INTERPROGRAM COMMUNICATION USING MESSAGES RELATED TO ORDER CANCELLATION
First Claim
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1. A method comprising:
- receiving a number of first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade;
querying a plurality of participants regarding the first orders;
after receiving the number of first indications, receiving a second indication of a second order, in which the second order defines a second trade;
constraining a cancellation of the second order for a period of time;
querying the plurality of participants regarding the second order; and
allowing the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time.
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Abstract
A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.
125 Citations
59 Claims
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1. A method comprising:
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receiving a number of first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade; querying a plurality of participants regarding the first orders; after receiving the number of first indications, receiving a second indication of a second order, in which the second order defines a second trade; constraining a cancellation of the second order for a period of time; querying the plurality of participants regarding the second order; and allowing the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A method comprising
receiving a number of first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade; -
for each of the first orders, determining at least one of; that no matching order is stored in an order management system associated with any of a plurality of participants, and that none of the plurality of participants accepts an offer to enter into the respective first trade defined by the first order; after receiving the number of first indications, receiving a second indication of a second order constraining a cancellation of the second order for a first period of time; and allowing the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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43. A method comprising:
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receiving an indication of an order, in which the order defines a trade of a financial instrument; determining that no matching order to the order is stored in a respective order management system associated with any of a plurality of participants before an end of a time period; determining that a cancellation of the order should be constrained during the time period; and constraining the cancellation of the order during the time period. - View Dependent Claims (44, 45, 46, 47, 48, 49, 50, 51, 52, 54, 55, 56, 57, 58, 59)
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Specification