JP2014132491A - Electronic trading systems and methods - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide electronic trading systems and methods.SOLUTION: A central system 201 receives information relating to orders (e.g., firm orders), checks if the firm orders match stored orders, and executes trades. That is, the central system 201 is configured to perform actions including facilitating the execution of trades, clearing orders, facilitating the clearing of orders, communicating with remote systems, settling orders, reporting trades, querying remote systems to determine if matching orders exist, querying processes or databases to determine if matching orders exist, and/or any other desired actions.

Description

Cross-reference of related applications

This application claims the priority of the following applications.
US Provisional Application No. 60/98426 “Transaction System Products and Processing” filed Nov. 15, 2007 US Application No. 12/015990 “Transaction System Products and Processing” filed Jan. 17, 2008 US Application No. 12/204403 “Uncertain Order in the Electronic Market”, US application Ser. No. 12 / 237,941 filed on Sep. 4, 2008, “Substitutability of financial instruments”, US application Ser. No. 12/237958, filed on Sep. 25, 2008 US application Ser. No. 12/237976 filed Sep. 25, 2008 “Transactions relating to fund formation” US application Ser. No. 12/204341, filed Sep. 25, 2008 “Timing for cancellation in electronic market” Application No. 12/135479, “Trade System Products and Processing,” filed June 9, 2008, US Application No. 1 No. 239803 “Interaction of Trading Systems” filed September 28, 2008 US Application No. 12/239804 “Accessibility of Trading Systems” filed September 28, 2008 US Application No. 12/257499 “Cancellation of Order” 2008 Filed on Oct. 24, 2006. These applications are hereby incorporated herein by reference.

It is a figure which shows the example of a computer system. It is a figure which shows the example of the transaction system comprised so that one or more transactions might be performed. It is a figure which shows the example of the process which can be performed by one or more transaction systems. It is a figure which shows the example of the process which the participant of a transaction system can perform. It is a figure which shows the example of the process which can be used in order to query a participant (inquiry). FIG. 6 illustrates an example of a process that can be used to respond to a query. It is a figure which shows the example of the process which can be used for an order. It is a figure which shows the example of an order receipt interface. It is a figure which shows the example of the process which can be used in order to show order query information. It is a figure which shows the example of the interface for showing order query information. FIG. 6 illustrates an example process that can be used in some embodiments relating to uncertain orders. It is a figure which shows the example of the system relevant to an alternative transaction system. It is a figure which shows the example of the process relevant to the order from an alternative transaction system. It is a figure which shows the example of the process which can be performed by an alternative transaction system.

Detailed Description of the Invention

The following sections I through X provide a guide for interpreting the present application.
I. the term

  “Product” means any machine, product of manufacture and / or assembly unless otherwise specified.

“Processing” means any process, algorithm, method, or the like, unless otherwise specified.

Each process (also referred to as a method, algorithm, or otherwise) inherently includes one or more steps, so all references to “steps” of a process are “process” or similar terms. It has an inherent basis in mere enumeration. Accordingly, all references to “steps” of a process in the claims are well-founded.

“Invention” or the like means “one or more inventions disclosed in the present application” unless otherwise specified.

“One embodiment”, “example”, “its embodiment”, “one or more embodiments”, “some embodiments”, “specific embodiments”, “one embodiment”, “other implementations” “Examples” means “one or more (but not all) embodiments of the invention” unless stated otherwise.

“Deformation” of an invention means an embodiment of the invention unless otherwise specified.

References to “other embodiments” in the description of the embodiments are mutually exclusive with other embodiments (eg, the embodiment described before the referenced embodiment) unless otherwise specified. Does not imply that.

“Including”, “comprising” and variations thereof mean “including but not limited to”, unless expressly specified otherwise.

“A” and “the” mean “one or more” unless otherwise specified.

The term “plurality” means “two or more” unless otherwise specified.

“In this specification” means “in this application, including anything that can be included as a reference”, unless otherwise specified.

“At least one”, unless stated otherwise, means any combination of one or more of these terms when such a term modifies more than one (such as a list of things). For example, “one or more of a small device, a car and a wheel” means (i) a small device, (ii) a car, (iii) a wheel, (iv) a small device and a car, (v) a small device and a wheel, (vi) It means either an automobile and a wheel, or (vii) a small device and an automobile and a wheel. “At least one” does not mean “one of each” of the plurality when such a phrase modifies more than one.

When terms relating to numbers such as “1”, “2”, etc. are used as a radix indicating the quantity of something (eg, one small device, two small devices, etc.), the quantity indicated by the term relating to that number Does not mean a number that is less than the quantity indicated by the terminology related to that number. For example, the phrase “one small device” does not mean “at least one small device”, so the phrase “one small device” does not cover, for example, two small devices.

“Based on” does not mean “based only on” unless otherwise specified. In other words, “based on” means both “based only on” and “based at least on”. “Based at least on” is equivalent to “based at least in part on”.

The term “represents” and similar terms are not exclusive, unless expressly specified otherwise. For example, the term “represents” does not mean “represents only”, unless expressly specified otherwise. In other words, the phrase “data represents a credit card number” means both “data represents only a credit card number” and “data represents a credit card number and something else”.

The term “by” is used only to precede a section or other set of words that represents only the intended result, purpose, or conclusion of something previously and explicitly stated. Thus, when the term “by” is used in a claim, the clause or other term that the term “by” modifies does not specifically limit that claim, but does It is not intended to limit the meaning or scope of the term.

“For example” and similar terms mean “by way of example” and, therefore, do not limit the words or phrases described thereby. For example, in the sentence “a computer sends data (eg, instructions, data structure) over the Internet”, “for example” is an example of “data” that a “command” can send over the Internet. It is also explained that “data structure” is an example of “data” that a computer can transmit over the Internet. However, both “instructions” and “data structures” are merely examples of “data”, and anything other than “instructions” and “data structures” can also be “data”.

The term “each” and similar terms mean “viewed individually”. Thus, when two or more things have “respective” characteristics, each of those things has its own characteristics, and these characteristics may differ from each other, but need not be. For example, the phrase “each of two machines has its own function” means that the first such machine has a function and the second such machine also has a function. .
The function of the first machine may or may not be the same as the function of the second machine.

The term "i.e." and similar terms mean "i.e." and thus limit the term or phrase it explains. For example, in the sentence “a computer sends data (ie, instructions) over the Internet”, the term “ie” describes that “instructions” are “data” that the computer sends over the Internet. .

Any numerical range shall include integers and fractions within that range. For example, the range “from 1 to 10” is specifically an integer between 1 and 10 (eg 1, 2, 3, 4,... 9) and a non-integer (eg 1.1, 1.2). , ..., 1.9).

Where two or more terms or phrases are synonymous (eg, for illustrative explanation that a term or phrase is synonymous), one such term / phrase example is another such term / It does not mean that the wording examples must have different meanings. For example, in the description, where the meaning of “including” is a synonym of “including but not limited to”, the mere use of the phrase “including but not limited to” means that the term “including” Does not mean to mean anything other than "including but not limited to".

“Promote” and like terms can include any action and set of actions that prompts to produce a result. Examples of facilitation can be given throughout this disclosure. These examples should be construed as non-limiting examples only.

An order query, when interpreted by a computer module, should be understood to include information identifying an order seeking trade-related actions. Such information can be interpreted by a computer module used to query stored information, such as a stored order information database.

A query should be understood to include an information form that can determine a question.

A computer module should be understood to include any combination of hardware and / or software.

It should be understood that a firm order includes an order for a financial product, against which the system executes a transaction with a matching order without additional intermediate approval from the originator of this firm order.

A financial instrument represents ownership of a liability or capital, including capital, equity, fixed income products, bonds, debt instruments, interest or deposit certificates, warrants, options, futures, forwards, swaps, or generally any securities It should be understood to include the product and / or any derivative financial product thereof.

Although some embodiments have been described with reference to order management systems well known in the art, it is to be understood that other embodiments can include an order information system. It should be understood that the order information system is any system that stores information about financial product buy and / or sell orders, including, for example, an order management system.

Two objects should be understood to match if they share one or more properties. The shared exact characteristics may vary between the various embodiments. Examples of some characteristics may include the type of financial instrument (eg, industry, total number of shares, risk, etc.), securities code (eg, stock symbol, etc.), number of shares, price, etc.

An indication of an object includes any instruction from which a portion of a potential object can be derived.

It should be understood that making possible includes allowing an action to occur. The action is possible, for example, by providing / actuating a mechanism (eg a button or other control device) through which this action can be performed (eg by clicking a button or activating another control device) can do.

A binding order is an underwriting of a transaction that fulfills at least part of the order, does not allow further interference in the execution of the transaction, and cannot be canceled (eg, canceling an order in any way) It is to be understood that this includes products that cannot (cannot be canceled without penalty).

An order should be understood to include an agreement to participate in a transaction that fulfills at least a portion of the order.

Evidence concealment should be understood to include attempts to prevent others from grasping evidence. Concealment of evidence of a situation or action does not disseminate information about the situation or action, disseminate false or misleading information about the situation or action, and sometimes spreads information about the situation or action It may include disseminating false or misleading information to obscure and / or other desired actions.

It should be understood that facilitating execution of a transaction includes performing any action that prompts the execution of the transaction. The operations can include, for example, actually executing the transaction, transmitting a request to execute the transaction, transmitting any information prompting to bring the transaction, and / or other operations.

It should be understood that the market includes a platform through which actions are taken to at least prompt order execution, receive order instructions, and look for matches.

Applying a filter to a set of objects should be understood to include generating a subset of the set of objects, each object in the subset having one or more desired characteristics.

A transaction should be understood to fulfill a portion of the order of one or more items if the transaction includes a transfer of ownership of at least a portion of the one or more items based on the order. Performing can include executing a transaction.

Participant systems should be understood to include any system that allows the order management system to interface with the market.
II. decide

“Determine” and its grammatical variants (eg, determine prices, specify values, determine objects that meet certain criteria) are used in a very broad sense. “Determine” encompasses a variety of actions, so “determine” calculates, operates, processes, derives, examines, examines (eg, examines in a table, database or other data structure), Confirmation, etc. can be included. Also, “determining” can include receiving (eg, receiving information), accessing (eg, accessing data in a memory), and the like. Also, “determining” can include resolving, selecting, selecting, establishing, and the like.

“Determining” does not imply certainty or absolute accuracy, and thus “determining” can include estimating, predicting, guessing, and the like.

“Determine” does not imply that a mathematical process must be performed, does not imply that a numerical method must be used, and does not imply that an algorithm or process is used. Does not mean to.

“Determine” does not imply that any particular device must be used. For example, a computer need not necessarily make a decision.
III. Sentence format

A limitation of the first claim covers one of the features as well as two or more of the features (eg, a limitation such as “at least one small device” covers one small device as well as two or more small devices. ), And in the second claim subordinate to the first claim, when the second claim uses “the” to refer to this limitation (eg, “the small device”), this means that One claim does not imply that only one of the features is covered, and the second claim does not imply that only one of the features is covered (eg, “the miniature device” means 1 One small device and two or more small devices together).

