System and method for replenishing quantities of trading orders
AssigneeBGC Partners, Inc.
InventorsMatthew W. Claus, Kevin M. Foley, Joseph C. Noviello, Howard W. Lutnick
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Abstract
A system for replenishing trading orders comprises a memory coupled to a processor. The memory stores a trading order comprising a total quantity of a product, and at least one formula to determine a displayed quantity for the trading order. The processor applies the formula to determine the displayed quantity. The processor further determines a reserved quantity based on the determined displayed quantity and the total quantity. The processor communicates the trading order having the determined displayed quantity and the determined reserved quantity.
Claims21
1-20. (canceled)
An apparatus, comprising:
- at least one processor;
- at least one memory in electronic communication with the processor, the at least one memory having instructions stored thereon which, when executed by the at least one processor, direct the at least one processor to:
- (a) receive from a user a trading order comprising a total quantity of a product;
- and
- (b) receive from the user information about at least one algorithm to determine a displayed quantity for the trading order;
- (c) apply the algorithm to determine the displayed quantity;
- (b) determine a reserved quantity based on the determined displayed quantity and the total quantity;
- (c) communicate the trading order having the determined displayed quantity and the determined reserved quantity;
- (d) determine that the displayed quantity of the trading order was filled;
- (e) reduce the total quantity of the trading order by the amount of the displayed quantity that was filled;
- and
- (f) responsive to determining that the total quantity of the trading order is not yet filled, repeat operations (a) through (e).
A method for submitting trading orders, comprising:
- (a) receiving from a user a trading order comprising a total quantity of a product, a displayed quantity of the product, and a reserved quantity of the product;
- (b) receiving from the user information about at least one algorithm to determine a subsequent displayed quantity for the trading order;
- (c) communicating the trading order;
- (d) determining that the displayed quantity of the trading order was filled;
- (e) reducing the total quantity of the trading order by the amount of the displayed quantity that was filled;
- (f) applying the algorithm to determine a subsequent displayed quantity;
- (g) determining a reserved quantity based on the determined subsequent displayed quantity and the reduced total quantity;
- and
- (h) communicating another trading order having the determined subsequent displayed quantity and the determined reserved quantity.
A non-transitory computer-readable medium having instructions stored thereon that are configured to, when executed by at least one processor, direct the at least one processor to:
- (a) receive from a user a trading order comprising a total quantity of a product, a displayed quantity of the product, and a reserved quantity of the product;
- (b) receive from the user information about at least one algorithm to determine a subsequent displayed quantity for the trading order;
- (c) communicate the trading order;
- (d) determine that the displayed quantity of the trading order was filled;
- (e) reduce the total quantity of the trading order by the amount of the displayed quantity that was filled;
- (f) apply the algorithm to determine a subsequent displayed quantity;
- (g) determine a reserved quantity based on the determined subsequent displayed quantity and the reduced total quantity;
- and
- (h) communicate another trading order having the determined subsequent displayed quantity and the determined reserved quantity.
Dependencies are inferred from the claim text.