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US 2010/0076883 A1Published application
Generating risk pools
OwnerHoward W. Lutnick, Dean P. Alderucci +5inventors
InventorsHoward W. Lutnick, Dean P. Alderucci, Andrew Fishkind, Brian L. Gay, Kevin Foley, Mark Miller, Charles Plott
Life of this patent
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Abstract
A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.
Claims33
A method comprising:
- transmitting a plurality of sets of queries to a plurality of participants, in which each set of queries asks the plurality of participants about a respective order, in which each query of each set of queries asks a respective participant if a respective matching order to the respective order is stored in a respective order management system associated with a respective participant and if the respective participant accepts a respective offer to enter into a respective trade that fulfills at least a portion of each of the order and the respective matching order;
- for each query, if a participant accepts the respective offer, facilitating an execution of the respective trade,
- based on results from the plurality of sets of queries, assigning each of the plurality of participants to a respective one of a plurality of risk pools, in which each risk pool corresponds to at least one rate of positive responses to offers to enter into trades;
- and
- allowing a submitter of an order to identify one or more risk pools to which queries regarding the order should not be transmitted.
2 more elements
A method comprising:
- for each of a plurality of firm orders, determining if each of a plurality of participants has a respective matching order stored in an order management systems associated with the participant and if the participant accepts a respective offer to enter into a respective trade that fulfills at least a portion of each of the firm order and the respective matching order;
- for each offer, if a respective participant accepts the respective offer, facilitating an execution of the respective trade;
- based on the outcomes of the offers, assigning each of the plurality of participants to a respective one of a plurality of risk pools, in which each risk pools correspond to at least one rate of positive responses to the offers to enter into trades;
- and
- allowing a submitter of an order to identify one or more risk pools to which offers regarding the order should not be made.
2 more elements
A method comprising:
- receiving an indication of a plurality of risk pools, in which each risk pool corresponds to a range of positive response rates to offers for acceptance of respective orders, and in which each risk pool includes a number of participants that correspond to respective positive response rates in the respective ranges;
- receiving a selection of at least one risk pool;
- transmitting an indication that participants associated with the at least one selected risk pool should be queried regarding an order, in which the order defines a side of a trade for a financial instrument;
- receiving an indication that a matching order to the order was stored in an order management system associated with a participant in the at least one risk pool, that the participant accepted an offer to enter into a trade that fulfills at least a portion of each of the order and the matching order, and that an execution of the trade was facilitated;
- and
- providing an indication that the execution was facilitated.
3 more elements
32 The method of claim 23, in which the execution was facilitated without a negotiation about a price of the trade and without a negotiation about a quantity of financial instruments in the trade.
Dependencies are inferred from the claim text.