Systems and methods for anonymous electronic trading

• US 20020019799A1
• Filed: 05/10/2001
• Published: 02/14/2002
• Est. Priority Date: 08/04/2000
• Status: Active Grant

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Lutnick, Howard W., Ginsberg, Philip M., Gilbert, Andrew C.
• Granted Patent: US 7,516,097 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods for anonymous electronic trading that allow a trader to hide his or her identity and inhibit trading interactions are provided. Using these systems and methods, a trader can, using various trading interfaces, control a level of trading anonymously and configure warnings that are provided to protect against inadvertent completion of potential-risk-involved trades.

Claims

1. A method of displaying a bid or offer in an electronic trading system, comprising:

receiving the bid or offer from a first trader;

determining whether a second trader has selected to make bids or offers from the first trader unavailable; and

displaying the bid or offer to the second trader if the second trader has not selected to make bids or offers from the first trader unavailable.

2. The method of claim 1, further comprising:

not displaying the bid or offer to the second trader if the second trader has selected to make bids or offers from the first trader unavailable.

3. The method of claim 1, further comprising:

displaying the bid or offer to the second trader in a given manner if the second trader has selected to make bids or offers from the first trader unavailable.

4. A method of processing a pending trade, the method comprising:

determining whether execution of the pending trade would exceed a warning limit of a first trader in the pending trade; and

executing the pending trade if execution of the pending trade would not exceed the warning limit of the first trader and would not exceed the warning limit of a second trader in the pending trade.

5. The method of claim 4, further comprising:

determining whether the first trader has selected to automatically reject pending trades that would exceed the warning limit of the first trader and whether the second trader has selected to automatically reject pending trades that would exceed the warning limit of the second trader; and

not executing the pending trade if execution of the pending trade would exceed any of the warning limit of the first trader and the warning limit of the second trader.

6. The method of claim 4, further comprising:

determining whether both the first trader and the second trader have selected to automatically execute only a portion of the pending trade;

splitting the pending trade into an executable portion and an unexecutable portion; and

executing the executable portion.

7. The method of claim 4, further comprising:

determining whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to automatically execute all of the pending trade;

splitting the pending trade into an executable portion and an unexecutable portion; and

executing the executable portion.

8. The method of claim 4, further comprising:

determining whether both the first trader and the second trader have selected to automatically execute all of the pending trade; and

executing the pending trade.

9. The method of claim 4, further comprising:

determining whether at least one of the first trader and the second trader has selected to manually execute only a portion of the pending trade;

prompting the at least one of the first trader and the second trader to determine whether the at least one of the first trader and the second trader wants to manually execute only a portion of the pending trade;

splitting the pending trade into an executable portion and an unexecutable portion; and

executing the executable portion.

10. The method of claim 4, further comprising:

determining whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to manually execute all of the pending trade;

prompting the second trader to determine whether the second trader wants to manually execute only a portion of the pending trade;

splitting the pending trade into an executable portion and an unexecutable portion; and

executing the executable portion.

11. The method of claim 4, further comprising:

determining whether at least one of the first trader and the second trader has selected to manually execute only a portion of the pending trade;

determining whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to manually execute all of the pending trade;

prompting the at least one of the first trader and the second trader to determine whether the at least one of the first trader and the second trader wants to manually execute all of the pending trade;

prompting the second trader to determine whether the second trader wants to manually execute all of the pending trade; and

executing the pending trade.

12. The method of claim 4, further comprising:

determining whether the first trader would like to make bids or offers from the second trader unavailable if execution of the pending trade would exceed the warning limit of the first trader.

13. The method of claim 4, further comprising:

determining whether the second trader would like to make bids or offers from the first trader unavailable if execution of the pending trade would exceed the warning limit of the second trader.

15. The system of claim 14, wherein the second workstation does not display the bid or offer to the second trader if the second trader has selected to make bids or offers from the first trader unavailable.

16. The system of claim 14, wherein the second workstation displays the bid or offer to the second trader in a given manner if the second trader has selected to make bids or offers from the first trader unavailable.

18. The system of claim 17, wherein the processor also determines whether the first trader has selected to automatically reject pending trades that would exceed the warning limit of the first trader and whether the second trader has selected to automatically reject pending trades that would exceed the warning limit of the second trader, and does not execute the pending trade if execution of the pending trade would exceed any of the warning limit of the first trader and the warning limit of the second trader.

19. The system of claim 17, wherein the processor also determines whether both the first trader and the second trader have selected to automatically execute only a portion of the pending trade, splits the pending trade into an executable portion and an unexecutable portion, and executes the executable portion.

20. The system of claim 17, wherein the processor also determines whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to automatically execute all of the pending trade, splits the pending trade into an executable portion and an unexecutable portion, and executes the executable portion.

21. The system of claim 17, wherein the processor also determines whether both the first trader and the second trader have selected to automatically execute all of the pending trade, and executes the pending trade.

22. The system of claim 17, wherein the processor also determines whether at least one of the first trader and the second trader has selected to manually execute only a portion of the pending trade, prompts the at least one of the first trader and the second trader to determine whether the at least one of the first trader and the second trader wants to manually execute only a portion of the pending trade, splits the pending trade into an executable portion and an unexecutable portion, and executes the executable portion.

23. The system of claim 17, wherein the processor also determines whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to manually execute all of the pending trade, prompts the second trader to determine whether the second trader wants to manually execute only a portion of the pending trade, splits the pending trade into an executable portion and an unexecutable portion;

and executes the executable portion.

24. The system of claim 17, wherein the processor also determines whether at least one of the first trader and the second trader has selected to manually execute only a portion of the pending trade, determines whether the first trader has selected to automatically execute only a portion of the pending trade and the second trader has selected to manually execute all of the pending trade, prompts the at least one of the first trader and the second trader to determine whether the at least one of the first trader and the second trader wants to manually execute all of the pending trade, prompts the second trader to determine whether the second trader wants to manually execute all of the pending trade, and executes the pending trade.

25. The system of claim 17, wherein the processor also determines whether the first trader would like to make bids or offers from the second trader unavailable if execution of the pending trade would exceed the warning limit of the first trader.

26. The system of claim 17, wherein the processor also determines whether the second trader would like to make bids or offers from the first trader unavailable if execution of the pending trade would exceed the warning limit of the second trader.

14. A system for displaying a bid or offer in an electronic trading system, comprising:

a first workstation that receives the bid or offer from a first trader;

a processor that determines whether a second trader has selected to make bids or offers from the first trader unavailable; and

a second workstation that displays the bid or offer to the second trader if the second trader has not selected to make bids or offers from the first trader unavailable.

17. A system for processing a pending trade, comprising:

a processor that determines whether execution of the pending trade would exceed a warning limit of a first trader in the pending trade, and that executes the pending trade if execution of the pending trade would not exceed the warning limit of the first trader and would not exceed the warning limit of a second trader in the pending trade.