Matching of trading orders based on priority
First Claim
1. An apparatus, comprising:
- a memory;
a processor communicatively coupled to the memory and programmed to;
receive, from a first trader, a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion;
receive, from a second trader after the first trading order, a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion;
detect receipt from a counterparty trader of a counterorder for the trading product;
fill the display portions of the first and second trading orders using the counterorder;
after filling the display portions of the first and second trading orders, determine that there is a remaining portion of the counterorder;
exclusively offer a first part of the remaining portion of the counterorder to the first trader for an exclusive offer period of time; and
if the first trader accepts the first part of the remaining portion of the counterorder during the exclusive offer period of time,extend the exclusive offer period of time; and
exclusively offer a second part of the remaining portion of the counterorder to the first trader for the extended exclusive offer period of time.
4 Assignments
0 Petitions
Accused Products
Abstract
A system comprises a memory that stores a first trading order for a trading product, the first trading order received from a first trader and comprising a display portion and a reserve portion. The memory further stores a second trading order for the trading product, the second trading order received from a second trader after the first trading order and comprising a display portion and a reserve portion. The system further comprises a processor communicatively coupled to the memory and operable to receive from a counterparty trader a counterorder for the trading product. The processor uses the counterorder to fill the display portion of the first trading order and the display portion of the second trading order. After filling the display portion of the second trading order, the processor exclusively offers at least a portion of the counterorder to the first trader for a configurable period of time.
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Citations
30 Claims
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1. An apparatus, comprising:
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a memory; a processor communicatively coupled to the memory and programmed to; receive, from a first trader, a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion; receive, from a second trader after the first trading order, a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion; detect receipt from a counterparty trader of a counterorder for the trading product; fill the display portions of the first and second trading orders using the counterorder; after filling the display portions of the first and second trading orders, determine that there is a remaining portion of the counterorder; exclusively offer a first part of the remaining portion of the counterorder to the first trader for an exclusive offer period of time; and if the first trader accepts the first part of the remaining portion of the counterorder during the exclusive offer period of time, extend the exclusive offer period of time; and exclusively offer a second part of the remaining portion of the counterorder to the first trader for the extended exclusive offer period of time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer-implemented method, comprising:
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receiving, from a first trader, by a processor of a computer of an electronic trading system, a first trading order for a particular trading product, the first trading order comprising a display portion and a reserve portion; receiving, from a second trader, by the processor, a second trading order for the particular trading product, the second trading order comprising a display portion and a reserve portion; detecting, by the processor, receipt from a counterparty trader of a counterorder for the trading product; filling, by the processor, the display portions of the first and second trading orders using the counterorder; after filling the display portions of the first and second trading orders, determining, by the processor, that there is a remaining portion of the counterorder; exclusively offering, by the processor, a first part of the remaining portion of the counterorder to the first trader for an exclusive offer period of time; and if the first trader accepts the first part of the remaining portion of the counterorder during the exclusive offer period of time, extending, by the processor, the exclusive offer period of time; and exclusively offering, by the processor, a second part of the remaining portion of the counterorder to the first trader for the extended exclusive offer period of time. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A non-transitory computer-readable medium storing computer-readable instructions that when executed by a processor of a computer causes the processor to:
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receive, from a first trader, a first trading order for a particular trading product, wherein the first trading order comprises a display portion and a reserve portion; receive, from a second trader after the first trading order, a second trading order for the particular trading product, wherein the second trading order comprises a display portion and a reserve portion; detect receipt from a counterparty trader of a counterorder for the trading product; fill the display portions of the first and second trading orders using the counterorder; after filling the display portions of the first and second trading orders, determine that there is a remaining portion of the counterorder; exclusively offer a first part of the remaining portion of the counterorder to the first trader for an exclusive offer period of time; and if the first trader accepts the first part of the remaining portion of the counterorder during the exclusive offer period of time, extend the exclusive offer period of time; and exclusively offer a second part of the remaining portion of the counterorder to the first trader for the extended exclusive offer period of time. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification