Systems and methods for trading
First Claim
Patent Images
1. An apparatus comprising:
- at least one processor; and
at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to;
receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price;
receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order;
prior to processing the trading command, cancel the first order, in which to cancel the first order causes the trading command to apply to at least the second order;
determine an amount of time between a time the first order is canceled and a time of the trading command;
determine that the amount of time is less than a predetermined value; and
based at least in part on determining that the amount of time is less than the predetermined value, communicate to the work station that no trade has been completed.
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Accused Products
Abstract
The present invention is systems and methods for trading. In accordance with these systems and methods, a plurality of trader work stations that are connected to a central server may be provided. Through the work stations and central server, the systems and methods may perform participant qualification, instrument creation, bid/offer entry and response, when hit and take, workup, price retention, price improvement, request for market, bid/off restoration, price generation, position conversion, marking to market, and delivery functions.
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Citations
26 Claims
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1. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command, cancel the first order, in which to cancel the first order causes the trading command to apply to at least the second order; determine an amount of time between a time the first order is canceled and a time of the trading command; determine that the amount of time is less than a predetermined value; and based at least in part on determining that the amount of time is less than the predetermined value, communicate to the work station that no trade has been completed. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command, cancel the first order, in which to cancel the first order causes the trading command to apply to at least the second order; determine that a time at which the first order is canceled is within a predetermined time interval prior to a time of the trading command; and based at least in part on determining that the time at which the first order is canceled is within the predetermined time interval prior to the time of the trading command, communicate to the work station that no trade has been completed. - View Dependent Claims (9, 10, 11)
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12. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command, receive a command to cancel the first order, in which the command to cancel the first order causes the trading command to apply to at least the second order; determine an amount of time between the trading command and the command to cancel the first order; determine that the amount of time is less than a predetermined value; and based at least in part on determining that the amount of time is less than the predetermined value, communicate to the work station that no trade has been completed. - View Dependent Claims (13)
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14. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command from the work station, execute a trade against the first order, in which to execute the trade against the first order causes the trading command from the work station to apply to at least the second order; determine an amount of time between a time the trade is executed against the first order and a time of the trading command from the work station; determine that the amount of time is less than a predetermined value; and based at least in part on determining that the amount of time is less than the predetermined value, communicate to the work station that no trade has been completed. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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21. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command from the work station, execute a trade against the first order, in which to execute the trade against the first order causes the trading command from the work station to apply to at least the second order; determine that a time at which the trade is executed against the first order is within a predetermined time interval prior to a time of the trading command from the work station; and based at least in part on determining that the time at which the trade is executed against the first order is within the predetermined time interval prior to the time of the trading command, communicate to the work station that no trade has been completed. - View Dependent Claims (22, 23, 24)
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25. An apparatus comprising:
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at least one processor; and at least one memory device electronically coupled to the at least one processor, in which the at least one memory device stores control logic which, when executed by the at least one processor, directs the at least one processor to; receive on a first side of a market a first order and a second order, in which the first order comprises a first price and the second order comprises a second price; receive from a first work station a trading command against at least a portion of the first side of the market, including at least a portion of the first order; prior to processing the trading command from the first work station, receive from a second work station a trading command against at least the first order, in which the trading command from the second work station causes the trading command from the first work station to apply to at least the second order; determine an amount of time between the trading command from the first work station and the trading command from the second work station; determine that the amount of time is less than a predetermined value; and based at least in part on determining that the amount of time is less than the predetermined value, communicate to the first work station that no trade has been completed. - View Dependent Claims (26)
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Specification