When an ordinal number (such as “first”, “second”, “third”, etc.) is used as an adjective before a term, that ordinal number (unless otherwise noted) is used to identify a particular feature in the same term or It is merely used to indicate that particular feature, as distinguished from other features described by similar terms. For example, “first small device” is simply named to distinguish it from, for example, “second small device”. Thus, simply using the ordinal numbers “first” and “second” before “small device” does not indicate any other relationship between the two small devices, and similarly, either or both small devices. It does not show other features of the device. For example, using the ordinal numbers “first” and “second” before “small device” means that (1) any small device comes in sequence or position before or after another small device. (2) does not indicate that any small device will occur or operate in time before or after another small device; and (3) any small device may be of importance or quality. In FIG. 4, it is not shown that it is positioned above or below other small devices. In addition, the mere use of an ordinal number does not prescribe numerical limitations on the features identified by this ordinal number (eg, “a plurality of first small devices” are two or more small devices that are distinguished from other small devices). Shows the device). For example, simply using the ordinal numbers “first” and “second” before “small device” does not indicate that there should be no more than two small devices.

When describing a single device or item herein, two or more devices / items (whether or not they work together) are used instead of the single device or item described. be able to. Thus, a function that is described as having a device can instead be possessed by two or more devices / items (whether or not they cooperate).

Similarly, where two or more devices or items are described herein (whether or not they work together), a single device may be substituted for the two or more devices or items described. / Goods can be used. For example, multiple computer-based devices can be replaced with a single computer-based device. Thus, functions that are described as having more than one device or item may instead be possessed by a single device / item.

The functions and / or features of a single device described may instead be embodied by one or more devices that have been described but not explicitly described as having such functions / features. . Thus, other embodiments need not include the described device itself, but in these other embodiments, one or more other devices having these functions / features may be included.
IV. Examples and terms disclosed are not limiting

  Neither the title of the invention (described at the beginning of the first page of this application) nor the abstract (described at the end of this application) should be construed as limiting the scope of the invention in any way. Simply 37C. F. R. Since §1.72 (b) (US Patent and Trademark Office Enforcement Regulations Section 1.72 (b)) requires a summary of 150 words or less, the summary is merely included in the present application.

The title of the present invention and section headings provided herein are for convenience only and should not be construed as limiting the disclosure in any way.

Many examples are described in this application, but are provided for illustrative purposes only. The described embodiments are not limiting in any way and are not intended to be limiting. The present invention is widely applicable to many embodiments, as can be readily read from the present disclosure. It will be appreciated by those of ordinary skill in the art that the present invention may be implemented in various changes and alternatives such as structural, logical, software and electrical changes. Certain features of the present invention may be described with reference to one or more specific embodiments and / or drawings, unless otherwise indicated, such features being referred to to describe these features. Obviously, the invention is not limited to use in one or more particular embodiments or drawings.

None of the method steps or product component embodiments described herein constitute an invention of this specification, or are not essential to the invention of this application, or are identical to the invention of this specification. It is not a range. However, unless explicitly stated otherwise in this specification or explicitly stated in the claims.

The preamble of a claim merely lists the objects, advantages and possible uses of the claimed invention and does not limit the claimed invention.

This disclosure is not a written description of all embodiments of the invention. Further, the present disclosure is not a list of features of the invention that must be included in all the embodiments.

Devices described as communicating with each other need not be in continuous communication with each other unless otherwise specified. Conversely, such devices only need to communicate with each other as needed or required, and in fact can exchange data for most of the time. For example, a machine that is communicating with another machine via the Internet may not send data to the other machine for a long period of time (eg, several weeks at a time). In addition, devices in communication with each other can communicate directly or indirectly through one or more intermediaries.

The description of an embodiment having several components or features does not imply that all such components / features are required. Conversely, various optional components are described to illustrate various possible embodiments of the invention. Unless otherwise noted, there are no required / required components / features.

Processing operations, algorithms, etc. can be described in particular sequentially, but such processing can be configured and operated in a different order. In other words, any order or sequence of actions that can be explicitly described does not necessarily indicate a requirement to perform the actions in that order. The operations of the processes described herein can be performed in any order. Furthermore, some operations may be performed simultaneously even if described or implied to occur non-concurrently (eg, because one operation is described after another). Further, in some embodiments, operations described as separate can be performed as a single operation. Further, the illustration of the process by drawing in the drawing does not imply that the exemplified process excludes other modifications and changes to this process, and neither the exemplified process nor its operation is It is not implied that it is necessary for the invention and that the illustrated process is preferred.

Although a process can be described as including multiple steps, this does not imply that all or any of these steps are suitable, essential or necessary. Various other embodiments within the scope of the present invention include other processes that omit some or all of the steps described. Unless otherwise noted, there are no required or required steps.

Although the process can be described alone or without reference to other products or methods, in certain embodiments, the process can interact with other products or methods. For example, such interactions can include linking one business model to another business model. Such interactions can be provided to enhance processing flexibility or desirability.

A product may be described as including multiple components, aspects, properties, characteristics and / or features, which implies that all or any of these multiples are preferred, essential or necessary. Does not mean to. Various other embodiments within the scope of the present invention include other products that omit some or all of the described embodiments.

A list of items (these items may or may not be numbered) does not imply that any or all of these items are mutually exclusive unless otherwise noted. . Similarly, a list of items (these items may or may not be numbered), unless stated otherwise, any or all of these items encompass any category. It does not imply that. For example, a list enumerating “computer, laptop (computer), PDA” does not imply that any or all of these three items in this list are mutually exclusive; It does not imply that any or all of the items encompass any category.

A list of items (these items may or may not be numbered) does not imply that any or all of these items are equivalent to each other or immediately substituted for each other.

All embodiments are illustrative and do not imply that the present invention or embodiments are optionally made or implemented.
V. Calculation

It will be readily apparent to those skilled in the art that the various processes described herein can be performed, for example, by appropriately programmed general purpose computers, application specific computers, and computing devices. One or more such computers or computing devices may be referred to as a computer system. FIG. 1 shows an example of a computer system. The computer system includes a plurality of server computers 101 and client computers 103. Generally, a processor 105 (eg, one or more microprocessors, one or more microcontrollers, one or more digital signal processors) receives instructions (eg, from memory 107 or similar device) and receives those instructions. Execute, thereby performing one or more processes defined by those instructions. The instructions can be embodied in one or more computer programs, one or more scripts, for example.

A “processor” is an architecture (eg, chip-level multiprocessing / multicore, RISC, CISC, Microprocessor without Interlinked Pipeline).
Regardless of Stages (microprocessors whose pipeline stages are not interlocked), pipeline placement, simultaneous multithreading), one or more microprocessors, central processing units (CPUs), computing devices, microcontrollers, digital signal processors Or similar devices, or any combination thereof.

Therefore, the description of the process is also an explanation of an apparatus that executes the process. The apparatus that executes the process can include, for example, a processor suitable for the execution of the process, and an input device and an output device thereof.

Further, programs that implement these methods (as well as other types of data) can be stored and transmitted in a number of ways using various media (eg, computer readable media). In some embodiments, hard wire (hardware wiring) circuitry or custom hardware is used in place of, or in combination with, some or all of the software instructions that can implement the processing of the various embodiments. can do. Thus, various combinations of hardware and software can be used instead of software alone.

"Machine-readable medium" refers to any medium that participates in providing data (eg, instructions, data structures) that can be read by a computer, processor, or similar device. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media includes, for example, optical or magnetic disks 113, and other persistent memories. Volatile media typically includes dynamic random access memory 115 (DRAM) that forms the main memory (main storage) of the computer system. Transmission media includes coaxial cables, copper wire, and optical fibers, and includes the wiring that makes up system bus 117 coupled to the processor. Transmission media can include or carry sound waves, light waves, and electromagnetic radiation, such as those generated during radio frequency (RF) and infrared (IR) data communications. Common forms of machine-readable media include, for example, floppy disks, flexible disks, hard disks, magnetic tapes, any other magnetic medium, CD-ROM, DVD, any other optical medium, punch card, paper tape, hole Any other physical medium having the pattern: RAM, PROM, EPROM, flash EEPROM, any other memory chip or cartridge, carrier wave, or any other medium that can be read by the computer system.

Various forms of machine-readable media may be involved in carrying data (eg, sequences of instructions) to a processor. For example, data can be (i) sent from RAM to the processor; (ii) carried on a wireless transmission medium; (iii) Ethernet (or IEEE 802.3), SAP, ATP , And can be formatted and / or transmitted according to a number of formats, standards, or protocols such as Bluetooth, TCP / IP, TDMA, CDMA, and 3G; and / or (iv) well known in the art Can be encrypted in any of a variety of ways to ensure privacy or prevent fraud.

Therefore, the description of the process is also an explanation of a machine-readable medium that stores a program for executing this process. The machine-readable medium can store program elements suitable for performing this process (in any suitable format).

Just as the description of the various operations during processing does not indicate that all the operations described are required, an embodiment of the apparatus does not provide some (not necessarily all) of the described processing. One or more computer systems operable to execute may be included.

Similarly, an example of a machine readable medium storing a program or data structure may be implemented just as the description of the various operations being processed does not indicate that all operations described are required. Sometimes includes a machine-readable medium that stores a program that may cause one or more processors to perform some (but not necessarily all) of the described processes.

The computer system can also include one or more input / output devices 113. Such input / output devices may include a monitor, keyboard, mouse, and / or other desired devices.

Some computer systems may include a transmission medium 115 that may refer to a communication network that couples the various internal components of the computer system. Such a communication network may also be referred to as a computer bus in some implementations. Some computer systems can include a dedicated input / output device 117 configured to connect to an external communication network. Such a device can be referred to as a network interface. The external communication network can include a LAN 119 and / or the Internet 121. In some implementations, the edge routing device 123 can operate between the LAN and other networks such as the Internet 121. Such a device may comprise a firewall and / or other desired security measures.

It will be appreciated by those skilled in the art that when describing a database, (i) an alternative database structure to that described can easily be employed, and (ii) other memory structures other than the database can be readily employed. it is obvious. Any description or description of any sample database presented herein is an exemplary configuration of a stored representation of information. For example, any number of other configurations may be employed in addition to those suggested by the drawings or tables described elsewhere. Similarly, any database entry described is exemplary only and those skilled in the art will appreciate that the number and content of those entries are different from those described herein. I can do it. Furthermore, regardless of the representation of the database as a table, other formats (including relational databases, object-based models, and / or distributed databases) can be used to change the data types described herein. Can memorize and operate. Similarly, the various processes described herein can be implemented using database object methods or behaviors. In addition, this database can be stored in a known manner either locally on a device that accesses data in such a database or stored remotely from this device.

Various embodiments can be configured to operate in a network environment including a computer that communicates (eg, via a communication network) with one or more devices. Computers can be any wired or wireless medium (eg, Internet, LAN, WAN or Ethernet®, token ring, telephone line, cable line, wireless channel, optical communication line, commercial online service provider, electronic bulletin board system, satellite It is possible to communicate directly or indirectly with these devices via a communication link, any combination of the above. Each device may itself include a computer or other computing device, such as those based on the Intel Pentium (R) or Centrino (R) processor, employed to communicate with the computer.

In one embodiment, a server computer or central authority may not be necessary or desirable. For example, the present invention may be implemented on one or more devices without a central authority in one embodiment. In such embodiments, any functionality described herein when executed by a server computer or data described herein when stored on a server computer may be executed or stored by one or more such devices. May be.

When describing the process, in one embodiment, the process can operate without user intervention. In another embodiment, the process includes some human intervention (eg, the steps are performed by a human or with human assistance).
VI. Continuation application

  The present disclosure provides those skilled in the art with a description that allows several embodiments and / or inventions. Some of these embodiments and / or inventions may not be listed in the claims of this application, but nevertheless, claims of one or more continuing applications claiming priority under this application May be described.

