SYSTEMS AND METHODS FOR TRADING
First Claim
1. 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.
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Accused Products
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
31 Claims
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1. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
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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. - View Dependent Claims (18, 19)
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20. A method comprising:
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receiving on a first side of a market a first order, in which the first order comprises a first price;
receiving 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 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 the trading command against the first order; and
enabling a participant via the work station to;
refuse to trade the second order at the second price, and trade the second order at the second price. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29)
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30. A method comprising:
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receiving on a first side of a market a first order, in which the first order comprises a first price;
receiving 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 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 the trading command against the first order; and
enabling a participant via the work station to;
refuse to trade the second order at the second price, and trade the second order at the second price. - View Dependent Claims (31)
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Specification