Platform for market programs and trading programs

• US 7,574,398 B1
• Filed: 08/31/2006
• Issued: 08/11/2009
• Est. Priority Date: 04/10/2000
• Status: Expired due to Fees

• Current Assignee: Xylon LLC (Intellectual Ventures LLC)
• Original Assignee: Stikine Technology LLC (Intellectual Ventures LLC)
• Inventors: Keith, Christopher
• Primary Examiner(s): Poinvil; Frantzy
• Assistant Examiner(s): GRAHAM, CLEMENT B
• Application Number:
  US11/514,714
• Time in Patent Office: 1,076 Days
• Field of Search: 705/37, 705/36, 705/34, 705/38
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• 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 platform supports multiple processes, including market processes having respective market methodologies, trading processes having trading methodologies, platform processes providing services to the market processes and trading processes, and representation processes for coupling the market processes to external markets. The trading processes interact with each other and with external markets through the market processes.

Claims

1. A method of facilitating trading on a platform comprising a computer system on which multiple processes are executing, the method comprising:

automatically operating a first market process on the platform, wherein the first market process provides a first market having a market methodology that comprises rules of engagement for trading an item between at least two trading processes that are executing on the platform,

automatically operating a representation process on the same platform as the first market process and the at least two trading processes, wherein the representation process is communicatively coupled to the first market process and to a second market process, wherein the second market process provides a second market that is separate and distinct from the first market for trading the item between the at least two trading processes,

automatically receiving at the representation process an order action from one of the first market process and the second market process, and

automatically transmitting the order action from the representation process to the other of the first market process and the second market process according to a type of the order action.

2. The method of claim 1, wherein the order action received at the representation process is one of a post order operation, an execute order operation, and a cancel order operation.

3. The method of claim 1, wherein prior to transmitting the order action, the representation process converts the order action to a different type of order action.

4. The method of claim 3, wherein the order action received at the representation process is an execute order operation, and wherein the representation process converts the execute order operation to a cancel order operation.

5. The method of claim 1, further comprising, at the representation process, waiting to receive a response to the transmitted order action from the other of the first market process and the second market process, and when a response to the order action has not been received within a predetermined period of time, automatically sending a zero action from the representation process to the first or second market process from which the order action was originally received, the zero action indicating that a response to the transmitted order action was not received within the predetermined period of time.

6. The method of claim 1, further comprising, at the representation process, receiving a response to the transmitted order action from the other of the first market process and the second market process, and when the response is received after a predetermined period of time after transmitting the order action, automatically sending a negative acknowledgement from the representation process to the first or second market process from which the response was received, the negative acknowledgement indicating that the response was received after the predetermined period of time.

7. The method of claim 1, wherein the second market process is operating on a computer system that is external to the platform on which the first market process is operating and provides a second market that is an external market.

8. The method of claim 1, wherein the representation process is a first representation process, the method further comprising operating a second representation process on the same platform as the first market process and the at least two trading processes, wherein the second representation process is communicatively coupled to the first market process and to another market process other than the first or second market process.

9. The method of claim 1, further comprising receiving at the first market process an order action from a trading process, wherein the first market process transmits the order action to the second market process via the representation process.

10. A computer system for facilitating trading, comprising:

a processing component configured to operate a first market process and a representation process, wherein the first market process provides a first market for trading an item between trading processes that are executing on the computer system, and wherein the representation process is communicatively coupled to the first market process and to a second market process, wherein the second market process provides a second market that is separate and distinct from the first market for trading the item between the at least two trading processes,

said processing component being further configured to automatically receive, at the representation process, an order action from one of the first market process and the second market process, and to automatically transmit the order action to the other of the first market process and the second market process according to a type of the order action.

11. The system of claim 10, wherein the order action received at the representation process is one of a post order operation, an execute order operation, and a cancel order operation.