Applicant intends to file additional applications and continue to patent on subject matter that is disclosed and enabled but not claimed.
VII. 35U. S. C § 112 (US Patent Act Section 112), sixth paragraph

  In a claim, a claim limitation that includes "means to do" or "step to do" means that 35 USC 112, sixth paragraph applies to this limitation.

In a claim, limitations of the claim that do not include "means to" or "step to do" include that the limitation does not describe the structure, material, or operation for performing a function. This means that Section 112, sixth paragraph, US Patent Act, does not apply to this limitation, whether or not it describes a function. For example, in referring to one or more steps in a claim or in other claims, the simple use of “step to do” is that section 112, sixth paragraph of the US Patent Act It does not mean that it applies to the step.

With respect to means or steps for performing a particular function according to US Pat. No. 112, sixth paragraph, the corresponding structure, material, or operation described in the specification, and equivalents thereof, shall not Functional functions can be performed.

Computers, processors, computing devices, and similar products are structures that can perform a wide range of functions. Such a product is operable to perform a specific function by executing one or more programs, such as a program stored in a memory device of the product or a memory device accessed by the product. Unless otherwise noted, such programs need not be based on a specific algorithm, such as any specific algorithm that may be disclosed herein. It is well known to those skilled in the art that a particular function can be implemented by different algorithms, and that any of a number of different algorithms is merely a design choice for performing that particular function.

Thus, with respect to means or steps for performing a specific function according to 35 USC 112, sixth paragraph, the structure corresponding to the specific function includes any product programmed to perform the specific function. Such structures include products programmed to perform this function, such products (i) a disclosed algorithm for performing this function, (ii) an algorithm similar to the disclosed algorithm, or ( iii) It does not depend on whether it is programmed with a different algorithm to perform this function.

When describing means for performing a function that is a method, one structure for performing the method is a computing device (and / or a computer configured to perform the function with appropriate hardware ( For example, a general purpose computer).
It will also be apparent to those of ordinary skill in the art that it also includes a computing device (eg, a general purpose computer) that is programmed and / or configured to perform the function with other hardware as well as appropriate hardware.
VIII. Abandonment

Multiple references to a particular embodiment do not imply the abandonment or denial of additional different embodiments, and similarly, references to the description of an embodiment that entirely includes a particular feature refer to this particular feature. It does not indicate abandonment or denial of examples not included. Any express waiver or denial in this application is prefaced by "does not include" or "cannot be performed".
IX. Incorporation of literature

Any patents, patent applications, or other references referred to herein are included as part of this patent application by reference, but are written in accordance with 35 USC 112, first paragraph, and US patents. If this is only for the purpose of availability according to the first paragraph of Article 112 of the Act and this application cannot provide any identifiable meaning without inclusion as such reference, any wording of this application shall be limited, prescribed or otherwise It should never be used to interpret, allowing it to provide a identifiable meaning for these words. Thus, a person of ordinary skill in the art need not be limited in any way by any specific example provided in the reference.

Any reference to a document is itself an endorsement of any description, opinion, objection or characterization contained in an incorporated patent, patent application document or other document, unless expressly specified in the patent application, It does not imply ratification or acquiescence.
X. Application history

In interpreting this application (including claims), one of ordinary skill in the art may or may not have other patent applications that share a priority claim with this application, regardless of whether there are other applications deemed relevant to this application. Regardless, we shall refer to the application history of this application and not the application history of other patents or patent applications.
XI. Example

  Information about the order of goods or services can be tracked by an order management system (OMS). The order management system can include data regarding wishes, schedules, unconditional, completions, deemed, continuations and / or other orders. One common order management system used for securities trading includes the Fidessa order management system. While this order management system and the examples below are primarily focused on trading securities (eg, stocks, bonds, futures, options, derivatives, etc.), it should be understood that tangible (eg, food, Other embodiments may be used for transactions of any goods and / or services, such as oil, valuable for collection, etc., or intangible (eg, intellectual property rights, contract performance, etc.).

The information stored by the OMS includes the specific securities desired (eg, OMS user, OMS customer customer, etc.), the type or class of securities desired, the number or range of shares of the securities desired, the desired price. , Price range, and / or pricing method used to purchase a security, desired price limit associated with a limit order for a security, used security, price, price range, and / or to sell a security Pricing methods, securities desired or available for sale (eg spot stock and / or short sale), number of securities sold, conditional sale and / or buy information (eg in the event of a contingent event Information identifying the purchase to be made, information setting the number of shares based on an uncertain price, etc.), and / or other information.

The pricing policy can include any desired pricing policy supported by the trading system. In some embodiments, such pricing policies may include, for example, intermediate pricing based on the midpoint between domestic highest selling price and domestic highest buying price, marginal pricing that does not exceed the maximum or minimum price level, subject to these limits. Intermediate price setting, and volume-weighted average price setting based on the weighted average price over the transaction period. Other methods or combinations of pricing policies can be used.

Market liquidity is viewed as a factor that can affect the price at which a security is traded, as an indicator of the ease with which it can be bought and / or sold. For example, selling non-current securities can be more difficult because potential buyers can fear that they will not be able to resell securities after purchase. Such fears can artificially lower the selling price of a security from the true market price of the security, so as to alleviate the fear of such potential buyers. Thus, a more liquid market can facilitate securities trading at a fair market price or a price that is closer to a fair market price than is traded in a less liquid market.

In some markets, information that identifies an order (eg, bid price, ask price, etc.) stored by an order management system or otherwise stored internally by a trading organization or trader has traditionally been It is not considered a liquid asset that the market can gain. Rather, these orders generally increase market liquidity only when they become public in the market and other traders in the market can act against them. These private orders remain invisible to these markets and are referred to as “dark pools” or “dark books” of liquid assets.

Making it possible to trade with such orders improves market liquidity, thereby allowing more trades to be made through the market and / or when the trade is at a fair market price or It is recognized that it can be done at a closer price.

One problem that may be associated with using such orders in the market is that information otherwise associated with the presence of private orders may affect the market and / or that information (eg, some insight, knowledge , A trading algorithm, etc.) is recognized to include the possibility of being used to lower the profit attributable to the originator. In the general market, if the buy price and the sell price match, the buyer and seller can negotiate before any transaction is closed. Such negotiations generally reveal to the parties involved in the negotiations the existence of the matching counterparty, information about the matching order associated with the matching counterparty, and / or the identity of the matching counterparty. including. Revealing this information increases the possibility of “games in the market” (eg, artificially affecting the market using knowledge of the existence of other orders) and is embodied by that order. Knowledge that appears to be private may be made public. For example, the trader can end the negotiation by declining the order in the negotiation. The trader then raises or lowers the price of the security by placing one or more other orders at a higher or lower price using the knowledge that the matching counterparty is interested in trading with the security. And / or the knowledge embodied by the order can be used to adjust the trading strategy to another way.

It will be appreciated that as orders increase in size, the opportunities for traders associated with such orders to attempt to game the market may be reduced. Accordingly, it is recognized that trading liquid mass stocks can reduce the chances of a game occurring. Also, if a trader agrees to execute an order without negotiation, without receiving a pre-execution notice, and / or vice versa, there is no opportunity for the trader to try to play the market. Allowed to decrease. Furthermore, it is recognized that the opportunity to game the market will decrease if the anonymity of the trading partner is maintained for some or all of the trading. Accordingly, participants in the securities market, such as sell and / or buy participants, are more likely to participate in a market with one or more of these characteristics. Furthermore, such participants can be willing to ensure that orders contained in the OMS provide liquidity to these markets. Markets with these characteristics can, for example, allow large stocks to move relatively quietly compared to traditional trading mechanisms.

In some markets, such as the general securities market, participants are perceived to exist in an asymmetric relationship. For example, participants who are known as selling companies in the securities market typically act as retail brokers and researchers for investors. Participants, known as buying companies in the securities market, tend to purchase and / or sell large stocks, usually for fund management purposes, and include investment institutions that keep information about their trading intentions private. Therefore, these participants may not have the same wishes. Some embodiments can be configured to treat participants with different characteristics differently to balance the desires of different participants.

Some embodiments of a trading system may allow access to what may be a pool of previously unused liquid assets (eg, orders in an OMS system). Such systems can define asymmetric access rules to such information in order to adjust market participant preferences and / or preferences. Such systems may include anonymity policies, order size restrictions, incentives, filtering policies, and / or auto-executed orders to facilitate participation.

Some embodiments may retrieve information from other sources of orders related to OMS or buyer market participants. Information about such orders can be used to match information from other market participants with one or more elements of anonymity, automatic order execution, and / or implementation of order size policies. In some embodiments, the information can be sent to the potential counterparty to match an order associated with the potential counterparty's OMS. Thus, market participants, such as selling and buying participants, provide firm orders and liquidity to the market with a certain degree of privacy and / or security that prevents the market from being played by other participants. Both orders for OMS orders can be placed. Participants may include people and / or machines that interface with the market in some way and engage in transactions. Participants can include OMS, computers that interface with OMS, and / or other types of computers or transaction-related devices.

In some embodiments, a firm order (ie, an order for which a participant has agreed to execute an automatic order with a matching order) is viewed anonymously by people who are unlikely to misuse the information and / or from whom May not be seen at all. In some implementations, such participants may include buyer participants who can view information about firm orders if a matching order exists in the OMS associated with each buyer participant. it can. In some implementations, such participants may include participants for whom there is a firm order that matches (eg, placed in a trading system). By restricting the viewing of this information, it is possible to facilitate trading of high quality large liquid assets using a pool of liquid assets that are not currently available.

In some embodiments, management of one or more aspects that disclose information about an order in the OMS may be provided to the caller of the order buyer. In some embodiments, a selling participant or other buying participant that places a firm order that matches an order in the buying participant's OMS is the buying participant who has the order in that OMS. Only if you agree to such notification and / or agree to execute the transaction can you be notified of the existence of such a matching order. In some embodiments, the selling participant or other buying participant may not be notified of the identity of the buying participant at all, but rather that a matching order has been found and / or It may be notified only of what has been done.

(Example structure)
FIG. 2 shows an example of a trading system configured to conduct one or more transactions. As shown, a trading system can include multiple computer systems in one or more locations. The illustrated embodiment includes a centralized system with multiple remote computer systems. Other embodiments may include different numbers, arrangements and / or types of computer systems. For example, some embodiments may include fewer or no remote computer systems. Some other embodiments may include more distributed or fully distributed systems, such as those that do not have a centralized system or that have a limited centralized system.

A centralized system 201 or a place where orders are executed can be referred to as a “market”. In some embodiments, a firm order query, firm order matching, providing an indication of a firm order / firm order match, receiving an indication that a firm order query / firm order match exists and / or other desired Various operations, such as, for example, can occur upstream from these markets.

As shown, the trading system can include a centralized system 201. The centralized system 201 can include one or more computer systems each configured to perform one or more processes. Such computer systems can receive, transmit, and / or process information as desired. In some implementations, the centralized system 201 receives information about orders (eg, firm orders), matches firm orders, executes trades, facilitates trade execution, cancels orders, cancels orders. Communicate with remote systems, settle orders, report transactions, query remote systems to determine if there are matching orders, query processing or database to find matching orders It can be configured to determine what to do and / or perform other actions, including desired actions.

In some embodiments, centralized system 201 can be distributed among multiple local hubs. Such dispersion allows a trading system to span a very large geographic area through which a large number of trades can be routed. Such local hubs can include duplication and / or distribution of functions.

