Systems and methods for trading
First Claim
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1. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
- receive from a first participant an order for an item;
make the order available to at least a second participant for at least a predetermined period of time such that the second participant has the ability to trade against the order during at least the predetermined period of time;
receive from the first participant a command to cancel the order;
determine that the command to cancel is received after the predetermined period of time;
cancel the order based at least in part on determining that the command to cancel is received after the predetermined period of time;
determine that the command to cancel is received during the predetermined period of time; and
not cancel the order based at least in part on determining that the command to cancel is received during the predetermined period of time.
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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.
210 Citations
26 Claims
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1. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
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receive from a first participant an order for an item; make the order available to at least a second participant for at least a predetermined period of time such that the second participant has the ability to trade against the order during at least the predetermined period of time; receive from the first participant a command to cancel the order; determine that the command to cancel is received after the predetermined period of time; cancel the order based at least in part on determining that the command to cancel is received after the predetermined period of time; determine that the command to cancel is received during the predetermined period of time; and not cancel the order based at least in part on determining that the command to cancel is received during the predetermined period of time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
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receive from a first participant an order for an item; make the order available to at least a second participant for at least a predetermined period of time such that the second participant has the ability to trade against the order during at least the predetermined period of time; receive from the first participant a command to cancel the order; in response to the command to cancel, determine that the predetermined period of time has lapsed or that the predetermined period of time has not lapsed; cancel the order based at least in part on determining that the predetermined period of time has lapsed; and not cancel the order based at least in part on determining that the predetermined period of time has not lapsed. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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20. An apparatus comprising at least one computing device having control logic associated therewith that when executed makes the computing device operable to:
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receive from a first participant an order for an item; make the order available to at least a second participant for at least a predetermined period of time such that the second participant has the ability to trade against the order during at least the predetermined period of time; receive from the first participant a command to cancel the order; in response to the command to cancel, determine that the order has been made available to the at least second participant for at least the predetermined period of time or that the order has not been made available to the at least second participant for at least the predetermined period of time; cancel the order based at least in part on determining that the order has been made available to the at least second participant for at least the predetermined period of time; and not cancel the order based at least in part on determining that the order has not been made available to the at least second participant for at least the predetermined period of time. - View Dependent Claims (21, 22, 23, 24, 25, 26)
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Specification