Systems and methods for trading
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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.
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Citations
44 Claims
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1-37. -37. (canceled)
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38. A method implemented by an electronic trading system for processing a bid or offer, the method comprising:
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receiving the bid or offer from a participant;
presenting the bid or offer to another participant; and
preventing cancellation of the bid or offer for a specified period of time.
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39. A method implemented by an electronic trading system for trading an item, the method comprising:
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receiving the bid or offer from a first participant for the item;
presenting the bid or offer to a second participant; and
preventing cancellation of the bid or offer for a period of time through system controlled parameters. - View Dependent Claims (40, 41)
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42. A method implemented on a distributed workstation computer system for trading an item between passive participants and an aggressor participant, the method comprising:
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providing a bid/offer system state wherein the passive participants participate by entering bids or offers at select prices and volumes for the item;
distributing the bids or offers to the workstations;
preventing cancellation of the bids or offers for a specified period of time;
receiving a hit or lift from the aggressor participant in response to one or more of the bids or offers to trade a desired volume of the item at a desired price; and
transitioning to a trading system state wherein;
(a) a trade transaction is executed, at a defined price set by the hit or lift, between the aggressor participant and each passive participant whose bid or offer had been hit or lifted by the aggressor participant; and
(b) a period of exclusivity is provided during which the aggressor participant and a designated passive participant may control trading by transacting additional volume of the item with each other at the defined price to the exclusion of other participants desiring to participate in trading. - View Dependent Claims (43)
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44. A method implemented on a distributed-workstation computer system for trading an item between participants, said method comprising:
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providing a bid/offer system state wherein a first participant enters a bid or offer for the item at a select price and volume;
receiving from a second participant a trade command to hit or lift the bid or offer;
preventing cancellation of the bid or offer for a for a specified period of time; and
entering a trading system state wherein a trade transaction is executed between the first and second participants for a volume of the item at a defined price, and wherein the first and second participants are provided a period to control trading, during which they may transact with each other additional volume of the item at the defined price to the exclusion of other participants desiring to participate in the trade.
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Specification