In some examples, the centralized system 201 can be responsible for facilitating one or more functions, commonly referred to as “back office” functions. For example, the centralized system 201 can facilitate transaction cancellation, transaction settlement, transaction reporting, participant credit checks, other functions required for compliance with rules and regulations, and / or other desired functions. .

In some embodiments, centralized system 201 can include a firm order matching system. Such a system may be configured to determine whether a firm order matches another firm order and / or perform other functions related to such firm order matching. In some embodiments, the centralized system can include an order matching router module. Such a module can be configured to route an order query for one or more participants and / or perform any desired action associated with an OMS order. In some embodiments, the centralized system can include a regulated NMS system. Such systems can interface with one or more other securities markets to find better pricing options for orders. Such an action may be required in some embodiments due to securities rules.

In some embodiments, the centralized system can be coupled to one or more remote systems via communication network 203. Communication network 203 may include the Internet, one or more local area networks, and / or other desired communication media. Communication network 203 allows the centralized system to send and / or receive information to and / or from a remote system, such as a computer system associated with a market participant. In some examples, communication between systems, modules, processes, and / or programs may include the use of FIX (Financial Information Exchange) messaging. Such messaging may or may not be encrypted as desired. In some embodiments, one or more firewalls (regulations) or other security devices can be included in the communication network 203.

In some embodiments, the system 200 can include one or more selling computer systems, each indicated at 205. The selling system 205 may include one or more trading computers configured to receive information regarding securities trading applications (eg, firm orders to buy and / or sell securities). The selling system 205 can be configured to receive, transmit, and / or process information. In some embodiments, the selling system 205 can be configured to send one or more instructions for such orders to the centralized system 201 over the communication network 203. In some distributed embodiments, seller system 205 may be configured to send information to one or more other seller systems 205 and / or buyer systems 207. In some embodiments, the selling system 205 can be configured to receive information identifying a completed order execution (eg, from the centralized system 201) and instructions for such instructions (eg, through a trading interface). ) Can be provided to users. In some embodiments, the selling system 205 can be configured to interact with the centralized system 201 or otherwise with the distributed system. In some embodiments, a separate computer system may serve as the interface between the centralized system 201 or otherwise the distributed system and the remaining seller system 205. Although the selling system 205 is shown as a single system, it should be appreciated that any number of computers can be used to perform any desired function of the selling system.

Some embodiments may include one or more buyer systems, each indicated at 207. In some embodiments, all or a portion of the buyer system 207 may be provided to a buyer market participant. In some embodiments, all or a portion of the buyer system 207 can be located at a central location, such as a distributed or centralized system 201.

In some embodiments, buyer system 207 may include one or more trader systems, each indicated by block 209. The trader system 209 can provide one or more traders with an interface through which information can be obtained or provided. A trader may enter order information and / or receive instructions related to the order, for example, through trader system 209.

In some embodiments, buyer system 207 may include one or more OMS systems 211. The OMS system 211 can perform one or more functions typically performed by the OMS. Such functions may include storing order information, providing order information to a trader computer, and / or other desired functions. As described above, an example of an OMS system includes a Fidessa OMS system.

In some embodiments, buyer system 207 may include one or more participant systems 213. In some embodiments, the participant system 213 may serve as an interface between the centralized system 201 or otherwise the distributed system and the rest of the buyer system 207. In some embodiments, the participant system stores order information, receives a firm order query, executes an order, facilitates execution of the order, cancels the order, facilitates cancellation of the order, order Such as sending information, determining whether a matching order exists, providing instructions on an order query, retrieving existing orders, determining whether an order is a firm order or an OMS order, and / or other desired functions Can perform functions related to transactions. In various embodiments, the participant system can query the OMS for the latest information (withdraw information from the OMS) and can receive the latest information as information in the OMS changes (pushing information from the OMS). And / or synchronize with the OMS in any desired manner.

In some examples, participant system 213 can query OMS system 211 (eg, periodically, irregularly, etc.) to generate a copy of the OMS database. In some examples, the OMS system 211 can send information to the participant system 213 in response to such queries and / or without being queried. Such information can include order instructions in the OMS database (eg, up-to-date information on previous instructions, order changes, order deletions, new orders, completion of database copy, etc.). In some embodiments, participant system 213 can directly access the OMS database of OMS system 211 (eg, without having to make a copy), such as by performing a database query. In still other embodiments, the OMS system and the participant system can be a single system, and such a distinction may not be appropriate.

In some embodiments, buyer order information can be kept secret on the buyer system, which is at the premise of each buyer participant. By storing the information in this way, the buying participant can feel more secure about the use of such information for transactions and not be too concerned about the possibility of information leakage. Can be.

In some embodiments, one or more software modules may serve as part of the OMS system 211 and provide some or all of the buy side functionality. Such modules may exist in addition to and / or instead of participant system 213. For example, the module may contain the latest information of OMS software or a combination program of OMS software.

Although FIG. 2 shows the OMS system, participant system, and trading system as separate systems, it should be understood that any configuration of the system can be used. For example, a single system can function as all or part of other systems (eg, a single system can serve as an OMS system and a participant system, etc.). In addition, the OMS system can store an order database that can be retrieved by one or more of a trading system, a participant system, and / or any other desired system.

In some embodiments, one or more buyer or seller systems can include a mobile device. Such mobile devices can include laptop computers, PDAs, cell phones, and / or other desired mobile devices.

In some embodiments, one or more software modules may serve as a combination and / or replacement for transaction interface software and / or OMS software. Such combined or alternative software can include additional and / or different options than traditional interfaces and / or OMS software.

Although FIG. 2 shows the buying system 207 and the selling system 205 as connecting to another part of the communication network 203, such a system may connect to the same network, such as the Internet or other communication network. It should be understood that it can be done.

In some embodiments, one or more participants can use a virtual OMS rather than a conventional OMS. It should be understood that OMS references include such virtual OMS references. A virtual OMS can include a system that performs the function of a dedicated OMS for multiple participants, but is actually a shared system. For example, in some implementations, the virtual OMS can include a system that is remote from the participant and accessed through the Internet. The system can include a separate database for each such participant for tracking general OMS information. It should be understood that some systems can include a single database with participant codes and / or other ways of storing information that can be used in providing virtual OMS services to participants. is there. The use of virtual OMS can provide participants with an OMS service that does not require the storage and / or purchase of a dedicated OMS system.

(System processing example)
FIG. 3 shows an example of a process 300 that begins at block 301. In some embodiments, process 300 may be performed by centralized system 201. In other embodiments, process 300 may be performed by one or more distributed computer systems.

As shown at block 303, process 300 may include receiving an order instruction. In some implementations, this order may be a firm order. In some embodiments, such instructions can be viewed as binding instructions for a portion of a firm order submitter. For example, the central system 201 can receive instructions for such orders from a buying system (eg, 207) and / or a selling system (eg, 205). Such orders can be entered at a buying or selling company, for example, using a trading interface by a trader. A firm order indication can identify that the originator of the order commits to a transaction (eg, buy, sell, etc.). In some embodiments, the order instructions include the number of shares of the security to purchase or sell, the time that the firm order is published, the price or approximate price at which the security is purchased, the limit, the pricing method, the order code, and Other information can be indicated. An order can define the trading side of a financial instrument. The trading side of a financial product can include those wishing to purchase a financial product and those wishing to sell the financial product.

As shown at block 305, process 300 may include determining whether any matching firm order is valid. Matching orders can include orders that include trading terms complementary to firm orders. Such trading conditions may include securities, number of shares, price, due date, and / or other desired information. For example, a firm order may indicate that 10,000 eSpeed shares are purchased at an average price of $ 100.00 per share. The prior firm order can be received as an indication that 10,000 eSpeed shares are sold at an average price of $ 100.00 per share. The earlier eSpeed order can be determined to match the later eSpeed order in these circumstances. In some embodiments, prices that match within a price range, below the highest price, above the lowest price, and / or at other desired points may also be determined to match. In some embodiments, it may be determined that a multi-share order with fewer stocks will also match. In some embodiments, a firm order indication can identify a minimum and / or maximum order quantity / rate that can be determined to match other firm orders.

In some embodiments, a priority mechanism may determine that multiple orders are matched so that the total number of shares in all matching orders is at least the number indicated by the firm order instruction. . In some embodiments for determining multiple orders to match, some of the orders may be prioritized based on one or more characteristics of the order, the originator of the order, and / or other characteristics. .

In some embodiments, a matching firm order can be received from a buying or selling system. Such matching orders can be stored on a machine readable medium (eg, a disk drive of centralized system 201). Determining whether a matching order has been previously received can include searching a database or other list of confirmed orders that have been previously received. A quick search can be performed by entering a security code (for example, a stock symbol) in such a database.

Some embodiments may include storing a list of firm orders. Such a list can include a database. Saving the list includes adding newly received firm orders to the list, removing fulfilled firm orders from the list, removing expired firm orders from the list, and / or other desired actions. be able to.

As shown in block 307, if it is determined that one or more matching firm orders exist, the execution of some or all of those matching firm orders can be facilitated and the received firm orders can be fulfilled. Each such matching order can fully or partially fulfill the received firm order. Facilitating execution means exchanging securities and money, resolving such exchanges, sending information to remote execution and / or resolving services, notifying participants, and / or other desired actions Can be included. Transactions can be facilitated at a price and / or quantity that can be identified from the query.

In some embodiments where there are multiple matching orders, the matching orders can be matched to the received firm order based on any desired prioritization mechanism. These prioritization mechanisms prioritize the originator of securities prices, first-come-first-served, long-standing and / or most active orders, prioritize large orders first, prioritize those that best match price and / or number of shares, It may include prioritization based on win-winning and / or other desired prioritization methods. In some embodiments, multiple orders can be combined to fully fulfill as many offers as possible. In some embodiments, a portion of each matching order can be fulfilled. Some of them may correspond to an order or some characteristic of the orderer, such as the number of shares ordered, the orderer's credit, the orderer's aggressiveness, the actual price compared to the desired price, and so on.

In some embodiments, if a matching firm order is found, the process 300 may end at block 309. In some embodiments, if one or more matching firm orders are present but the received firm orders are not fully fulfilled, execution of matching firm orders can be facilitated and the remaining firm orders are matched It can be treated as if no firm order has been found (e.g., it can persist as described below with a firm order containing only the remaining order content).

In some examples, as shown in block 311, process 300 may include querying one or more participants to find a matching order. In some examples, querying a participant can include sending one or more requests from a centralized system (eg, 201) to a buyer system (eg, 207). In other embodiments, querying a participant may be a distributed system such as from one buyer participant to another buyer participant, from one seller participant to a buyer participant, and so on. It can include sending a request from one computer to another computer in the distributed system. In some embodiments, such a query is in a dendritic manner, such that one or more participants can query one or more additional participants, and themselves can also query subsequent participants. Can continue from one participant to another. Such an operation can be performed when no matching firm order is found or when a set of unfinished matching firm orders has been previously found as described above. In still other embodiments, querying may be to other processes, threads, storage locations, portions of computer programs, etc. executed by a single system, such as a centralized system 201 or a complex system such as a distributed system. Sending the request can be included.

Systems associated with market participants (eg, buyer system 207, participant systems 205, 207) can be configured to accept the request and determine whether a matching OMS order exists. In some situations described in more detail below, some such systems can respond to queries that indicate that a match exists. In some implementations, such a response may include an indication that the transaction has already been executed and / or resolved (eg, by a remote system to which the request is sent, another system, etc.).

