SYSTEM AND METHODS FOR ELECTRONIC TRADING THAT PERMIT PRINCIPAL/BROKER TRADING
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Accused Products
Abstract
Electronic trading systems and methods which facilitate principal/broker trading are provided. In a first aspect of the invention, a database relating to trading participants in the trading system is designed to indicate which traders utilize a principal/broker relationship and what, if any, limitations are placed on the activity of the broker, trading commands submitted by the broker, and counterparties in a transaction with the broker. In another aspect of the invention, trading commands and executed trades involving principals/brokers may be presented to other traders using special designations. The ability to enter certain trading commands by, and in response to, brokers may be limited. In a further aspect of the invention, anonymous trading features may prevent traders from knowing whether another trader is a broker or principal, may restrict traders from being able to block trading with brokers, and may permit brokers to configure anonymous trading parameters.
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Citations
29 Claims
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1-8. -8. (canceled)
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9. A method comprising:
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receiving, by at least one computer processor, at least one configuration setting from a first party, the at least one configuration setting comprising an indication of whether or not the first party is willing to trade with a second party; receiving, by the at least one computer processor, from the second party an order comprising a bid to buy a financial instrument or an offer to sell a financial instrument; determining, by the at least one computer processor, whether or not the first party is willing to trade with the second party based at least in part on the at least one configuration setting received from the first party, wherein determining whether or not the first party is willing to trade with the second party comprises determining that the first party is not willing to trade with the second party; and withholding, by the at least one computer processor, presentation of the order to the first party in response to the determination that the first party is not willing to trade with the second party. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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10. An apparatus comprising:
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at least one processor; and memory including instructions that, when executed by the at least one processor, configure the at least one processor for; receiving at least one configuration setting from a first party, the at least one configuration setting comprising an indication of whether or not the first party is willing to trade with a second party; receiving from the second party an order comprising a bid to buy a financial instrument or an offer to sell a financial instrument; determining whether or not the first party is willing to trade with the second party based at least in part on the at least one configuration setting, wherein determining whether or not the first party is willing to trade with the second party comprises determining that the first party is not willing to trade with the second party; and withholding presentation of the order to the first party in response to the determination that the first party is not willing to trade with the second party. - View Dependent Claims (18, 19, 20, 21, 22, 23)
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11. A non-transitory computer readable medium including instructions that, when executed by at least one processor, configure the at least one processor for:
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receiving at least one configuration setting from a first party, the at least one configuration setting comprising an indication of whether or not the first party is willing to trade with a second party; receiving from the second party an order comprising a bid to buy a financial instrument or an offer to sell a financial instrument; determining whether or not the first party is willing to trade with the second party based at least in part on the at least one configuration setting, wherein determining whether or not the first party is willing to trade with the second party comprises determining that the first party is not willing to trade with the second party; and withholding presentation of the order to the first party in response to the determination that the first party is not willing to trade with the second party. - View Dependent Claims (24, 25, 26, 27, 28, 29)
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Specification