Automated short term option order processing
First Claim
1. A method of facilitating trading, comprising:
- automatically receiving a request for a short term option, wherein the request for the short term option is received as a result of trading activity of a user without an explicit request for the short term option from the user,automatically receiving a timer request for a timer to measure the duration of the short term option, wherein the term of the short term option is about ten seconds or less measured from when the short term option is granted, and wherein the request is received from a market process, the market process being a computer program executing on a computer system and implementing rules of engagement by which information or merchandise is exchanged between trading processes,in response to the timer request, automatically instantiating the timer and setting the timer to indicate the short term option expiration time, andautomatically terminating the instance of the timer upon expiration of the short term option.
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Accused Products
Abstract
A trading process automatically requests a short term option having a term of less than a minute, and sometimes less than a second, from a market process. The trading process and the market process both operate on a platform. The market process requests a platform service to set a timer to measure the expiration time of the short term option, and to notify the market process and the trading process at the expiration of the short term option. The short term option is particularly useful for a list of orders that must be executed, if at all, at a guaranteed price; in which case, the platform may adjust the expiration time of the short term options associated with the orders in the list to ensure that the orders in the list can be executed at particular respective prices.
213 Citations
50 Claims
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1. A method of facilitating trading, comprising:
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automatically receiving a request for a short term option, wherein the request for the short term option is received as a result of trading activity of a user without an explicit request for the short term option from the user, automatically receiving a timer request for a timer to measure the duration of the short term option, wherein the term of the short term option is about ten seconds or less measured from when the short term option is granted, and wherein the request is received from a market process, the market process being a computer program executing on a computer system and implementing rules of engagement by which information or merchandise is exchanged between trading processes, in response to the timer request, automatically instantiating the timer and setting the timer to indicate the short term option expiration time, and automatically terminating the instance of the timer upon expiration of the short term option. - View Dependent Claims (2, 3, 4, 5, 6, 28, 46)
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7. A method of facilitating trading, comprising:
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automatically receiving a short term option request from a user, the term of the short term option being about ten seconds or less measured from when the short term option is granted, wherein the short term option request is automatically received as a result of user trading activity without an explicit request for the short term option from the user, and automatically requesting the short term option from a market process, the market process being a computer program executing on a computer system and implementing rules of engagement by which information or merchandise is exchanged between trading processes. - View Dependent Claims (8, 9, 10, 11, 12, 24, 25, 47)
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13. A method of facilitating trading, comprising:
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receiving, at a computer program executing on a computer system and implementing rules of engagement by which information or merchandise is exchanged between trading processes, a request for a short term option having a term of about ten seconds or less measured from when the short term option is granted, wherein the request for the short term option is automatically received as a result of trading activity of a user without an explicit request for the short term option from the user, and automatically granting the short term option. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 26, 27, 48)
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29. A computer-accessible medium having executable instructions stored thereon for facilitating trading, wherein the instructions form a trading process that, when executed, causes a computer to:
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generate a short term option request on behalf of a user, wherein the short term option request is generated as a result of user trading activity without an explicit request for the short term option from the user; and communicate the short term option request to a market process, wherein the term of the short term option is about ten seconds or less measured from when the short term option is granted, and wherein the market process is a computer program executing on a computer system and implementing rules of engagement by which information or merchandise is exchanged between trading processes. - View Dependent Claims (30, 31, 32, 33, 34, 49)
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35. A system for facilitating trading, comprising:
a computer having a processing component configured to implement rules of engagement by which information or merchandise is exchanged between trading processes, wherein the processing component is configured to receive a request for a short term option having a term of about ten seconds or less measured from when the short term option is granted, and to grant the short term option, the short term option request being received as a result of user trading activity without an explicit request for the short term option from the user. - View Dependent Claims (36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 50)
Specification