In some embodiments, some or all of the querying actions and / or responses that can be received are hidden and / or otherwise deleted from the originator of the firm order and / or other individuals. be able to. For example, if a negative response is received, such a response can be hidden from the caller of the firm order. In some embodiments, only an acknowledgment can be revealed, as described below. In some embodiments, negative responses can be deleted or otherwise concealed. By limiting the response, the movement can be made private from the orderer and participants can gain additional anonymity, thus reducing the opportunity and / or likelihood of gaming the market. Promote their participation in the trading system.

As shown in block 313, the process 300 may include receiving additional firm orders from various other firm order sources, such as buyers and / or seller participants. The receipt of such a new firm order can occur almost simultaneously as the participant queries. These new firm orders can be compared to the firm orders received from block 303 to determine if they match, as described above for block 305.

As shown in block 315, process 300 may include determining whether a matching order is found. Finding a matching order can include receiving a new firm order from another source and / or receiving a response from a participant that a matching order exists.

If it is determined that there is no matching order, the process 300 can loop back to block 311. In various embodiments, participants can be queried periodically. The period may be any length, such as 30 seconds, 30 minutes, any length, length based on some characteristic of the trader and / or the order. In various embodiments, until a match is found, until a matching firm order is received, until the period associated with the firm order expires, until the firm order is canceled, and / or any other desired length of time. You can now query the participants.

If it is determined that there are one or more matching orders, the process 300 can include facilitating execution of a firm order and fulfilling the one or more matching orders, as shown at block 317. . In some embodiments, facilitating includes performing a transaction, resolving the transaction, sending an indication that the transaction is to be performed or resolved, and / or other desired action. Can do. In some embodiments, execution of a transaction can be a remote server such as one or more servers (eg, a buyer system, etc.) that finds a match with a firm order, and / or a centralized system such as centralized system 201. Can happen.

In some embodiments, matching orders may not fulfill all firm orders. In such a situation, the process 300 can continue to search for matching orders, for example by querying the remote server during the loop to block 311 and waiting for a new firm order.

In some embodiments, multiple matching orders can be found in a relatively short time. For example, multiple confirmed orders can be received and / or multiple OMS orders can be found from a participant in a relatively short time. Such a time may be any desired time, such as 1 second, 1 minute, etc.

In various embodiments, order execution with such matching orders found within such a short time may be based on some desired set of priorities. In such an embodiment, matching orders found within a short period of time can be treated as if found at the same time and can be executed based on other priority mechanisms. For example, a previously entered order can be executed first, a firm order can be executed first, or an order found through querying participants can be executed first. Orders can be executed first, small orders can be executed first, old orders can be executed first, new orders can be executed first, customer orders first High-order customer orders can be executed first, advanced paying customer orders can be executed first, and / or other methods are used to determine execution order be able to. In other embodiments, order execution may be strictly based on the order in which matching orders are found.

Process 300 may end at block 319 after the promotion of order execution is complete. In some embodiments, one or more participants, such as the orderer, can be notified of the execution. In some embodiments, the order of operations may not be the same as shown in process 300. In some examples, the process 300 can include additional operations, fewer operations, and / or different operations. Process 300 or similar processes may be performed by any computer system or centralized and / or distributed system.

(Participant processing example)
FIG. 4 shows an example of a process 400 that begins at block 401 and that can be performed by a participant (eg, by the buying system 207). In other embodiments, some or all of the process 400 may be performed at a centralized location, such as the centralized system 201, or at a distributed location, such as a selling or buying system. Process 400 may be performed in part to facilitate response to a query and / or to provide a firm order indication, as described above for process 300. In some embodiments, the process 400 is performed by an OMS system, a separate participant system, a buyer or seller transaction computer, or other computer system, such as one configured to receive and process orders. can do.

As shown at block 403, process 400 may include receiving an order instruction. Such instructions can be received, for example, from a trader entering information about the desired trade through the trade interface. These instructions may include price display, the number of shares of the security to buy or sell, the time to publish the order, the price or approximate price to purchase the security, the limit, the pricing method, the order code, and / or other information Can be included.

As shown at block 405, process 400 may include determining whether the order is a firm order. A firm order can indicate that the order is executed almost automatically, as described above. An OMS order may indicate that information about the order is private from other market participants and / or that the order is not automatically executed. Some embodiments may not include a separate operation for determining the type of order. For example, in some embodiments, different processes, threads, and / or systems can receive different types of orders such that the operation of receiving an order itself identifies the type of order. For example, a trader can submit an OMS order (eg, to an OMS system, to a participant system, etc.) using one interface, and a firm order (eg, to a centralized system, etc.) using a different interface. ) Can be submitted. In some embodiments, a single program can be used to submit different order types, such as based on different buttons pressed, different check boxes selected, etc. A decision can be made.

As shown in block 407, if the order is a firm order, the process 400 may include providing an order indication for firm order execution. Such offerings can include sending information about orders to the centralized system 201, or distributed system. Such an order can be received by such a system that attempts to execute the order almost automatically (eg, using a process similar to process 300). In some examples, such providing can include providing information to a processing thread or program executed by one or more computing devices. Process 400 may end at block 409 if the order is a firm order. In other embodiments, process 400 may continue to provide up-to-date information about the execution of firm orders, such as through a trading computer interface.

As shown in block 411, if the order is not a firm order, process 400 may include an act of storing information about the order. Storing information can include storing the information on a machine-readable medium such as a RAM, a hard disk, or the like. The media may be part / association of one or more OMS systems and / or participant systems. The information can be stored in one or more database tables configured to store information about the order. Such a database table can be arranged for a simple search of orders to determine whether an incoming order request matches any of the orders stored in the database. For example, in some embodiments, securities securities may be entered into a database.

Some embodiments can include storing stored information. Such information can be stored in the same manner as order information is stored in a general OMS system. In some embodiments, saving may include OMS and / or participant system operations. Saving can include updating an order executed in connection with a matching firm order query. For example, order information may be deleted / updated when the order is fully or partially fulfilled, when the order expires, when the order is specifically deleted or updated by the trader, and / or for any other desired reason. can do.

As shown at block 413, process 400 may include receiving an incoming firm order query. The incoming firm order query includes the price display, the number of shares of the security to buy or sell, the time to publish the order, the price or approximate price to purchase the security, the limit, the pricing method, the order code, and / or Or other information can be indicated. In some embodiments, such firm order queries may be received from one or more computer systems that perform processes similar to those shown in process 300. In some examples, the firm order query may include orders that fulfill some or all of the OMS orders. Such queries may be received at a participant system, an OMS system configured to perform some or all of the operations of process 400, and / or other desired location.

As indicated at block 415, process 400 may include determining that the firm order query matches the order. For example, the results of a database query that includes trading conditions (eg, securities code, price, number of shares, etc.) identified by a firm order query can be positive.

As shown in block 417, process 400 may include attempting to facilitate execution of a transaction with a matching firm order query. Facilitating the execution of a trade, for example, displaying firm order instructions to one or more traders through one or more trade interfaces, issuing warnings or other alerts for such traders, as described in more detail below. And / or other desired actions. In some such embodiments, a trader can be asked to accept a matching order or to reject a matching order. When a trader, in some embodiments, accepts an order, the system executes the trade, forwards information that the trade is executed and / or is resolved by another system, and / or executes the trade. Other desired actions can be performed to further facilitate.

In some embodiments, by making an OMS order private from other trading participants, the trading system performing the process 400 remains unavailable to the trader, such as an order in the OMS system. A pool of current assets can be used to facilitate matching with firm orders. This promotion can be particularly important for buyer participants who typically want to protect order information. Use of such OMS orders can improve liquidity in the market using such processing.

Process 400 may end at block 419 after facilitating execution of the transaction. In some embodiments, one or more participants, such as the order originator, can be notified of execution. In some embodiments, information about stored orders can be updated to reflect order execution. In some embodiments where only some OMS orders are fulfilled with matching firm orders, process 400 may include receiving additional firm order queries and facilitating execution of those orders. .
In some embodiments, the order of operations in process 400 may not be the same as shown in FIG. In some examples, process 400 may include additional operations, fewer operations, and / or different operations. Process 400 or similar processes may be performed by any computer system or centralized or distributed system. For example, process 400 may be performed by participant systems 205, 207, an OMS system configured to perform some or more of process 400, and / or other systems. In some embodiments, process 400 can only be performed in connection with a buyer participant.

(Example of query processing)
FIG. 5 illustrates an example of a process 500 that is used to execute a participant query in some embodiments, as indicated by block 311 of process 300 above, starting at block 501. The process 500 can be performed by multiple computer systems, distributed across multiple computer systems, and / or performed by other computer systems to query for orders that match participants. can do. In some embodiments, such processing may be partly or entirely, in a dendritic manner, such that some participants can query one or more child participants to find matching orders. It can be executed in a distributed manner.

As shown at block 503, process 500 may include identifying one or more participants. Participants can include one or more remote servers, one or more computer processes, threads, or programs. For example, in some embodiments, a participant can include a buyer system. In other examples, participants may include a selling system and / or other systems. Identifying a participant includes querying potential participants in the list of participants (eg, verifying IP address connectivity, making a function call, etc.). In some embodiments, identifying a participant includes placing one or more items in a predetermined storage location, querying information about the participant in a predetermined storage location, a database or a participant's Accessing other lists, receiving an indication that a participant exists (eg, from a participant, from an administrator, etc.) and / or other desired actions may be included. In some examples, the identified participants can include child participants of a dendritic participant structure.

As shown at block 505, process 500 may include receiving an indication of a firm order. Such a firm order may be substantially similar to the firm order received at block 303 of process 300.

As indicated at block 507, process 500 may include sending a request to the identified server. Such a request may be substantially similar to that described above for block 311 of process 300. In some embodiments, as described above for process 300, the received firm orders are matched with other locally stored firm orders instead of or in addition to those that query the participants. Can do.

In some embodiments, participants can be distributed. For example, in one embodiment, participants can be arranged in a tree. In such an embodiment, the first participant can query one or more participants. Other participants can determine if a match exists locally. If there is a match, the participant can return an affirmative indication (to the originating participant, the originator of the firm order, the market, etc.). If no match is found locally, future participants can query further participants. The order in which queries are made can be constructed based on any desired priority mechanism (eg, query first for large customers, query first for special customers, query first for luxury customers, etc.). it can. In some embodiments, participants can query additional participants regardless of whether a match is found locally.

As shown at block 509, process 500 may include determining whether a response has been received from the queried participant. In some embodiments, determining whether a response has been received can include querying a port or socket through which information can be received from the communication network. In other embodiments, determining whether a response has been received may include querying a register, storage location, process, thread, program, function and / or other operation.

In some embodiments, if no response is received, process 500 can loop back to block 507 to send one or more additional requests. Any number of requests can be sent any number of times. The period of request transmission can be any time period (irregular, periodic, etc.). Process 500 may continue to loop until a response is received, until a matching firm order is found, until it expires, and / or until another event occurs.

In some embodiments, the participants queried in each loop can be the same or different. For example, in some embodiments, a first group of participants can be queried first, and after some time, a second group of participants can be queried. Any number of these subgroups can be queried in this order.

As shown in block 511, process 500 may facilitate execution of a transaction that fulfills a matching order in response. Facilitating may include performing a transaction, resolving the transaction, routing a request for information, and / or any other desired action. In other examples, the response may indicate that the transaction has been executed and / or canceled (eg, by a remote system).

In some embodiments, the response can be received only if a match exists and / or if the trader wishes to execute the trade. By limiting the response to an affirmative response, participation can be promoted because less information is disclosed from the participant. This encourages participants to place orders on the market much more than traditional markets, thus improving market liquidity.

