the claim text.