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US 8,285,614 B2Granted
Systems and methods for trading
AssigneeBGC Partners, Inc.
InventorsStuart A. Fraser, Andrew C. Gilbert, Philip M. Ginsberg, Glenn D. Kirwin, Howard W. Lutnick, Michael E. Williams
Life of this patent
Estimating the term…
Abstract
The present invention is systems and methods for trading. In accordance with these systems and methods, a plurality of trader work stations that are connected to a central server may be provided. Through the work stations and central server, the systems and methods may perform participant qualification, instrument creation, bid/offer entry and response, when hit and take, workup, price retention, price improvement, request for market, bid/off restoration, price generation, position conversion, marking to market, and delivery functions.
Claims23
An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
- receive on a first side of a market a first order, in which the first order comprises a first price;
- receive from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, update the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- execute the trading command against the first order;
- and
- enable a participant via the work station to refuse to trade the second order at the second price;
- in which the control logic, that when executed, makes the computing device further operable to determine that a time at which the first side of the market is updated to include the second order is within a predetermined time interval prior to a time of the trading command, the time of the trading command comprising a time the trading command is executed;
- and
- in which to enable the participant to refuse to trade the second order at the second price comprises to enable the participant via the work station to refuse to trade the second order at the second price based at least in part on determining that the time at which the first side of the market is updated to include the second order is within the predetermined time interval prior to the time of the trading command.
6 more elements
An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
- receive on a first side of a market a first order, in which the first order comprises a first price;
- receive from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, update the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- execute the trading command against the first order;
- and
- enable a participant via the work station to refuse to trade the second order at the second price;
- in which the control logic, that when executed, makes the computing device further operable to:
- determine an amount of time between a time the first side of the market is updated to include the second order and a time of the trading command;
- determine that the amount of time is less than a predetermined value, and in which to enable the participant to refuse to trade the second order at the second price comprises to enable the participant via the work station to refuse to trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value;
- determine that the amount of time is greater than the predetermined value;
- and
- execute the trading command against at least a portion of the second order at the second price based at least in part on determining that the amount of time is greater than the predetermined value.
9 more elements
An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
- receive on a first side of a market a first order, in which the first order comprises a first price;
- receive from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, update the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- execute the trading command against the first order;
- and
- enable a participant via the work station to refuse to trade the second order at the second price;
- in which the control logic, that when executed, makes the computing device further operable to:
- receive the second order;
- determine an amount of time between the trading command and the second order;
- determine that the amount of time is less than a predetermined value, and in which to enable the participant to refuse to trade the second order at the second price comprises to enable the participant via the work station to refuse to trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value;
- determine that the amount of time is greater than the predetermined value;
- and
- execute the trading command against at least a portion of the second order at the second price based at least in part on determining that the amount of time is greater than the predetermined value.
10 more elements
An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
- receive on a first side of a market a first order, in which the first order comprises a first price;
- receive from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, receive on the first side of the market a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- execute the trading command against the first order;
- and
- enable a participant via the work station to refuse to trade the second order at the second price;
- in which the computing device is further operable to:
- determine an amount of time between the trading command and the second order;
- determine that the amount of time is less than a predetermined value, and in which to enable the participant to refuse to trade the second order at the second price comprises to enable the participant via the work station to refuse to trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value;
- determine that the amount of time is greater than the predetermined value;
- and
- execute the trading command against at least a portion of the second order at the second price based at least in part on determining that the amount of time is greater than the predetermined value.
9 more elements
A method comprising:
- receiving by at least one computing device on a first side of a market a first order, in which the first order comprises a first price;
- receiving by the computing device from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, updating by the computing device the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- executing by the computing device the trading command against the first order;
- and
- enabling by the computing device a participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price;
- in which the method further comprises determining by the computing device that a time at which the first side of the market is updated to include the second order is within a predetermined time interval prior to a time of the trading command, the time of the trading command comprising a time the trading command is executed;
- and
- in which enabling the participant either to refuse to trade the second order at the second price or trade the second order at the second price comprises enabling the participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price based at least in part on determining that the time at which the first side of the market is updated to include the second order is within the predetermined time interval prior to the time of the trading command.
6 more elements
A method comprising:
- receiving by at least one computing device on a first side of a market a first order, in which the first order comprises a first price;
- receiving by the computing device from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, updating by the computing device the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- executing by the computing device the trading command against the first order;
- and
- enabling by the computing device a participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price;
- in which the method further comprises:
- determining by the computing device an amount of time between a time the first side of the market is updated to include the second order and a time of the trading command;
- and
- determining by the computing device that the amount of time is less than a predetermined value, and in which enabling the participant either to refuse to trade the second order at the second price or trade the second order at the second price comprises enabling the participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value.
7 more elements
A method comprising:
- receiving by at least one computing device on a first side of a market a first order, in which the first order comprises a first price;
- receiving by the computing device from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, updating by the computing device the first side of the market to include a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- executing by the computing device the trading command against the first order;
- and
- enabling by the computing device a participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price;
- in which the method further comprises:
- receiving by the computing device the second order;
- determining by the computing device an amount of time between the trading command and the second order;
- determining by the computing device that the amount of time is less than a predetermined value, and in which enabling the participant either to refuse to trade the second order at the second price or trade the second order at the second price comprises enabling the participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value.
7 more elements
A method comprising:
- receiving by at least one computing device on a first side of a market a first order, in which the first order comprises a first price;
- receiving by the computing device from a work station a trading command against at least a portion of the first side of the market, including the first order;
- prior to executing the trading command, receiving by the computing device on the first side of the market a second order, in which the second order comprises a second price, in which the second price is different from the first price, and in which the second order is within the at least portion of the first side of the market such that the trading command applies to the second order;
- executing by the computing device the trading command against the first order;
- and
- enabling by the computing device a participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price;
- in which the method further comprises:
- determining by the computing device an amount of time between the trading command and the second order;
- and
- determining by the computing device that the amount of time is less than a predetermined value, and in which enabling the participant either to refuse to trade the second order at the second price or trade the second order at the second price comprises enabling the participant via the work station either to refuse to trade the second order at the second price or trade the second order at the second price based at least in part on determining that the amount of time is less than the predetermined value.
7 more elements
Dependencies are inferred from the claim text.