GENERATING RISK POOLS
First Claim
Patent Images
1. A method comprising:
- transmitting a plurality of sets of queries to a plurality of participants, in which each set of queries asks the plurality of participants about a respective order, in which each query of each set of queries asks a respective participant if a respective matching order to the respective order is stored in a respective order management system associated with a respective participant and if the respective participant accepts a respective offer to enter into a respective trade that fulfills at least a portion of each of the order and the respective matching order;
for each query, if a participant accepts the respective offer, facilitating an execution of the respective trade,based on results from the plurality of sets of queries, assigning each of the plurality of participants to a respective one of a plurality of risk pools, in which each risk pool corresponds to at least one rate of positive responses to offers to enter into trades; and
allowing a submitter of an order to identify one or more risk pools to which queries regarding the order should not be transmitted.
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Abstract
A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.
124 Citations
33 Claims
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1. A method comprising:
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transmitting a plurality of sets of queries to a plurality of participants, in which each set of queries asks the plurality of participants about a respective order, in which each query of each set of queries asks a respective participant if a respective matching order to the respective order is stored in a respective order management system associated with a respective participant and if the respective participant accepts a respective offer to enter into a respective trade that fulfills at least a portion of each of the order and the respective matching order; for each query, if a participant accepts the respective offer, facilitating an execution of the respective trade, based on results from the plurality of sets of queries, assigning each of the plurality of participants to a respective one of a plurality of risk pools, in which each risk pool corresponds to at least one rate of positive responses to offers to enter into trades; and allowing a submitter of an order to identify one or more risk pools to which queries regarding the order should not be transmitted. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method comprising:
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for each of a plurality of firm orders, determining if each of a plurality of participants has a respective matching order stored in an order management systems associated with the participant and if the participant accepts a respective offer to enter into a respective trade that fulfills at least a portion of each of the firm order and the respective matching order; for each offer, if a respective participant accepts the respective offer, facilitating an execution of the respective trade; based on the outcomes of the offers, assigning each of the plurality of participants to a respective one of a plurality of risk pools, in which each risk pools correspond to at least one rate of positive responses to the offers to enter into trades; and allowing a submitter of an order to identify one or more risk pools to which offers regarding the order should not be made. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A method comprising:
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receiving an indication of a plurality of risk pools, in which each risk pool corresponds to a range of positive response rates to offers for acceptance of respective orders, and in which each risk pool includes a number of participants that correspond to respective positive response rates in the respective ranges; receiving a selection of at least one risk pool; transmitting an indication that participants associated with the at least one selected risk pool should be queried regarding an order, in which the order defines a side of a trade for a financial instrument; receiving an indication that a matching order to the order was stored in an order management system associated with a participant in the at least one risk pool, that the participant accepted an offer to enter into a trade that fulfills at least a portion of each of the order and the matching order, and that an execution of the trade was facilitated; and providing an indication that the execution was facilitated. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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Specification