BLOCK TRADING SYSTEM AND METHOD PROVIDING PRICE IMPROVEMENT TO AGGRESSIVE ORDERS
First Claim
Patent Images
1. A method for trading items among a plurality of traders, the method comprising:
- (a) receiving a plurality of orders from the traders into an electronic trading system;
(b) randomly delaying at least one of an execution time and a liquidity notification event for at least some of the orders; and
(c) executing the orders in the electronic trading system.
9 Assignments
0 Petitions
Accused Products
Abstract
In a trading system for trading securities or the like, traders are given various methods for providing protection from poor executions caused by adverse movements in the market and/or other traders seeking to “game” the system.
-
Citations
25 Claims
-
1. A method for trading items among a plurality of traders, the method comprising:
-
(a) receiving a plurality of orders from the traders into an electronic trading system; (b) randomly delaying at least one of an execution time and a liquidity notification event for at least some of the orders; and (c) executing the orders in the electronic trading system. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A method for trading items among a plurality of traders, the method comprising:
-
(a) receiving, into an electronic trading system, an indication of a limit that one of the traders has placed on an order with an externally established price range; (b) comparing the limit to the externally established price range; and (c) when the limit lies outside of the externally established price range, performing at least one of (i) preventing a trade and (ii) notifying the trader. - View Dependent Claims (10)
-
-
11. A method for facilitating trading of items among a plurality of traders, wherein the plurality of traders are grouped into components, the method comprising:
-
(a) receiving an from one of the traders into an electronic trading system, wherein the order includes an indication of which component or components of the plurality of traders will receive the order; and (b) making the order visible only to the component or components indicated.
-
-
12. A system for trading items among a plurality of traders, the system comprising:
-
a communication component for receiving a plurality of orders from the traders into an electronic trading system; and a trading server for randomly delaying at least one of an execution time and a liquidity notification event for at least some of the orders and executing the orders in the electronic trading system. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19)
-
-
20. A system for trading items among a plurality of traders, the system comprising:
-
a communication component for electronically communicating with the plurality of traders; and a trading server, in electronic communication with the communication component, for; (a) receiving an indication of a limit that one of the traders has placed on an order with an externally established price range; (b) comparing the limit to the externally established price range; and (c) when the limit lies outside of the externally established price range, performing at least one of (i) preventing a trade and (ii) notifying the trader. - View Dependent Claims (21)
-
-
22. A system for facilitating trading of items among a plurality of traders, wherein the plurality of traders are grouped into components, the system comprising:
-
a communication component for electronically communicating with the plurality of traders; and a trading server, in electronic communication with the communication component, for; (a) receiving an from one of the traders into an electronic trading system, wherein the order includes an indication of which component or components of the plurality of traders will receive the order; and (b) making the order visible only to the component or components indicated.
-
-
23. An article of manufacture for trading items among a plurality of traders, the article of manufacture comprising:
-
a computer-readable storage medium; and code on the computer-readable storage medium, the code, when executed on one or more computing devices, controlling said one or more computing devices for; (a) receiving a plurality of orders from the traders into an electronic trading system; (b) randomly delaying at least one of an execution time and a liquidity notification event for at least some of the orders; and (c) executing the orders in the electronic trading system.
-
-
24. An article of manufacture for trading items among a plurality of traders, the article of manufacture comprising:
-
a computer-readable storage medium; and code on the computer-readable storage medium, the code, when executed on one or more computing devices, controlling said one or more computing devices for; (a) receiving, into an electronic trading system, an indication of a limit that one of the traders has placed on an order with an externally established price range; (b) comparing the limit to the externally established price range; and (c) when the limit lies outside of the externally established price range, performing at least one of (i) preventing a trade and (ii) notifying the trader.
-
-
25. An article of manufacture for facilitating trading of items among a plurality of traders, wherein the plurality of traders are grouped into components, the article of manufacture comprising:
-
a computer-readable storage medium; and code on the computer-readable storage medium, the code, when executed on one or more computing devices, controlling said one or more computing devices for; (a) receiving an from one of the traders into an electronic trading system, wherein the order includes an indication of which component or components of the plurality of traders will receive the order; and (b) making the order visible only to the component or components indicated.
-
Specification