Systems and methods for establishing first on the follow trading priority in electronic trading systems
First Claim
1. A method, comprising:
- transitioning by at least one computing device a trading system from a first trading state to a second trading state;
determining by the at least one computing device, from among orders pending at a conclusion of the first trading state, a best order,wherein the best order comprises an order having a best price from among the pending orders, andwherein the best order is associated with a participant;
determining by the at least one computing device that a size of the best order satisfies a minimum size requirement;
based at least in part on (i) the participant having the best order and (ii) determining that the size of the best order satisfies the minimum size requirement, awarding by the at least one computing device to the participant a potential trading priority in the second trading state with respect to at least one contra order received in the second trading state;
receiving by the at least one computing device a contra order in the second trading state, wherein the contra order is received from a workstation coupled to the at least one computing device via a communications network;
based at least in part on awarding the participant with the potential trading priority, determining by the at least one computing device that the participant has a right to trade exclusively against the received contra order;
determining by the at least one processor that a different participant indicates a willingness to trade against the received contra order; and
based at least in part on (i) determining that the participant has the right to trade exclusively against the received contra order and (ii) determining that the different participant indicates the willingness to trade against the received contra order, automatically executing by the at least one computing device, on behalf of the participant, a trade against the received contra order.
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Accused Products
Abstract
Systems and methods for trading an item in an electronic trading system are provided. The method preferably includes transitioning the trading system from a first trading state to a second trading state. Once the trading system has transitioned to the second state, the method includes determining whether an existing order qualifies for trading priority and/or exclusivity in the second trading state with respect to an incoming contra order. This determining of trading rights in the second trading state is preferably based on the status of trading priority in the first trading state and also a set of predetermined criteria with respect to an incoming contra order in the second trading state. If the existing order qualifies for trading priority, then the system preferably presents the incoming contra order for trading exclusively or semi-exclusively to the participant associated with the existing order.
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Citations
36 Claims
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1. A method, comprising:
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transitioning by at least one computing device a trading system from a first trading state to a second trading state; determining by the at least one computing device, from among orders pending at a conclusion of the first trading state, a best order, wherein the best order comprises an order having a best price from among the pending orders, and wherein the best order is associated with a participant; determining by the at least one computing device that a size of the best order satisfies a minimum size requirement; based at least in part on (i) the participant having the best order and (ii) determining that the size of the best order satisfies the minimum size requirement, awarding by the at least one computing device to the participant a potential trading priority in the second trading state with respect to at least one contra order received in the second trading state; receiving by the at least one computing device a contra order in the second trading state, wherein the contra order is received from a workstation coupled to the at least one computing device via a communications network; based at least in part on awarding the participant with the potential trading priority, determining by the at least one computing device that the participant has a right to trade exclusively against the received contra order; determining by the at least one processor that a different participant indicates a willingness to trade against the received contra order; and based at least in part on (i) determining that the participant has the right to trade exclusively against the received contra order and (ii) determining that the different participant indicates the willingness to trade against the received contra order, automatically executing by the at least one computing device, on behalf of the participant, a trade against the received contra order. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. 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, wherein the at least one memory device stores software which, when executed by the at least one processor, directs the at least one processor to; transition a trading system from a first trading state to a second trading state; determine, from among orders pending at a conclusion of the first trading state, a best order, wherein the best order comprises an order having a best price from among the pending orders, and wherein the best order is associated with a participant; determine that a size of the best order satisfies a minimum size requirement; based at least in part on (i) the participant having the best order and (ii) determining that the size of the best order satisfies the minimum size requirement, award to the participant a potential trading priority in the second trading state with respect to at least one contra order received in the second trading state; receive a contra order in the second trading state, wherein the apparatus is operable to receive the contra order from a workstation via a communications network; based at least in part on awarding the participant with the potential trading priority, determine that the participant has a right to trade exclusively against the received contra order; determine that a different participant indicates a willingness to trade against the received contra order; and based at least in part on (i) determining that the participant has the right to trade exclusively against the received contra order and (ii) determining that the different participant indicates the willingness to trade against the received contra order, automatically execute, on behalf of the participant, a trade against the received contra order. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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Specification