Systems and methods for electronic trading that permit principal/broker trading

• US 20030088499A1
• Filed: 01/14/2002
• Published: 05/08/2003
• Est. Priority Date: 06/01/2001
• Status: Active Grant

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Stergiopoulos, Andrew, Gilbert, Andrew C., Gilbert, Mary Ann, Stergiopoulos, Angela, Tselepis, William P., Tselepis, Mary K.
• Granted Patent: US 8,494,949 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Electronic trading systems and methods which facilitate principal/broker trading are provided. In a first aspect of the invention, a database relating to trading participants in the trading system is designed to indicate which traders utilize a principal/broker relationship and what, if any, limitations are placed on the activity of the broker, trading commands submitted by the broker, and counterparties in a transaction with the broker. In another aspect of the invention, trading commands and executed trades involving principals/brokers may be presented to other traders using special designations. The ability to enter certain trading commands by, and in response to, brokers may be limited. In a further aspect of the invention, anonymous trading features may prevent traders from knowing whether another trader is a broker or principal, may restrict traders from being able to block trading with brokers, and may permit brokers to configure anonymous trading parameters.

Claims

1. A method for presenting a trading interface, comprising:

receiving a first passive trading command from a broker workstation;

receiving a second passive trading command from a principal workstation;

displaying the first passive trading command and the second passive trading command using a special designation, which indicates bid availability on a trader workstation.

2. The method of claim 1, wherein the displaying of the first trading command and the second trading command comprises displaying the first passive trading command in a different manner from the second passive trading command wherein the different manner is using different colors, using different fonts, using flashing or hiding an unavailable passive trading command.

3. A method for trading, comprising:

receiving a trading command from a first trader;

determining whether the first trader is acting as a broker;

presenting the trading command to a second trader; and

preventing the second trader from acting on the trading command when the first trader is acting as a broker.

4. The method of claim 3, wherein preventing the second trader from acting on the trading command is executed by blocking the trading command so that the trading command does not form part of the trade.

5. The method of claim 4, further comprising determining whether the trading command is a passive trading command or an aggressive trading command in order to determine acceptance status.

6. A method for trading, comprising:

receiving a passive trading command from a first trader;

receiving an aggressive trading command from a second trader; and

enabling the second trader to execute a trade based upon a predetermined acceptance status set by either the first trader or the second trader.

7. The method of claim 6, further comprising:

determining whether the first trader is acting as a broker; and

preventing the second trader from acting on the aggressive trading command when the first trader is acting as a broker.

8. A method for configuring trading interface settings, comprising:

setting of trading limitations by a principal trader for anonymous trading; and

,

imposing the trading limitations on a broker trader acting on behalf of the principal trader.

9. A system for presenting a trading interface comprising equipment associated with electronic trading that is configured to:

receive a first passive trading command from a broker workstation;

receive a second passive trading command from a principal workstation; and

display the first passive trading command and the second passive trading command using a special designation on a trader workstation, which indicates bid availability on a trader workstation.

10. The system of claim 9, wherein the equipment is further configured to display the first passive trading command in a different manner than the second passive trading command, wherein the different manner is using different colors, using different fonts, using flashing or hiding an unavailable passive trading commands.

11. A system for presenting a trading interface comprising equipment associated with electronic trading that is configured to:

receive a trading command from a first trader;

determine whether the first trader is acting as a broker;

present the trading command to the second trader; and

prevent the second trader from acting on the trading command when the first trader is acting as a broker.

12. The system of claim 11 wherein the equipment is further configured to block the trading command so that the trading command does not form part of the trade.

13. A system of claim 12, wherein the equipment is further configured to determine whether the trading command is a passive trading command or an aggressive trading command to determine acceptance status.

14. A system for electronic trading comprising equipment associated with the electronic trading that is configured to:

receive a passive trading command from a first trader;

receive an aggressive trading command from a second trader; and

enable the second trader to execute a trade based upon a predetermined acceptance status set by either the first trader or the second trader.

15. A system of claim 14, wherein the equipment is further configured to:

determine whether the first trader is acting as a broker; and

prevent the second trader from acting on the aggressive trading command when the first trader is acting as a broker.

16. A system for developing trading interface settings comprising equipment associated with electronic trading that is configured to:

permit setting of trading limitations by a principal trader for anonymous trading; and

impose the trading limitations on a broker trader acting on behalf of the principal trader.