Other embodiments may include receiving a negative response if no matching order exists and / or if the trader does not wish to execute the trade.

In some embodiments, responses can be received for transactions that do not fully fulfill the firm order. In some implementations, after execution of such an order, process 500 can loop back to block 507 and query the participant again. Participants' future queries can include the latest orders with a reduced number of requested shares due to previous orders. In other embodiments, the promotion of such order execution can be limited to order completion (eg, based on preferences indicated by the orderer, based on trading system preferences, etc.).

In some embodiments, multiple responses can be received simultaneously or within a relatively short period of time. The orders received in this way can be handled as if they were received at the same time. A priority mechanism can be used to determine which of these orders to execute first. For example, orders associated with large customers, special customers, long-term customers, or customers with other desired characteristics can be given higher or lower priority than other orders. In some embodiments, large orders or small orders can be prioritized. In other embodiments, any desired priority mechanism can be used.

In some embodiments, process 500 may end at block 513. In some examples, process 500 may include notifying one or more traders of execution. In some embodiments, process 500 may include additional operations, fewer operations, and / or different operations. Process 500 or similar processes can be performed by any computer system or centralized and / or distributed system.

(Passive order processing example)
The process 600 of FIG. 6 starting at block 601 illustrates an example of a process that can be performed by one or more participants. Process 600 may include operations similar to process 400 described above. In some embodiments, process 600 can only be performed by one or more buyer participants.

As shown in block 603, process 600 may include receiving one or more instructions for one or more orders. Such orders can include the OMS orders described above for process 400. This order can be stored as appropriate as described for block 411 so that queries can be matched against it.

As shown at block 604, process 600 may include receiving an indication of one or more firm order queries. Such a firm order query can be sent, for example, by an entity that performs a process similar to process 500 and / or process 300 described above.

As shown at block 607, the process 600 may include filtering a firm order query. A firm order query can include order characteristics (eg, price, brand, number of shares (eg, maximum stock, minimum stock), etc.), order caller characteristics (eg, caller rating, caller type, specific And / or other desired characteristics can be filtered based on order queries. In some embodiments, different filters can be applied to different types of securities. For example, one set of filters can be applied to a large security and another set of filters can be applied to a small security. In some embodiments, particular securities (eg, identified by a stock symbol) can be filtered out or a particular set of filters can be applied.

In some examples, filtering may allow a participant to filter queries received from or sent to other participants. Filtering can be based on any desired characteristic. Such characteristics may include characteristics of orders that are unlikely to be orders related to gaming the market. For example, in some implementations, the filter can block firm orders that do not meet minimum stock requirements, minimum total amount requirements, and / or other desired characteristics.

In some embodiments, as another example, a participant may wish to consider only orders associated with callers with certain characteristics. Such characteristics may include characteristics of orders that are unlikely to be orders related to gaming the market. For example, in one implementation, a filter is associated with a particular trader that has been identified by a participant as being involved in ordering games from a particular class of traders (eg, hedge funds, etc.), market. Block orders, orders not from a particular trusted participant set, orders from a set of participants who are disliked by other participants, orders from participants with no trading history, etc. it can.

In some embodiments, a firm order submitter may wish to filter participants who receive queries about firm orders. Such filters can filter participants based on participant characteristics, participant behavior, and the like. For example, in some embodiments, the filter can be constructed based on the participant's response pattern (eg, how the participant responded to the query in the past). As an example, a firm order submitter may submit a firm order query (eg, a firm order query, a firm order query from a certain type of trader, a firm order query for a particular instrument, a firm order for a class of instruments) An order query, a firm order query for a range of stock instruments, a firm order query from its submitter, etc.) may be desired to send orders only to participants who have a history of accepting them. Such filtering can prevent information about firm orders from being sent to participants who are unlikely to respond positively to the order. In one implementation, a firm order submitter can be referred to as a risk pool and is associated with one or more response rate ranges (ie, number of accepted queries / (E.g., select among participants with an acknowledgment rate of 1-50%, 51-70%, 71-90%, and / or 91-100%).

Some embodiments may include receiving an indication of the desired filter. This indication can be received from one or more traders, participant systems, or other desired sources. This indication may identify any desired characteristic, characteristic combination, filter exception, and / or other information about the filter.

This filter can be applied centrally and / or distributedly. For example, in some implementations, the filter can be applied before a request is sent (eg, by a centralized system, by a distributed system, etc.). Applying the filter before sending the request can reduce the amount of traffic associated with performing process 600. Conversely, performing such filtering before forwarding can increase the processing performed before transmission, and participants may not want to reveal anyone, even the trading system administrator. Revealing the filtering preferences to obtain. In other embodiments, filtering can occur locally to the participant. By performing such filtering locally, more traffic can be generated by the trading system, participants can do more processing, and filtering options can be kept private.

In some embodiments, participants can be filtered for receiving requests (eg, by a centralized system or other participants submitting queries, etc.) based on the wishes of the firm order submitter. Such participants can be filtered by identity, order validity, and / or other desired characteristics. Such filtering is, for example, by the participant himself (eg, by a participant system configured to perform such filtering before, or otherwise in conjunction with other participant functions). Can occur by a centralized system, by a submission system, and / or by any other desired system. In some embodiments, for example, if there is no matching firm order to fulfill a minimum percentage of firm orders, the participant may not be queried. In other embodiments, such information may not be known until the query is sent, but in such embodiments, it can be determined that a match exists only if the match meets a minimum percentage. . Filtering before sending a query can reduce the amount of traffic sent (eg, TCP / IP packets) that can be sought to reveal transaction information, but a malicious user may try to determine the filter settings. Can be scrutinized.

In some embodiments, the participant system can send filtering information to the central system. Such information can be used for filtering in a centralized system. Such information can also be used to provide information to users placing firm orders, as described below.

A trading system that allows such filtering can allow participants to disclose a pool of previously unused liquid assets only to a specific subset of traders. By allowing such a limitation, participants who disclose pools of liquid assets (eg, a collection of orders in OMS) can be used by a trader who gains access to these pools for malicious purposes (eg, gaming the market). You can be more confident that you will not use a pool of liquid assets for

As shown at block 609, the process 600 may include determining whether there is an order that matches the firm order query. Such a determination can include searching a list of one or more databases or OMS orders. This decision can be made at the same or different location as the filtering. Determining can include searching a list of orders in the buyer participant's OMS. Such a list may include all of the listed orders, a subset of listed orders that are identified as searchable by the trader, and / or other orders.

If it is determined that there are no matching orders, as shown in blocks 611 and 613, the process 600 can end. Some embodiments may be terminated without providing any indication that the order does not exist. By not specifically providing an identification that the order does not exist, others (eg, other traders, participants, people snooping packets, etc.) may send such a response because the order does not exist or for some other reason. (E.g., because the trader has indicated that the transaction should not take place, as discussed below, because the transaction has been filtered out and excluded as discussed above, etc.) possible. In some embodiments, an indication that a query has been received may not be presented to the trading system associated with the trader or the participant that received the query. By making such information private, it is possible to prevent the recipient of the query from playing the market using information that a firm order exists.

As shown in blocks 611 and 615, if it is determined that a firm order exists, the process 600 can include providing an indication that a firm order has been received. Providing such instructions can include transmitting information from one computer system to another through one or more networks. Providing such instructions can include presenting one or more interfaces or icons identifying the firm order to a user (eg, a buyer trader associated with a matching OMS order). Such interfaces may include options to accept a firm order, reject a firm order, ignore a firm order, ignore all firm orders (eg, for a desired time) and / or other desired choices. it can. These instructions are non-binding instructions in the sense that the participant associated with the OMS because of the recipient (eg, the participant associated with the matching OMS order) is not obliged to fulfill any order based on the instruction. Can be considered. However, the caller of a firm order may still have to fulfill the order if the recipient of the instruction chooses to accept the order.

In some embodiments, ignoring the firm order may exclude the participant from receiving / matching using the shortest firm order query. Such exclusion times can encourage participants to accept firm order queries. This time may vary based on the order and / or participant characteristics.

In some embodiments, the user can select various options for ignoring future instructions. For example, the user may specify that the price associated with a firm order is not at a certain level, unless the firm order has certain desired characteristics, until a certain time, within a certain time, until the end of the day, etc. You can choose to ignore the instructions.

In some embodiments, evidence that the user has chosen to ignore the instructions can be hidden. For example, the information can be kept private in the participant system, kept private in the central system, or otherwise kept private. In implementations where different options for ignoring instructions can be selected, evidence for some or all of the information about the options can also be hidden.

As shown at block 617, process 600 may include waiting for a response from such an indication. Some implementations may include receiving a response and determining whether the response is a positive or negative response. In other implementations, the response may not be received, or may be received only if the response is an acknowledgment. In some embodiments, the waiting time can be indicated to the trader. In some examples, this time may vary based on one or more desired characteristics of the securities, participants, callers, and / or other desired entities.

As shown at block 619, process 600 may include determining whether an acknowledgment is received. Determining whether the response is a positive response may include which mouse button, if any, what keyboard button, if any, which interface controller, if any, and / or It may include determining other potential intent input decisions, if any.

As shown in block 612, if an acknowledgment is not received, the process 600 can end. In some embodiments, a hypothetical default response may be entered after a waiting time. In some implementations, such default responses can include negative responses. In some embodiments, an interface operator (eg, trader, administrator, etc.) can determine an appropriate time and / or an appropriate default command.

As shown in block 623, if an acknowledgment is received, process 600 can include facilitating a transaction to fulfill at least a portion of the matching order and at least a portion of the firm order. Facilitating a transaction can include executing the transaction, resolving the transaction, sending information so that the transaction is executed and resolved remotely, and / or any other desired action. In some implementations, facilitating may include providing an acknowledgment (eg, to a centralized server, to buyers and / or seller participants, etc.). Acknowledgment recipients can further facilitate execution of the transaction if the transaction to fulfill the firm order has not yet been executed. Sending an acknowledgment can be considered a binding indication for a transaction because a participant associated with an OMS order may have to fulfill a firm order that is matched by that indication. In some examples, this constraint may be conditioned on the fact that a firm order has not been fulfilled before, rather than a participant's action.

In some implementations, the process 600 can include receiving updated information regarding the promotion of execution, such updated information can include receiving an indication that execution has completed or that execution has not been completed. Can be included. In some implementations, the transaction can be partially completed, and the updated information can indicate that the transaction has been partially completed. For example, a transaction may be partially completed if an acknowledgment is received, if only a portion of the firm order is still waiting to be executed, and if the OMS order contains the majority of the transaction. In such circumstances, the transaction can be canceled in some embodiments, and in other embodiments, OMS orders can be executed to the extent that a firm order remains, and instructions to that extent can be sent to participants. In yet other embodiments, the updated firm order information can be communicated to the originator of the OMS order and / or other actions can be performed.

Process 600 may end at block 625. Process 600 can include notifying one or more participants of the results of promoting the execution of the transaction. In some examples, process 600 may include additional operations, fewer operations, and / or different operations. Process 600 or similar processes can be performed by any computer system or centralized and / or distributed system. Process 600 may be performed by one or more computer systems that are centralized and / or distributed.

It should be understood that the process of querying a participant is only given as an example of the process. In various embodiments, other methods of obtaining order information from one or more OMSs can be used. In still other embodiments, rather than pulling order information as described in process 600, order information can be pushed from one or more OMSs to a centralized system or other system. In such an implementation, the OMS and / or participant system can be configured to provide OMS order information and up-to-date information to a trusted system for order matching without the need to query.

