# US 8,788,400 B2 · Managing outlying trading orders > Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt - Number: US 8,788,400 B2 - Document ID: US8788400B2 - Status: Granted - Kind: B2 - Application number: 13/685,302 - Filed: 2012-11-26 - Published: 2013-04-04 - Granted: 2014-07-22 - Earliest claimed: 2004-08-04 - Assignees: BGC Partners, Inc. - Applicants: BGC Partners, Inc. - Inventors: Joseph C. Noviello; Howard W. Lutnick; Michael Sweeting - Web page: https://patentgrep.com/patent/US8788400B2 ## 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 - G06Q 40/06: Asset management; Financial planning or analysis - 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 ## Abstract According to one embodiment, a method of managing trading is provided. In a market for a particular type of instrument, electronic data including buy orders and sell orders are received from a plurality of traders. Each buy order has an associated bid price and each sell order has an associated offer price. A determination is made of whether the particular trading order is an outlying trading order by electronically determining whether the particular trading order differs from at least one comparison price by more than a threshold value. If it is determined that the particular trading is an outlying trading order, a restrictive action is taken regarding one or more trading orders. For example, if a trader subsequently submits another trading order that would trade with the outlying trading order, an electronic alert message may be sent to the trader and the subsequent trading order may be prevented from trading with the outlying trading order at least temporarily. ## Claims ### Claim 1 An apparatus comprising: at least one processor; a computer-readable medium coupled to the at least one processor, the computer-readable medium storing software that when executed by the at least one processor, directs the at least one processor to: receive trading orders, wherein the trading orders have associated prices; based on the price of a particular one of the trading orders, determine that the particular trading order is an outlying order; and based on determining that the particular trading order is an outlying order, at least one of: at least temporarily prevent within an electronic display a promotion of the particular trading order within a trading order stack, at least temporarily not display within the electronic display the particular trading order within the trading order stack, and at least temporarily modify within the electronic display an appearance of the particular trading order as compared to other trading orders within the trading order stack. ### Claim 2 (depends on 1) The apparatus of claim 1, wherein the software, when executed by the at least one processor, further directs the at least one processor to: based on determining that the particular trading order is an outlying order, at least temporarily prevent within the electronic display the promotion of the particular trading order within the trading order stack; and wherein to prevent the promotion of the particular trading order within the trading order stack comprises to at least temporarily leave within the electronic display at least one open space within the trading order stack above the particular trading order. ### Claim 3 (depends on 1) The apparatus of claim 1, wherein the software, when executed by the at least one processor, further directs the at least one processor to: based on determining that the particular trading order is an outlying order, at least temporarily modify within the electronic display the appearance of the particular trading order as compared to the other trading orders within the trading order stack; and wherein to modify within the electronic display the appearance of the particular trading order comprises to at least temporarily display the particular trading order in a different color than the other trading orders within the trading order stack. ### Claim 4 (depends on 1) The apparatus of claim 1, wherein the software, when executed by the at least one processor, further directs the at least one processor to: based on determining that the particular trading order is an outlying order, at least temporarily not display within the electronic display the particular trading order within the trading order stack. ### Claim 5 (depends on 1) The apparatus of claim 1, wherein the software, when executed by the at least one processor, further directs the at least one processor to: receive from a user a subsequent trading order having an original price that would trade with a price of the particular trading order; and based on determining that the particular trading order is an outlying order: communicate an alert message to the user; and prevent the subsequent trading order from being placed on a trading exchange at least until a response to the alert message is received from the user. ### Claim 6 (depends on 1) The apparatus of claim 1, wherein to determine that the particular trading order is an outlying order comprises to determine that a price of the particular trading order differs from at least one comparison price by more than a threshold value. ### Claim 7 (depends on 6) The apparatus of claim 6, wherein to determine that the price of the particular trading order differs from at least one comparison price by more than the threshold value comprises to make the determination at a time the particular trading order is promoted within the trading order stack. ### Claim 8 (depends on 6) The apparatus of claim 6, wherein the software, when executed by the at least one processor, further directs the at least one processor to update the threshold value. ### Claim 9 (depends on 1) The apparatus of claim 1, wherein to determine that the particular trading order is an outlying order comprises to determine that a price of the particular trading order differs from a previous trade price by more than a threshold value. ### Claim 10 (depends on 1) The apparatus of claim 1, wherein to determine that the particular trading order is an outlying order comprises to determine that a price of the particular trading order differs from a price associated with at least another one of the trading orders by more than a threshold value. ### Claim 11 A method comprising: receiving by at least one processor trading orders, wherein the trading orders have associated prices; based on the price of a particular one of the trading orders, determining by the at least one processor that the particular trading order is an outlying order; and based on determining that the particular trading order is an outlying order, at least one of: at least temporarily preventing by the at least one processor within an electronic display a promotion of the particular trading order within a trading order stack, at least temporarily not displaying by the at least one processor within the electronic display the particular trading order within the trading order stack, and at least temporarily modifying by the at least one processor within the electronic display an appearance of the particular trading order as compared to other trading orders within the trading order stack. ### Claim 12 (depends on 11) The method of claim 11, wherein: based on determining that the particular trading order is an outlying order, at least temporarily preventing within the electronic display the promotion of the particular trading order within the trading order stack; and preventing the promotion of the particular trading order within the trading order stack comprises at least temporarily leaving within the electronic display at least one open space within the trading order stack above the particular trading order. ### Claim 13 (depends on 11) The method of claim 11, wherein: based on determining that the particular trading order is an outlying order, at least temporarily modifying within the electronic display the appearance of the particular trading order as compared to the other trading orders within the trading order stack; and modifying within the electronic display the appearance of the particular trading order comprises at least temporarily displaying the particular trading order in a different color than the other trading orders within the trading order stack. ### Claim 14 (depends on 11) The method of claim 11, wherein based on determining that the particular trading order is an outlying order, at least temporarily not displaying within the electronic display the particular trading order within the trading order stack. ### Claim 15 (depends on 11) The method of claim 11, further comprising: receiving from a user a subsequent trading order having an original price that would trade with a price of the particular trading order; and based on determining that the particular trading order is an outlying order: communicating an alert message to the user; and preventing the subsequent trading order from being placed on a trading exchange at least until a response to the alert message is received from the user. ### Claim 16 (depends on 11) The method of claim 11, wherein determining that the particular trading order is an outlying order comprises determining that a price of the particular trading order differs from at least one comparison price by more than a threshold value. ### Claim 17 (depends on 16) The method of claim 16, wherein determining that the price of the particular trading order differs from at least one comparison price by more than the threshold value comprises making the determination at a time the particular trading order is promoted within the trading order stack. ### Claim 18 (depends on 16) The method of claim 16, further comprising updating the threshold value. ### Claim 19 (depends on 11) The method of claim 11, wherein determining that the particular trading order is an outlying order comprises determining that a price of the particular trading order differs from a previous trade price by more than a threshold value. ### Claim 20 (depends on 11) The method of claim 11, wherein determining that the particular trading order is an outlying order comprises determining that a price of the particular trading order differs from a price associated with at least another one of the trading orders by more than a threshold value.