# US 2014/0195402 A1 · Systems and methods for routing trading orders > Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt - Number: US 2014/0195402 A1 - Document ID: US20140195402A1 - Status: Published application - Kind: A1 - Application number: 14/075,306 - Filed: 2013-11-08 - Published: 2014-07-10 - Earliest claimed: 2005-06-07 - Assignees: BGC Partners, Inc. - Applicants: Bgc Partners, Inc. - Inventors: Matthew W. Claus; Joseph C. Noviello - Web page: https://patentgrep.com/patent/US20140195402A1 ## CPC - G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange - G06Q 40/00: Finance; Insurance; Tax strategies; Processing of corporate or income taxes - G06F 3/048: Interaction techniques based on graphical user interfaces [GUI] - 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 Systems and methods are provided for routing trading orders. The system determines that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity. The system determines that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity. The system receives a third trading order. The system preferences the first trading entity over the second trading entity in the routing of trading orders, e.g., by routing the third trading order to the first trading entity. ## Claims ### Claim at position 1 1-40. (canceled) ### Claim 41 A non-transitory machine-readable medium having instructions stored thereon which, when executed by at least one processor, direct the at least one processor to perform a method comprising: determining that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determining that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receiving a third trading order; based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing the third trading order to the first trading entity. ### Claim 42 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the act of routing the at least portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity. ### Claim 43 (depends on 42) The non-transitory machine-readable medium of claim 42, in which the instructions, when executed by the at least one processor, further direct the at least one processor to: determine that a remaining quantity of the first trading order can be fulfilled at the second market center after the quantity is fulfilled at the first market center; and after routing the determined quantity to the first market center, route the remaining quantity to the second market center. ### Claim 44 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the instructions, when executed by the at least one processor, further direct the at least one processor to: receive a fourth order for the financial instrument; route the fourth order to the second market center; determine a quantity of the fourth trading order that can be fulfilled by the first trading entity; determine that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancel at least a portion of the fourth order at the second market center; and route to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order. ### Claim 45 (depends on 44) The non-transitory machine-readable medium of claim 44, in which the act of cancelling at least a portion of the fourth order comprises cancelling all of the quantity of the fourth order, and in which the fifth order is equal in quantity to the fourth trading order. ### Claim 46 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the act of routing at least a portion of the third trading order to the first trading entity comprises routing all of the quantity of the third trading order to the first trading entity. ### Claim 47 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the first and second trading orders each comprise buy orders for a trading product, and in which the third order comprises a sell order for the trading product. ### Claim 48 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the first and second orders each comprise sell orders for a trading product, and in which the third order comprises a buy order for the trading product. ### Claim 49 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the first trading entity comprises a cooperative exchange such that the first trading entity discloses to the trading platform reserved quantities of trading orders placed by trading participants pursuant to a first disclosure policy associated with the first trading entity, and in which the second trading entity comprises a non-cooperative exchange such that the second trading entity does not disclose to the trading platform reserved quantities of trading orders placed by trading participants pursuant to a second disclosure policy associated with the second trading entity. ### Claim 50 (depends on 41) The non-transitory machine-readable medium of claim 41, in which the act of routing at least a portion of the third trading order to the first market center comprises: based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, routing at least a portion of the third trading order to the first trading entity such that no portion of the third trading order is routed to the second market center. ### Claim 51 (depends on 41) The non-transitory machine-readable medium of claim 41, in which a total quantity of the third trading order is filled at one or more market centers other than the second market center. ### Claim 52 (depends on 41) The non-transitory machine-readable medium of claim 41, in which at least a portion of the third trading order is filled before any portion of the third trading order is routed to the second trading entity. ### Claim 53 An apparatus comprising: at least one processor; and at least one memory having instructions stored thereon which are configured to, when executed by the at least one processor, direct the at least one processor to: determine that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determine that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receive a third trading order; responsive to (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, route at least a portion of the third trading order to the first trading entity. ### Claim 54 (depends on 53) The apparatus of claim 53, in which the act of routing at least a portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity. ### Claim 55 (depends on 54) The apparatus of claim 54, in which the instructions are further configured to, when executed by the at least one processor: determine that a remaining quantity of the first trading order can be fulfilled at the second market center after the quantity is fulfilled at the first market center; and after routing the determined quantity to the first market center, route the remaining quantity to the second market center. ### Claim 56 (depends on 53) The apparatus of claim 53, in which the instructions are further configured to, when executed by the at least one processor: receive a fourth order for the financial instrument; route the fourth order to the second market center; determine a quantity of the fourth trading order that can be fulfilled by the first trading entity; determine that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancel at least a portion of the fourth order at the second market center; and route to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order. ### Claim 57 A method comprising: determining, by at least one processor, that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity; determining, by the at least one processor, that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity; receiving, by the at least one processor, a third trading order; based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing, by the at least one processor, the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing at least a portion of the third trading order to the first trading entity. ### Claim 58 (depends on 57) The method of claim 57, further comprising: determining that at least one order associated with the first entity is contra to the first trading order and is available to be at least partially matched with the first trading order; and receiving information about a second order associated with the second trading entity that is contra to the third trading order and that is available to be at least partially matched with the first trading order, in which the act of routing the third trading order to the first trading entity is further based at least in part on the determination that the first trading order of the first trading entity is contra to the third trading order and is available to be at least partially matched with the third trading order, and in which the act of routing at least a portion of the third trading order to the first trading entity occurs after receiving the information about the second order. ### Claim 59 (depends on 57) The method of claim 57, in which the act of routing at least a portion of the third trading order to the first trading entity comprises: determining a quantity of the first trading order that can be fulfilled at the first market center; routing the determined quantity of the third trading order to the first market center for fulfillment of the determined quantity. ### Claim 60 (depends on 57) The method of claim 57, further comprising: receiving a fourth order for the financial instrument; routing the fourth order to the second market center; determining a quantity of the fourth trading order that can be fulfilled by the first trading entity; determining that at least a portion of a remaining quantity of the fourth trading order can be matched with the third trading order after the determined quantity of the fourth trading order is fulfilled by the first trading entity, in which the fourth order is contra to the third trading order; and after routing at least a portion of the fourth trading order to the first trading entity, and based on based on (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order, (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, and (3) the act of determining that at least a portion of the remaining quantity can be matched with the third order after the determined quantity is fulfilled by the first trading entity: cancelling at least a portion of the fourth order at the second market center; and routing to the first trading entity a fifth order that is contra to the third trading order and equal in quantity to the cancelled portion of the fourth order, in which the fifth order is matched with at least a portion of the remaining quantity of the fourth trading order.