Managing trading orders based on priority

• US 10,424,015 B2
• Filed: 07/12/2013
• Issued: 09/24/2019
• Est. Priority Date: 08/05/2005
• Status: Active Grant

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Claus, Matthew W., Foley, Kevin M., Noviello, Joseph C., Lutnick, Howard W.
• Primary Examiner(s): Ebersman, Bruce I
• Application Number:
  US13/940,627
• Publication Number:
  US 20130304625A1
• Time in Patent Office: 2,265 Days
• Field of Search: 705 37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system for managing trading orders comprises a memory operable to store a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion and is received from a first trader. The memory is further operable to store a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion and the second trading order is received from a second trader after the first trading order. The system further comprises a processor communicatively coupled to the memory and operable to receive from a counterparty trader a counterorder for the trading product. The processor is further operable to use the counterorder to fill the display portion of the first trading order. The processor is further operable to use the counterorder to fill the display portion of the second trading order. After filling the display portion of the second trading order, the processor is further operable to exclusively offer at least a portion of the counterorder to the first trader for a configurable period of time.

Claims

1. A system comprising:

at least one memory operable to store;

a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion and is received from a first trader, and wherein the display portion of the first trading order is displayed on at least one interface screen of at least one electronic display device of at least one first trading workstation, and wherein the first trading order is received via a computing device of the first trader;

a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion and is received from a second trader after the first trading order, wherein the display portion of the second trading order is displayed on at least one interface screen of at least one display device of at least one second trading workstation, and wherein the second trading order is received via a computing device of the second trader;

a network interface coupling the system to a plurality of remote client devices that communicate trading commands to the system; and

at least one processor of at least one computer communicatively coupled to the at least one memory and operable to;

receive from a computing device of a counterparty trader an electronic message comprising a counterorder for the trading product;

use the counterorder to automatically fill the display portion of the first trading order;

use the counterorder to automatically fill the display portion of the second trading order;

after automatically filling the display portion of the second trading order and based on the first trading order being received before the second trading order, exclusively offer, through a user interface of a remote client device of the plurality of remote client devices, at least a portion of the counterorder to the first trader for a configurable period of time and prevent the reserve portion of the first trading order from being disclosed to the plurality of traders with the exception of the counterparty trader;

receive from the first trader an acceptance of at least a part of the at least portion of the counterorder during the exclusive offer period of time;

responsive to receiving from the first trader an acceptance of at least a part of the at least portion of the counterorder during the exclusive offer period of time, extend the exclusive offer period of time; and

exclusively offer, through the user interface of the remote client device of the plurality of remote client devices, a second part of a remaining portion of the counterorder to the first trader for the extended exclusive offer period of time.

2. The system of claim 1, wherein:

the first trading order and the second trading order are bids; and

the counterorder is a hit.

3. The system of claim 1, wherein:

the first trading order and the second trading order are offers; and

the counterorder is a take.

4. The system of claim 1, wherein the at least one processor is further operable to, after receiving the first trading order:

disclose the display portion of the first trading order to a plurality of traders; and

prevent the reserve portion of the first trading order from being disclosed to the plurality of traders with the exception of the counterparty trader.

5. The system of claim 1, wherein using the counterorder to fill the display portion of the first trading order comprises satisfying the display portion of the first trading order with a corresponding portion of the counterorder.

6. The system of claim 1, wherein exclusively offering at least a portion of the counterorder to the first trader comprises offering the at least a portion of the counterorder to the first trader without offering any portion of the counterorder to the second trader until at least the configurable period of time expires.

7. The system of claim 1, wherein the at least one processor is further operable to, after filling the display portion of the second trading order and prior to exclusively offering at least part of the counterorder, use the counterorder to fill the reserve portion of the first trading order.

8. The system of claim 1, wherein the at least one processor is further operable to, after filling the display portion of the second trading order and prior to exclusively offering at least part of the counterorder:

use the counterorder to fill the reserve portion of the first trading order; and

use the counterorder to fill the reserve portion of the second trading order.

9. A non-transitory computer-readable medium having instructions stored thereon which, when executed by at least one processor of at least one computer, direct the at least one processor to:

receive from a first trader, through a network interface, a first electronic message comprising a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion, wherein the display portion of the first trading order is displayed on at least one interface screen of at least one electronic display device of at least one first trading workstation, and wherein the first electronic message is received via a computing device of the first trader;

subsequently receive from a second trader, through the network interface, a second electronic message comprising a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion, and wherein the second electronic message is received via a computing device of the second trader;

receive from a counterparty trader a third electronic message comprising a counterorder for the trading product, in which the third electronic message is received via a computing device of the counterparty trader;

use the counterorder to automatically fill the display portion of the first trading order;

use the counterorder to automatically fill the display portion of the second trading order;

after automatically filling the display portion of the second trading order and based on the first trading order being received before the second trading order, exclusively offer, through a user interface of a remote client device, at least a portion of the counterorder to the first trader for a configurable period of time and prevent the reserve portion of the first trading order from being disclosed to the plurality of traders with the exception of the counterparty trader;

receive from the first trader an acceptance of at least a part of the at least portion of the counterorder during the exclusive offer period of time;

responsive to receiving from the first trader an acceptance of at least a part of the at least portion of the counterorder during the exclusive offer period of time, extend the exclusive offer period of time; and

exclusively offer, through the user interface of the remote client device of the plurality of remote client devices, a second part of a remaining portion of the counterorder to the first trader for the extended exclusive offer period of time.

10. The non-transitory computer-readable medium of claim 9, wherein:

the first trading order and the second trading order are bids; and

the counterorder is a hit.

11. The non-transitory computer-readable medium of claim 9, wherein:

the first trading order and the second trading order are offers; and

the counterorder is a take.

12. The non-transitory computer-readable medium of claim 9, wherein the instructions, when executed, further direct the at least one processor to, after receiving the first trading order:

disclose the display portion of the first trading order to a plurality of traders.

13. The non-transitory computer-readable medium of claim 9, wherein using the counterorder to fill the display portion of the first trading order comprises satisfying the display portion of the first trading order with a corresponding portion of the counterorder.

14. The non-transitory computer-readable medium of claim 9, wherein exclusively offering at least a portion of the counterorder to the first trader comprises offering the at least a portion of the counterorder to the first trader without offering any portion of the counterorder to the second trader until at least the configurable period of time expires.

15. The non-transitory computer-readable medium of claim 9, wherein the instructions, when executed, further direct the at least one processor to, after filling the display portion of the second trading order and prior to exclusively offering at least part of the counterorder, use the counterorder to fill the reserve portion of the first trading order.

16. The non-transitory computer-readable medium of claim 9, wherein the instructions, when executed, further direct the at least one processor to, after filling the display portion of the second trading order and prior to exclusively offering at least part of the counterorder:

use the counterorder to fill the reserve portion of the first trading order; and

use the counterorder to fill the reserve portion of the second trading order.