MULTICOMPUTER DISTRIBUTED PROCESSING OF DATA REGARDING TRADING OPPORTUNITIES

• US 20100332368A1
• Filed: 06/30/2009
• Published: 12/30/2010
• Est. Priority Date: 06/30/2009
• 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:
  US12/494,438
• Publication Number:
  US 20100332368A1
• 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

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 system comprising:

one or more machine-readable media having stored thereon a plurality of instructions that when executed by one or more processors cause the processors to perform a method comprising;

receive an indication of a firm order from an order submitter, in which the firm order defines a side of a trade for a financial instrument, and in which the indication indicates that the firm order is an active order;

determine that a matching order to the firm order is stored in an order management system associated with a participant;

constrain cancellation of the firm order for a first time period;

provide an indication of the firm order to the participant, in which the indication identifies the first time period;

after the first time period, determine that the firm order has been cancelled by the order submitter;

in response to determining that the firm order has been cancelled, provide an indication that the firm order has been cancelled to the participant;

after providing the indication that the firm order has been cancelled to the participant, receive, from the participant, an indication to execute the trade during a second time period;

during the second time period, receive a second indication of the firm order from the order submitter, in which the second indication indicates that the firm order is an active order;

in response to receiving the second indication, facilitate execution of the trade without verification from the participant; and

provide an indication that the trade has been executed to the participant.

2. The system of claim 1, in which the method further comprises:

determining the first time period, an in which determining the first time period includes making a random determination of the time period.

3. A system comprising:

one or more machine-readable media having stored thereon a plurality of instructions that when executed by one or more processors cause the processors to perform a method comprising;

receive an indication of a firm order, in which the firm order defines a side of a trade for a financial instrument, in which the firm order identifies a quantity of the financial instrument, and in which the indication indicates that the firm order is an active order;

determine that a matching order to the firm order is stored in an order management system associated with a participant;

provide an indication of the firm order to the participant;

determine that the firm order is no longer an active order;

after determining that the firm order is no longer an active order, receive, from the participant, an indication to execute the trade;

receive a second indication, in which the second indication indicates that an order that defines the side of the trade for the financial instrument is an active order, and in which the indication identifies at least a portion of the quantity of the financial instrument;

in response to receiving the second indication, facilitate execution of the trade fulfilling the order without verification from the participant; and

provide an indication that the trade has been executed to the participant.

4. The system of claim 3, in which the method further comprises:

in response to determining that the firm order is no longer an active order, provide an indication that the firm order is no longer an active order to the participant.

5. The system of claim 3, in which the order includes the firm order.

6. The system of claim 3, in which the order includes a second firm order.

7. The system of claim 3, in which the firm order and the order are both submitted by a same order submitter.

8. The system of claim 3, in which the indication to execute the trade includes an indication of a minimum quantity of the financial instrument, and in which the method further comprises determining that the portion includes at least the minimum quantity of the financial instrument.

9. The system of claim 3, in which the indication to execute the trade includes an indication to execute the trade during a first time period, and in which receiving the second indication includes receiving the second indication during the first time period.

10. The system of claim 3, in which the indication of the firm order provided to the participants includes an indication of a time period during which cancellation of the firm order is constrained, and in which the method includes constraining cancellation of the firm order during the time period.

11. The system of claim 3, in which determining that the firm order is no longer an active order includes determining that at least one of:

the firm order has been cancelled, and determining that at least a part of the firm order has been fulfilled.

12. A system comprising:

one or more machine-readable media having stored thereon a plurality of instructions that when executed by one or more processors cause the processors to perform a method comprising;

receive an indication of a firm order, in which the firm order defines a side of a trade for a financial instrument, in which the firm order identifies a quantity of the financial instrument, and in which the indication indicates that the firm order is an active order;

display an indication of the firm order;

receive an indication that the firm order is no longer an active order;

display an indication that the firm order is no longer an active order;

receive an indication to execute the trade;

transmit an indication to execute the trade if an order for the side of the financial instrument becomes active; and

receive an indication that the order for the side of the financial instrument became active and that in response, the trade was executed; and

display an indication that the trade has been executed.