(Example of order entry processing)
FIG. 7 shows an example of a process 700 that begins at block 710 and can include an interface used in some embodiments. Process 700 may be performed in part by, for example, an OMS, trading terminal, and / or other computer system.

As shown in block 703, a process 700 through which one or more confirmed orders and / or OMS orders can be entered can include providing an interface. Such an interface allows the user to enter information identifying securities, pricing policies, prices, number of shares, and / or other information about the desired transaction.

FIG. 8 shows an example of an interface through which a user can enter order information. Through such an interface, the user can enter an order type, preferred securities, pricing policy, expiration date, limit, minimum number of shares completed, number of shares completed increase, number of shares, and / or other desired options. In some embodiments, the same or similar interface can be used to enter one or more of the firm order and OMS order information.

Such a trading interface can show information about the percentage / number of participants who can see a firm order query associated with the entered order, shown at 801. This information may be based on a filter constructed by the order participants to filter out orders as described above. Such information can be collected by a centralized system (eg, from a participant system). One characteristic that can often be used to filter orders includes order size. This percentage / number of participants is the total number of participants willing to accept orders with all characteristics other than size and the total number of participants willing to accept orders with size characteristics. Can be reflected. Thus, the order originator can adjust the order size and increase or decrease the number of participants to query.

As shown in block 705, the process 700 can include receiving information about the entered order. This information may include information entered through a prepared interface and / or other information (eg, default information, identification information, etc.).

As shown at block 707, process 700 may include determining whether the order is a firm order. Determining whether the order is a firm order may include determining characteristics of the input signal, interface controller, and / or other information. Some implementations may not include such a decision, but rather the interface, program, computer, etc. that receives the instruction or inputs information about the instruction through it does not perform a separate action. Can be identified.

As shown in block 709, if the order is a firm order, the process 700 may include confirming a firm order for automatic execution against a matching order (eg, a matching firm order, OMS order, etc. submitted earlier or later). Sending the indication (eg, to a centralized system, distributed system, etc.) can be included. Process 700 may then end at block 711. In some implementations, the process 700 may include receiving information about matching orders and displaying that information through one or more interfaces.

As shown in block 713, if it is determined that the order is not a firm order, the process 700 may include sending an indication of the order that matches the incoming order query, for example, by a process such as process 400. it can. Sending may include providing to different processes, threads, storage locations, etc. In other embodiments, the same program thread server may perform query matching, interface provisioning, order information reception, and / or other desired operations. As shown in block 715, the process 700 can then end.

In some embodiments, the process 700 can receive information about the order, such as whether a matching query has been received or the like. In some implementations, the process 700 can be performed by, for example, a trading computer, an OMS system, a centralized system, and / or a participant server. In some embodiments, process 700 may include additional operations, fewer operations, and / or different operations. Process 700 or similar processes can be performed by any computer system or centralized and / or distributed system. In some embodiments, entering OMS orders in such a process may be limited to market buyer participants.

(Passive order query processing example)
FIG. 9 shows an example of a process 900 that begins at block 901. Process 900 may be performed, for example, by a buying system, a selling system, and / or other computer systems. In some implementations, a participant server, a trader's computer, OMS, and / or other computer systems may perform one or more operations associated with process 900 and / or similar processes.

As shown in block 903, the process 900 may include receiving an indication that the firm order matches the OMS order. Such instructions may include one or more OMS systems, participant servers, centralized systems, buying systems, selling systems, computer programs, computer processing, computer threads, storage locations, network interfaces, and / or other desired sources. Can be received from.

As shown at block 905, the process 900 may include providing an interface, an icon, and / or other indication that a matching order exists. FIG. 10 shows an example of an interface that can be used as such an indication in some embodiments. Such an interface may allow a trader to indicate an acknowledgment to the order or a negative response to the order (eg, by operating a control device, such as a button).

As shown in block 907, process 900 may include determining whether an acknowledgment is received with a period of time. In some examples, this time may include a default time, a time according to a user profile, a time due to firm order trading terms, and / or other desired time. In some implementations, receiving the acknowledgment can include receiving an indication that the controller has been selected. If no acknowledgment is received, process 900 can end at block 909.

As shown in block 911, if an acknowledgment is received, the process 900 may include sending a request to execute a transaction that fulfills at least a portion of the firm order and at least a portion of the matching order. Other examples may include facilitating the execution of such transactions (eg, executing transactions, closing transactions, etc.) in other ways.

Process 900 may end at block 913. Other embodiments of process 900 receive information about the execution of a transaction, display information about such execution, display conditions associated with the transaction, display information about the originator of the firm order. , Updating / saving stored order information, and / or other desired actions.

In some embodiments, multiple confirmed orders may match OMS orders. In such embodiments, instructions for each such matching order can be provided. In some embodiments, the instructions can be ordered by a priority mechanism. Such prioritization mechanisms may include ordering by order originator, instruction recipient, computer system administrator preference, and / or any other individual preference for all characteristics such as orders, computer systems, transactions, etc. it can. In some implementations, rather than providing separate instructions, the instructions can be combined into a single instruction. Such grouping may include combining multiple confirmed orders by some priority mechanism to fulfill an order that matches the confirmed order. If there are additional firm orders, some implementations can provide information about such firm information separately. In some implementations, an interface can be provided that allows a user to access information and enter information about an individual order (eg, acceptance of an order) even when summarizing instructions.

In some examples, the process 900 can include additional operations, fewer operations, and / or different operations. Process 900 or similar processes may be performed by a computer system or a centralized and / or distributed system. Process 900 may be performed by one or more computer systems that are centralized and / or distributed. In some embodiments, only the buyer participant can receive a firm order query that matches the OMS order.

Processes 300-700 and 900 are arranged to provide a simple illustration of the concepts disclosed herein. It should be recognized that such processing is not necessarily performed.

(encryption)
In various embodiments, some or all of the communications can be encrypted. In various embodiments, some or all of the information stored on the various media can be encrypted. In some embodiments, the information comparison can be performed in encrypted form. In other embodiments, the encrypted data can be unencrypted prior to performing the comparison.

In some embodiments, encryption algorithms such as well-known PGP, RSA encryption methods can be used for communication between participants, computer systems, and the like. Advances in quantum computing can make such encryption insecure in the future. Some embodiments may thus include the use of quantum key encryption algorithms and / or other non-stale encryption algorithms designed to overcome these vulnerabilities.

(User type)
In some embodiments, different users of the system (eg, centralized system, buyer system, seller system, trader computer, etc.) can access different options. Since the market can be asymmetric, providing asymmetric options for these user types can best capture the dynamics of the market. For example, in the securities trading market, participants can be divided into four example categories that can include hedge funds, investors, intermediaries, and authorized qualified personnel. Other embodiments may include different, additional, alternative, and / or fewer user categories, and may not include any user categories.

For the four categories of embodiments, investors may include traders (eg, individuals) that trade for their own interests. Hedge funds may include organizations for qualified investors who are outside the scope of standard securities rules and generally seek high yields. An intermediary may include an organization that conducts transactions on behalf of others, as defined by standard securities rules. Approved candidates can include intermediaries that do not act for their own exclusive interests. To become an approved qualified person, brokers may need to provide evidence that they are not doing business for their own exclusive interests. In some implementations, a single user can function as more than one user type at various times. For example, an intermediary may function as an intermediary in some situations and may function as an authorized qualified person in other situations. The choices and treatments given to these different categories can reflect the potential for participants to play the market.

In some embodiments, the information provided to the user can be determined by the category or type of the user. For example, users can be restricted to receiving specific firm order queries, accepting matches with specific firm orders, etc. based on their category. In some implementations, for example, only the buyer participant can receive a firm order query. In such circumstances, information about the execution of a transaction on a potential OMS order may not be provided to the selling participant until and until the transaction is received and / or executed by the buying participant. possible.

In some embodiments, as described above, a rebate can be paid and a surcharge can be taken. In some embodiments, such rebates and / or charges may be determined by participant category. For example, in some implementations, a refund can be paid to an investor for submitting a firm order. In other implementations, a rebate can be paid to anyone who submits a firm order. In some implementations, a trader can be charged each time an OMS order matches a firm order query. In some implementations, investors can match their firm orders with other investor firm orders for pricing a rebate that will be paid to investors for submitting firm orders. Can be stopped.

In some embodiments, the size or other characteristics of the participant can affect the participant's options. Some implementations can be limited to large participants, for example, other implementations can be limited to small participants, and other implementations can allow participants of any size.

(Possible negotiations)
Some of the embodiments described above perform a transaction without negotiation between the participants in the transaction (eg, only with the purchase or rejection / ignore option presented to the participant with a matching OMS order) Embodiments can include negotiation. Such negotiations can be limited in some embodiments to protect anonymity, facilitate entry of OMS orders, and / or limit the likelihood of gaming the market.

In some embodiments, for example, if there are multiple matching orders, negotiations can be made to determine the counterparty most willing to adjust the offer.

In some embodiments, if a user accepts a matching firm order found from a query, the user and / or the originator of the firm order can be presented with an option to trade the security more. By selecting a control device in the interface that activates these options, negotiations can be initiated between the two participants. Such negotiations can include asking if the other party trades more, agrees to the terms of such trading, etc. Such negotiations can limit the possibility of gaming the market, as participants may already know each other from previous transactions.

(Rebate)
Some examples may include providing rebates or billing to trading participants. Such charges and / or rebates can be provided to encourage participation in certain aspects of the trading system. For example, in some embodiments, when an order is executed based on a firm order that matches the OMS order, the participant who submitted the firm order can receive a rebate and the participant associated with the OMS order. Can be charged.

(Transaction type)
Some embodiments can support various types of transactions. Such transactions may include purchasing securities, selling securities, short selling securities, and / or other desired types of transactions. In some embodiments of short selling securities, a storage location for purchased / borrowed securities may be required before short selling orders can be completed.

(User tracking)
Some examples may include tracking information about one or more participants. For example, transaction history, number of transactions, type of transaction, transaction characteristics, etc. can be tracked for buy and / or sell participants. In some implementations, participants can see some or all of this information about themselves and / or other participants. In some embodiments, such information can be used to generate a participant rating. Such an evaluation can be used, for example, as a filter for participants who query the participant server.

While the embodiments described herein generally include computer-human interaction (eg, through an interface), other embodiments can be performed entirely through a computer (eg, a computer is a firm order query). Should be able to respond to, etc.).

Although the embodiments described herein generally include a variety of securities transactions, it should also be appreciated that other embodiments can be used to trade any desired goods or services.

(Some disclosure information)
In some embodiments, one or more participants can be provided with information about some, but not all, pending orders. Such information can be provided, for example, as a way to encourage participants to submit orders and / or take some action. In some implementations, the pending order can include a firm order, and the participant can include a participant who has an order in the OMS. In other implementations, the pending order can include an order in the OMS, and the participant can be any participant (eg, a participant inquiring about the current order, a participant with an OMS order, a participant with a firm order) Etc.). In some implementations, participants informed of such information can include buyer participants. In such implementations, for example, information to buyers is not required after submitting an OMS order for a pending order, after submitting a firm order for a pending order, and / or after any other desired event without having to submit their own order. Can be given.