12. The system of claim 10, wherein the representation process is further configured to convert the order action to a different type of order action prior to transmitting the order action to the other of the first market process and the second market process.

13. The system of claim 12, wherein the order action received at the representation process is an execute order operation, and wherein the representation process is configured to convert the execute order operation to a cancel order operation.

14. The system of claim 10, wherein the processing component is further configured to wait to receive, at the representation process, a response to the transmitted order action from the other of the first market process and the second market process, and when a response to the order action has not been received within a predetermined period of time, the processing component is configured to automatically send a zero action from the representation process to the first or second market process from which the order action was originally received, the zero action indicating that a response to the transmitted order action was not received within the predetermined period of time.

15. The system of claim 10, wherein the processing component is further configured to receive, at the representation process, a response to the transmitted order action from the other of the first market process and the second market process, and when the response is received after a predetermined period of time after transmitting the order action, the processing component is configured to automatically send from the representation process a negative acknowledgement to the first or second market process from which the response was received, the negative acknowledgement indicating that the response was received after the predetermined period of time.

16. The system of claim 10, wherein the second market process is operating on a computer system that is external to the computer system on which the first market process is operating and provides a second market that is an external market.

17. The system of claim 10, wherein the representation process is a first representation process, and wherein the processing component is further configured to operate a second representation process that is communicatively coupled to the first market process and to another market process other than the first or second market process.

18. The system of claim 10, wherein the first market process is configured to receive an order action from a trading process and to transmit the order action to the second market process via the representation process.

19. A computer-accessible medium having executable instructions stored thereon for facilitating trading, wherein the instructions, when executed, cause a computer to:

operate a first market process, wherein the first market process provides a first market for trading an item between at least two trading processes,

operate a representation process, wherein the representation process is communicatively coupled to the first market process and to a second market process, wherein the second market process provides a second market that is separate and distinct from the first market for trading the item between the at least two trading processes,

automatically receive at the representation process an order action from one of the first market process and the second market process, and

automatically transmit the order action from the representation process to the other of the first market process and the second market process according to a type of the order action.

20. The computer-accessible medium of claim 19, wherein the order action received at the representation process is one of a post order operation, an execute order operation, and a cancel order operation.

21. The computer-accessible medium of claim 19, further comprising executable instructions that, when executed, cause the representation process to convert the order action to a different type of order action prior to transmitting the order action.

22. The computer-accessible medium of claim 21, wherein the order action received at the representation process is an execute order operation, and wherein the representation process converts the execute order operation to a cancel order operation.

23. The computer-accessible medium method of claim 19, further comprising executable instructions that, when executed, cause the representation process to wait to receive a response to the transmitted order action from the other of the first market process and the second market process, and when a response to the order action has not been received within a predetermined period of time, the instructions cause the representation process to automatically send a zero action to the first or second market process from which the order action was originally received, the zero action indicating that a response to the transmitted order action was not received within the predetermined period of time.

24. The computer-accessible medium of claim 19, further comprising executable instructions that, when executed, cause the representation process to receive a response to the transmitted order action from the other of the first market process and the second market process, and when the response is received after a predetermined period of time after transmitting the order action, the instructions cause the representation process to automatically send a negative acknowledgement to the first or second market process from which the response was received, the negative acknowledgement indicating that the response was received after the predetermined period of time.

25. The computer-accessible medium of claim 19, wherein the second market process is operating on a computer system that is external to the computer on which the first market process is operating and provides a second market that is an external market.

26. The computer-accessible medium of claim 19, wherein the representation process is a first representation process, and wherein the computer-accessible medium further comprises executable instructions that, when executed, cause the computer to operate a second representation process on the same platform as the first market process and the at least two trading processes, wherein the second representation process is communicatively coupled to the first market process and to another market process other than the first or second market process.

27. The computer-accessible medium of claim 19, further comprising executable instructions that, when executed, cause the first market process to receive an order action from a trading process and transmit the order action to the second market process via the representation process.