Interprogram communication using messages related to order cancellation

• US 8,321,323 B2
• Filed: 10/24/2008
• Issued: 11/27/2012
• Est. Priority Date: 10/24/2008
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Lutnick, Howard W., Alderucci, Dean P., Fishkind, Andrew, Gay, Brian L., Foley, Kevin, Miller, Mark, Plott, Charles
• Primary Examiner(s): Donlon, Ryan D
• Application Number:
  US12/257,499
• Publication Number:
  US 20100106636A1
• Time in Patent Office: 1,495 Days
• Field of Search: 705/26, 705 35- 37
• US Class Current: 705/37
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

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 method comprising:

determining, by a computer system of an electronic marketplace, a number;

counting, by the computer system of the electronic marketplace, the number of received first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade;

querying, by the computer system of the electronic marketplace, a plurality of participants regarding the first orders;

after receiving the number of first indications, receiving, by the computer system of the electronic marketplace, a second indication of a second order, in which the second order defines a second trade;

constraining, by the computer system of the electronic marketplace in response to having counted the number of first indications before the second indication, a cancellation of the second order for a period of time;

querying, by the computer system of the electronic marketplace, the plurality of participants for an acceptance to enter into the second trade; and

allowing, by the computer system of the electronic marketplace, the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time.

2. The method of claim 1, further comprising:

for each of the first orders, determining at least one of;

that no matching order is stored in an order management system associated with any of the plurality of participants, and

that none of the plurality of participants accepts an offer to enter into the respective first trade defined by the first order.

3. The method of claim 2, in which determining at least one of:

that no matching order is stored in the order management system associated with any of the plurality of participants, and that none of the plurality of participants accepts the offer to enter into the respective first trade defined by the first order, includes determining that no matching order is stored in the order management system associated with any of the plurality of participants.

4. The method of claim 3, in which determining that no matching order is stored in the order management system associated with any of the plurality of participants includes determining that no indication that a matching order is stored in the order management system associated with any of the plurality of participants was received.

5. The method of claim 2, in which determining at least one of:

that no matching order is stored in the order management system associated with any of the plurality of participants, and that none of the plurality of participants accepts the offer to enter into the respective first trade defined by the first order, includes determining that none of the plurality of participants accepts the offer to enter into the respective first trade defined by the first order.

6. The method of claim 5, in which determining that none of the plurality of participants accepts the offer to enter into the respective first trade defined by the first order includes determining that no indication of an acceptance of the offer was received.

7. The method of claim 1, further comprising determining that each of the first orders has not been fulfilled by a trade involving any of the plurality of participants and in which constraining the cancellation includes constraining the cancellation in response to determining that each of the first orders has not been fulfilled by the trade.

8. The method of claim 1, in which determining the number includes randomly determining the number.

9. The method of claim 1, in which each of the number of first indications and the second indication is received from a single submitter, and in which the number includes a number specific to the single submitter.

10. The method of claim 1, in which the number of first indications are received from a plurality of submitters.

11. The method of claim 1, in which the time period includes about 5 seconds.

12. The method of claim 1, in which querying the plurality of participants regarding the first orders includes querying each participant of the plurality of participants to determine if a respective matching order for each first order is stored in a respective order management system associated with the participant and if the participant accepts an offer to enter into the respective first trade.

13. The method of claim 1, in which querying the plurality of participants regarding the second order includes querying each participant of the plurality of participants to determine if a matching order for the second order is stored in a respective order management system associated with the participant and if the participant accepts an offer to enter into the second trade.

14. The method of claim 1, further comprising providing an indication of whether the period of time has passed to a submitter of the second order.

15. The method of claim 1, further comprising:

receiving a request to cancel the second order during the period of time; and

in which constraining the cancellation includes queuing the request for cancellation until after the period of time.

16. The method of claim 15, further comprising cancelling the second order after the period of time.

17. The method of claim 1, further comprising:

receiving a request to cancel the second order during the period of time;

determining that a matching order of the second order is stored in an order management system associated with a participant of the plurality of participants and the participant accepts an offer to enter into the second trade fulfilling during the period of time; and

facilitating execution of the second trade.

18. The method of claim 17, in which the request to cancel the second order is received before the determination is made.

19. The method of claim 1, further comprising determining that no matching order to the second order is stored in an order management system associated with any of the plurality of participants before the end of the time period.

20. The method of claim 1, in which querying the plurality of participants regarding the second order includes identifying the period of time to at least some of the plurality of participants.

21. An apparatus comprising:

one or more non-transitory machine-readable media having stored thereon a plurality of instructions that when executed by one or more processors cause the processors to;

determine a number;

count the number of received first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade;

query a plurality of participants of a marketplace regarding the first orders;

after receiving the number of first indications, receive a second indication of a second order, in which the second order defines a second trade;

constrain, in response to having counted the number of first indications before the second indication, a cancellation of the second order for a period of time;

query the plurality of participants for an acceptance to enter into the second trade; and

allow the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time.

22. The apparatus of claim 21, further comprising the one or more processors.

23. A method comprising

determining, by a computer system of an electronic marketplace, a number;

counting, by the computer system of the electronic marketplace, the number of received first indications, in which each first indications indicates a respective first order, in which each first order defines a respective first trade;

for each of the first orders, determining, by the computer system of the electronic marketplace, at least one of;

that no matching order is stored in an order management system associated with any of a plurality of participants, and

that none of the plurality of participants accepts an offer to enter into the respective first trade defined by the first order;

after receiving the number of first indications, receiving, by the computer system of the electronic marketplace, a second indication of a second order

constraining, by the computer system of the electronic marketplace in response to having counted the number of first indications before the second indication, a cancellation of the second order for a first period of time; and

allowing, by the computer system of the electronic marketplace, the cancellation of the second order after the period of time if an acceptance to enter into the second trade is not identified during the period of time.

24. The method of claim 23, further comprising querying each participant of the plurality of participants to determine if a respective matching order for each first order is stored in a respective order management system associated with the participant and if the participant accepts an offer to enter into the respective first trade.