MULTICOMPUTER DISTRIBUTED PROCESSING OF DATA RELATED TO AUTOMATION OF TRADING

• US 20100191638A1
• Filed: 01/23/2009
• Published: 07/29/2010
• Est. Priority Date: 01/23/2009
• Status: Abandoned Application

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Miller, Mark, Foley, Kevin, Lutnick, Howard W., Alderucci, Dean P., Gay, Brian, Plott, Charles, Fishkind, Andrew
• Application Number:
  US12/358,768
• Publication Number:
  US 20100191638A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Claims

1. A multi-computer system for distributed processing comprising:

a first computer configured to;

receive an instruction to accept orders without confirmation, in which the orders define a side of a trade for a financial instrument,

receive an indication of an order from a second computer, in which the order defines the side of the trade for the financial instrument;

process the indication to determine whether the order involve the side of the trade for the financial instrument, and

if a determination is made that the information and the order involve the side of the trade for the financial instrument, in response to the determination, transmit a request to facilitate execution of the trade to the second computer; and

the second computer configured to;

receive information defining the order,

transmit the indication of the order to the first computer,

receive the request to facilitate execution,

process the request to determine if the order is available for execution, and

if a determination is made that the order is available for execution, in response to the determination, facilitate execution of the order.

2. An apparatus comprising:

a machine readable medium; and

a processor configured to;

receive an instruction to accept orders without confirmation, in which the orders define a side of a trade for a financial instrument,

store information identifying the side of the trade for the financial instrument on the machine readable medium,

receive an indication of an order from an alternative trading system, in which the order defines the side of the trade for the financial instrument;

determine whether the information and the order involve the side of the trade for the financial instrument, and

if a determination is made that the information and the order involve the side of the trade for the financial instrument, in response to the determination, transmit a request to facilitate execution of the trade to the alternative trading system.

3. The apparatus of claim 2, in which the processor is further configured to:

if a determination is made that the information and the order do not involve the side of the trade for the financial instrument;

determine whether a second order is stored in an order management system, in which the second order defines the opposite side of the trade for the financial instrument; and

if a determination is made that the second order is stored in the order management system, in response to the determination, transmitting a request for a binding acceptance to enter into the trade.

4. The apparatus of claim 2, in which the information includes a database entry.

5. The apparatus of claim 4, in which the database entry includes at least one of an entry of the side of the trade and an entry of the opposite side of the trade.

6. The apparatus of claim 2, in which determining whether the information and the order involve the side of the trade for the financial instrument includes comparing at least a portion of the information and the side of the trade.

7. The apparatus of claim 2, in which transmitting the request includes transmitting the request after a waiting period;

and in which the processor is further configured to determine the waiting period between a minimum and maximum period of time.

8. A method comprising:

receiving an instruction to accept orders without confirmation, in which the orders define a side of a trade for a financial instrument;

storing information identifying the side of the trade for the financial instrument in a data structure;

receiving an indication of an order from an alternative trading system, in which the order defines the side of the trade for the financial instrument;

determining, by a processor, that the information and the order involve the side of the trade for the financial instrument; and

in response to the determination, transmitting a request to facilitate execution of the trade to the alternative trading system.

9. The method of claim 8, in which the information includes a database entry.

10. The method of claim 9, in which the database entry includes at least one of an entry of the side of the trade and an entry of the opposite side of the trade.

11. The method of claim 8, in which determining whether the information and the order involve the side of the trade for the financial instrument includes comparing at least a portion of the information and the side of the trade.

12. A method comprising:

receiving an instruction to enter into a side of a trade for a financial instrument from a first participant;

storing information identifying the side of the trade and the first participant in a data structure such that participants may not obtain the information;

receiving an indication of an order from a second participant, in which the order defines the opposite side of the trade for the financial instrument;

determining, by a processor, that the information and the order involve opposite sides of the trade for the financial instrument;

in response to the determination, facilitating execution of the trade; and

in response to the determination, transmitting a notification to the first participant and a notification to the second participant identifying the execution of the trade.

13. The method of claim 12, in which the first participant includes an order management system.

14. A trading system comprising:

A processor configured to;

receive an indication of an order, in which the order defines a side of a trade for a quantity of a financial instrument;

transmit respective indications of respective portions of the order to each of a plurality of participants;

receive an indication of acceptance of a first portion from a first participant of the plurality of participants; and

in response to receiving the indication of acceptance, transmit an indication of a remainder of the order to the first participant.

15. The system of claim 14, in which the processor is further configured to:

determine that a period of time has passed after the transmission of the respective indications of the respective portions before transmitting the indication of the remainder.

16. The system of claim 15, in which the remainder includes a part of the order for which an acceptance has not been received at an end of the period of time.

17. The system of claim 15, in which the processor is further configured to:

receive a plurality of indications of respective acceptances of respective second portions from respective second participants of the plurality of participants before an end of the period of time.

18. The system of claim 17, in which the remainder includes a part of the order for which an acceptance has not been received at the end of the period of time.

19. The system of claim 17, in which the processor is further configured to facilitate execution of trades fulfilling each of the first portion and the second portions.

20. The system of claim 17, in which the processor is further configured to:

in response to receiving the indications of respective acceptances, transmit an indication of the remainder of the order to each participant from which a respective one of the indications of respective acceptances were received.

21. The apparatus of claim 14, in which transmitting the indication of the remainder includes transmitting the indication of the remainder after a waiting period, and in which the processor is further configured to determine the waiting period between a minimum and maximum period of time.

22. The system of claim 14, in which the processor is further configured to determine that the first participant is configured to automatically transmit the indication of acceptance without human intervention before transmitting the indication of the remainder of the order.

23. The system of claim 14, in which a sum of the respective portions of the order is less than the full order.

24. The system of claim 14, in which transmitting each respective indication includes:

transmitting a respective first query asking if a respective matching order to the order is stored in a respective order management system, and transmitting a respective second query asking if a respective offer to enter into a respective trade that fulfills at least a respective portion of each of the respective portion and the respective matching order is accepted.

25. A system comprising:

A processor configured to;

receive an indication of a trading intention, in which the trading intention identifies a side of a trade for a financial instrument;

receive an indication of a portion of an order from a remote processor through a communication network, in which the order if for the opposite side of the trade for the financial instrument;

determine that the order is for the opposite side of the trade;

in response to the determination, transmit an acceptance of the portion of the order;

receive an indication of a remainder of the order.

26. The system of claim 25, in which the processor is further configured to provide an interface through which the remainder may be accepted.

27. The system of claim 25, in which the processor is further configured to transmit the acceptance within a time period determined by the remote processor.

28. The system of claim 25, in which receiving the indication of the portion of the order includes:

receiving a first query asking if a matching order to the portion of the order is stored in an order management system, and receiving a second query asking if an offer to enter into a trade that fulfills at least a portion of each of the portion of the order and the matching order is accepted.