BLOCK TRADING SYSTEM AND METHOD PROVIDING PRICE IMPROVEMENT TO AGGRESSIVE ORDERS
First Claim
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1. A computer-implemented method of managing market information across a network of market data providers, comprising the steps of:
- (a) electronically receiving, from a first market participant over a computer network, an order concerning an item, the order comprising an indication of a level of visibility which the first market participant wishes to accord to notifications associated with the order, the indication of the level of visibility being independent of identities of second market participants;
(b) displaying the notifications associated with the order on computer systems of the second market participants only in accordance with the indication of the level of visibility; and
(c) automatically executing the order in a computer system in communication with the computer network when one of the second market participants enters a matching contra order.
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Accused Products
Abstract
A first market participant submits an order comprising an indication of a level of visibility which the first market participant wishes to accord to notifications associated with the order. The indication of the level of visibility is independent of identities of second market participants. The notifications associated with the order are displayed on the computer systems of the second market participants only in accordance with the indication of the level of visibility.
126 Citations
13 Claims
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1. A computer-implemented method of managing market information across a network of market data providers, comprising the steps of:
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(a) electronically receiving, from a first market participant over a computer network, an order concerning an item, the order comprising an indication of a level of visibility which the first market participant wishes to accord to notifications associated with the order, the indication of the level of visibility being independent of identities of second market participants; (b) displaying the notifications associated with the order on computer systems of the second market participants only in accordance with the indication of the level of visibility; and (c) automatically executing the order in a computer system in communication with the computer network when one of the second market participants enters a matching contra order. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for managing market information across a network of market data providers, comprising:
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a communication device for communicating over a computer network; and a processor, in communication with the computer network, configured for; (a) electronically receiving, from a first market participant over the computer network, an order concerning an item, the order comprising an indication of a level of visibility which the first market participant wishes to accord to notifications associated with the order, the indication of the level of visibility being independent of identities of second market participants; (b) communicating over the computer network with computer systems of the second market participants for displaying the notifications associated with the order on the computer systems of the second market participants only in accordance with the indication of the level of visibility; and (c) automatically executing the order when one of the second market participants enters a matching contra order. - View Dependent Claims (8, 9, 10, 11, 12)
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13. An article of manufacture for managing market information across a network of market data providers, comprising:
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a computer-readable storage medium; and code on the computer-readable storage medium, the code, when executed on a processor, controlling the processor for; (a) electronically receiving, from a first market participant over a computer network, an order concerning an item, the order comprising an indication of a level of visibility which the first market participant wishes to accord to notifications associated with the order, the indication of the level of visibility being independent of identities of second market participants; (b) displaying the notifications associated with the order on computer systems of the second market participants only in accordance with the indication of the level of visibility; and (c) automatically executing the order when one of the second market participants enters a matching contra order.
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Specification