INTERPROGRAM COMMUNICATION USING MESSAGES RELATED TO GROUPS OF ORDERS

• US 20100191637A1
• Filed: 01/23/2009
• Published: 07/29/2010
• Est. Priority Date: 01/23/2009
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Miller, Mark, Foley, Kevin, Lutnick, Howard W., Alderucci, Dean P., Gay, Brian, Plott, Charles, Fishkind, Andrew
• Granted Patent: US 8,977,565 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A trading platform and trading method that allows access to additional pools of liquidity is described. Other embodiments are also described.

Claims

1. A system using interprogram communication, the system comprising:

a first processor configured to execute a first program, the first program configured to;

receive a first message indicating a first order, in which the first order defines a side of a first trade for a first financial instrument,

receive a second message indicating a second order, in which the second order defines a side of a second trade for a second financial instrument,

determine that an order management system of a participant includes a third order that defines an opposite side of the second trade for the second financial instrument,

transmit a first message to a second program requesting an acceptance to enter into the first trade and the second trade,

receive a second message indicating the acceptance, and

in response to receiving the second message, facilitate execution of the first trade and the second trade; and

a second processor configured to execute the second program, the second program configured to;

receive the first message from the first program,

in response to receiving the first message, provide n request for the acceptance to an operator of a computer,

receive an indication of a positive response from the operator, and

in response to receiving the positive response, transmit the second message to the first program.

2. A trading system comprising:

a processor configured to;

receive an indication of a first order from a remote system, in which the first order defines a side of a first trade for a first financial instrument;

receive an indication of a second order from the remote system, in which the second order defines a side of a second trade for a second financial instrument;

determine that an order management system of a participant includes a third order that defines an opposite side of the second trade for the second financial instrument;

transmit a request for a acceptance to enter into the first trade and the second trade to the participant;

receive an indication of the acceptance; and

in response to receiving the indication of the acceptance, facilitate execution of the first trade and the second trade.

3. The system of claim 2, in which the second order includes a plurality of second orders, in which each of the plurality of second orders defines a respective side of a respective second trade for a respective second financial instrument.

4. The system of claim 2, in which the processor is configured to receive the indication of the first order and the indication of the second order as a single electronic message.

5. The system of claim 2, in which determining includes transmitting a query to the participant asking if the order management system includes the third order.

6. The system of claim 5, in which the query and the request are transmitted in a single electronic message.

7. The system of claim 5, in which determining includes receiving the indication of the acceptance.

8. The system of claim 2, in which the first trade and the second trade are for a quantity of the respective financial instruments valued at a substantially similar amount.

9. The system of claim 2, in which the indication of the second order includes an indication of at least one criteria.

10. The system of claim 9, in which the processor is further configured to select the second financial instrument based on the at least one criteria.

11. The system of claim 10, in which the at least one criteria includes at least one of:

an industry, an instrument type, and a market capitalization.

12. The system of claim 10, in which the indication of the second order includes an indication of a dollar amount, and in which the processor is further configured to determine a quantity for the second order based on the dollar amount.

13. The system of claim 12, in which the indication of the dollar amount includes an indication of a dollar amount associated with the first order.

14. The system of claim 13, in which the indication of the dollar amount associated with the first order includes an indication of a quantity of the first financial instrument.

15. The system of claim 2, in which the processor is further configured to constrain cancellation of the first order and the second order for a period of time, and to determine the period of time.

16. A trading system comprising:

a processor configured to;

receive an indication of a first order from a remote system, in which the first order defines a side of a first trade for a first financial instrument;

receive an indication of a second order from the remote system, in which the second order defines a side of a second trade for a second financial instrument;

receive an indication of a firm order from a participant, in which the firm order defines an opposite side of the second trade for the second financial instrument;

determine that the second order and the firm order match;

in response to the determination, transmit a request for a acceptance of the first order to the participant;

receive an indication of the acceptance from the participant; and

in response to receiving the indication of the acceptance, facilitate execution of the first trade and the second trade.

17. The system of claim 16, in which the second order includes a plurality of second orders, in which each of the plurality of second orders defines a respective side of a respective second trade for a respective second financial instrument.

18. The system of claim 16, in which the processor is configured to receive the indication of the first order and the indication of the second order as a single electronic message.

19. The system of claim 16, in which the first trade and the second trade are for a quantity of the respective financial instruments valued at a substantially similar amount.

20. The system of claim 16, in which the indication of the second order includes an indication of at least one criteria.

21. The system of claim 20, in which the processor is further configured to select the second financial instrument based on the at least one criteria.

22. The system of claim 20, in which the at least one criteria includes at least one of:

an industry, an instrument type, and a market capitalization.

23. The system of claim 22, in which the indication of the second order includes an indication of a dollar amount, and in which the processor is further configured to determine a quantity for the second order based on the dollar amount.

24. The system of claim 23, in which the indication of the dollar amount includes an indication of a dollar amount associated with the first order.

25. The system of claim 24, in which the indication of the dollar amount associated with the first order includes an indication of a quantity of the first financial instrument.