In some implementations, the information may include information about one or more pending orders that does not include all of the information about the pending orders. For example, the information can include the fact that one or more orders for the financial instrument are pending. The information may, for example, leave the order that the order is from, who submitted the order, order quantity, order price, and / or other information. it can. In other implementations, some or all of this information can be provided and other information can be kept private. In some implementations, the information may be sufficient to motivate participants who may be interested in a transaction involving the pending order to perform one or more actions, but may affect the behavior of other participants Can be restricted to legitimate trading activities (restricting gaming the market).

In some implementations, if the participant whose information is shown takes one or more specific actions, additional information about the pending order can be provided. For example, the remaining information about pending information can be provided, such as when an order for the financial instrument is submitted, an OMS order is converted to a firm order, an acknowledgment to an OMS query is guaranteed, etc. . Using these methods of providing some, but not all, information before taking action, participants can obtain the rest of the information (for example, if the initial information was distracting) Encourage certain actions to be taken. In some implementations, orders in the OMS, order history, and / or other information about the participants can be tracked, and providing some information can facilitate one or more actions. Can be used to determine In some implementations, market conditions may be used to determine that one or more actions can provide the required liquidity to the market (eg, can facilitate their submission when firm orders are scarce). Can be tracked.

(Indefinite order)
FIG. 11 shows another embodiment. In some examples, an indeterminate order indication may be received from the first participant (eg, via a communication network, etc.), as shown at block 1101. The indeterminate order can define the side of the transaction (eg, purchase wishes, sales wishes, etc.). Such instructions can be received from an order submitter (eg, a seller trader, etc.). In some embodiments, the recipient of such instructions may be similar to the recipient of the order (eg, as described for process 300). In some embodiments, indeterminate orders can be treated in the same way as firm orders, as described above for process 300. In some embodiments, a process similar to process 300 may be performed with an additional action of approving the transaction with the indoubt order submitter before facilitating the execution of the transaction. In some embodiments, such a process may differ from process 300 in all respects. In some implementations, indeterminate orders can include orders that purchase or sell financial instruments that are subject to approval prior to promoting a transaction to fulfill the order.

In some embodiments, an indeterminate order indication can be received and a search for matching orders can be performed accordingly. If a matching order is found, instead of receiving a matching order and facilitating execution, the indeterminate order can be approved before such promotion is performed. If such approval is received, execution of the transaction can be facilitated.

Some embodiments determine whether an order that matches an uncertain order is stored in the order management system and accepts an offer that concludes a transaction that fulfills the firm order and at least a portion of each of the matching orders. Can include. As described below, such decisions can include, for example, sending one or more queries, receiving a response, and other actions. In other implementations, such decisions can include other actions, such as searching one or more databases.

In some embodiments, after receiving an indeterminate order indication (eg, using a querying process as described above, if no matching firm order is found, parallel to the matching firm order search). Etc.) One or more queries can be sent. The query may include an order that matches the uncertain order as shown in block 1103 stored in an order management system (eg, similar to process 500) and / or the firm order and An inquiry can be made as to whether an offer to conclude a transaction that fulfills at least a portion of each matching order is accepted. In some implementations, a single query, for example, the single query, if a matching order is stored in the order management system, and a matching order is stored in the order management system (eg, the Can be sent to a computer system configured to be interpreted as being accepted or questioned (by a trader associated with the order management system). In some implementations, sending a query determines whether an offer to tie a deal for that order is accepted, so as to determine if a matching order is stored in the order management system, and Including sending a query to a configured system (eg, the participant system described above) to respond to the query only if a matching order is stored in the order management system and the offer is accepted. it can.

In some implementations, performing such a query can include instructions provided to the trader by including a text description in the instructions provided to the trader (eg, by color identifying the instructions provided to the trader. Including an icon may include identifying the order as an indeterminate order, such as by including a flag or other indicator in the transmitted data. In other implementations, such a query can be done by identifying a firm order and a firm order (for example, by not identifying the firm order as a firm order, by not identifying the firm order as a firm order). By not providing any difference in, etc.), it may include treating indeterminate orders as if they were firm orders.

In some implementations, an indication to accept an uncertain order may be received (eg, from the queried participant), as shown at block 1107. Acceptance of the uncertain order may identify that the trader agrees to enter a transaction that fulfills at least a portion of the firm order and at least a portion of the matching order stored in the order management system. The acceptance can indicate that the trader agrees to enter into the deal (eg, without any further negotiation, etc.).

In response to receiving an instruction to accept or otherwise make a decision, as shown in block 1109, a request for approval of the uncertain order may be sent to the submitter of the uncertain order. The request for approval may include a response request, a non-response request, a request for information identifying whether the sender is obligated to approve, a request for information identifying circumstances that overcome the obligation to approve, etc. In some implementations, the request for approval may be similar to the request to accept a firm order, including its matching order.

In some embodiments, as shown in block 1111, an instruction to approve an uncertain order may be received. The instructions may include, for example, an instruction to conduct the transaction, an instruction that the uncertain order is still valid, an instruction that the submitter of the uncertain order agrees to confirm the uncertain order, one or more An indication that an event has occurred or has not occurred, an instruction to accept the matching order, and / or other instructions can be included. In some implementations, the approval can be similar to accepting a firm order, including its matching order. It should be appreciated that in some implementations, an indeterminate order can be considered approved if no opposite indication is received. Approval can include an agreement to enter into a transaction for that uncertain order.

In some embodiments, as shown in block 1113, if such an approval is received, execution of the transaction can be facilitated. If such approval is not received, the participant can be notified that the transaction will not be executed.

In some embodiments, those participants that have been queried can have indoubt order submitters reject the transaction and use the information about acceptance by that participant to influence the market, It may not be desirable to respond to indeterminate orders. In some embodiments, not all traders may be able to submit uncertain orders. For example, in some embodiments, an indeterminate order that meets one or more desired characteristics can be submitted. These characteristics may reflect the likelihood that the submitter will game the market and / or approve the matching order that was accepted. Examples of some characteristics are that the submitter conducts transactions on behalf of others, that the submitter does not conduct transactions for private monopoly, and that the trader agrees with one or more constraints Can be included. In some embodiments, all traders can submit uncertain orders, and a filter that allows participants to block queries from several types of uncertain order submitters and / or It may be possible to build a filter that allows queries from types of uncertain order submitters.

In some embodiments, the submitter of an uncertain order can be requested / required to agree to one or more constraints on the uncertain order. Such constraints can affect, for example, the situation when the submitter of an uncertain order can approve and / or cannot approve the indefinite order and / or other aspects of the approval process. In some implementations, at least one of the orders so that the matching order (or part of it accepted in response to the query) is no longer valid before at least one of sending and receiving the approval request. Unless one is canceled and at least part of the order is not fulfilled, the submitter of the indeterminate order can be requested and / or requested to agree to approve the order. Some implementations may include receiving such consent instructions from the submitter of the uncertain order before the submitter is allowed to submit the uncertain order. In other implementations, other constraints can be established regarding when the indeterminate order submitter cannot approve the indefinite order. In some implementations, these constraints can only be applied for a limited time after submission and / or receipt of the uncertain order. For example, in some implementations, these constraints can only be applied for the first 30 seconds. In some implementations, the time may be similar to the shot clock time, as described below. In other implementations, there may be no such time limit.

Some implementations can include determining whether one or more constraints are met. Such a determination may include receiving information that identifies a situation that satisfies such constraints, or information that identifies that these constraints are satisfied. For example, in some implementations, a determination as to whether an uncertain order has been canceled can be made based on received information about cancellation of the uncertain order. An indeterminate order, for example, if the indeterminate order submitter receives at least one request to cancel the indeterminate order from the originator of the indeterminate order. When processing an order cancellation request, it can be canceled if the scheduled time for which the indeterminate order is valid ends. Another example is a determination as to whether at least a portion of an uncertain order has been fulfilled. The portion of the uncertain order will fulfill at least a portion of the uncertain order if at least one of the agreements is made to execute a transaction to fulfill the uncertain order and at least part of another order When a transaction is executed, such as when an action occurs that causes the submitter to participate in a transaction that executes at least a portion of the indeterminate order and another order.

In some implementations, a firm order submitter can be prevented from making changes to the price and / or quantity associated with the transaction. In some implementations, trading can be facilitated without negotiation regarding price and / or quantity. In some implementations, the price and / or quantity can be determined based at least in part on indeterminate order instructions, markets, matching orders, information in the query, and / or other information.

In some embodiments, an uncertain order submitter can be requested / requested to respond to an approval request within a limited amount of time. Such time can include, for example, 5 seconds, 0.5 seconds, 0.05 seconds, and the like. In some implementations, these times can be too short for humans to effectively approve orders. In such an implementation, the approval process can be computerized (eg, can the computer approve the order if the order was canceled or otherwise fulfilled by the caller, and if not? Can be determined). In some implementations, the time can start when an approval request is sent or received, and / or at other times. In some implementations, the time can include between about 0.01 seconds and about 1 second. The time can include a time period having a start and end point. In some implementations, the approval can be received within that time period, transmitted within that time period, and so on.

In some implementations, the uncertain order submitter can be requested / required to follow a series of handling procedures for uncertain order approval requests. For example, a privacy policy can be applied to an approval request sent to and / or received by an indeterminate order submitter. For example, some implementations may not allow humans to see such approvals, but precisely, the process of responding to approval requests can be computerized. Some implementations may include receiving an instruction that agrees to prevent a human from obtaining information regarding approval of the uncertain order unless the uncertain order is approved. In some implementations, constraints can be imposed on the storage of approval requests. For example, in some implementations, a computer system responding to an approval request and / or the processing portion of such a request may store information about the request, display information about the request, Sending information about requests can be restricted.

In some embodiments, the indeterminate order submitter can provide information regarding the rejection of the approval request. Such information may include, for example, documentary evidence that one or more events have occurred that allow the rejection (eg, a document indicating that the order has been canceled at a certain time, an order was fulfilled at a certain time Document that shows that, etc.). In some implementations, such information can be used for auditing purposes to confirm that the indeterminate order submitter complies with the constraints established for indoubt order submission. In some implementations, if the indoubt order submitter violates these constraints many times, a fine can be imposed and the indoubt order submitter can be restricted from submitting indeterminate orders. , And / or other punishment. In some implementations, privacy policies can be applied to this information. These policies prevent humans from viewing the information, prevent humans from deleting stored information from one or more computer systems, and prevent information from being stored in one or more computer systems. Can be included.

In some embodiments, when querying a participant to determine if a matching order is available (eg, stored in the OMS), the query exposes only a portion of the quantity of uncertain orders. can do. For example, it may be possible to fulfill part of the uncertain order in another way, so reduce the quantity associated with the firm order and is unlikely to be fulfilled in another way within the desired time The quantity can be reflected. Thus, an offer to enter a transaction displayed by the query may include an offer to enter a transaction that fulfills only a portion of the indeterminate order. Some implementations can include determining the portion to display. As a specific example, in one implementation, if an indefinite order for 100 shares of X shares is received, there is a 99 percent chance that the submitter of that order will still be looking for 90 shares of X shares for 30 seconds. Because it can be determined, a query for one or more 90 X shares can be sent to one or more participants. In various implementations, the confidence percentage, time, and other characteristics can vary. In some implementations, such decisions can be made based on historical data on financial instrument liquidity, current market conditions, unconditional orders for other exchanges, and the like. In some implementations, if the remaining portion of the uncertain order remains non-performing, trade the remaining portion to one or more counterparties when sending an approval request to the uncertain order submitter You can give an option to present an offer. In some implementations, some of which can be determined using one or more algorithms including any number of variable inputs mentioned above. In some implementations, the presented portion can include a portion that is expected to be approved by the submitter of the uncertain order. Portions that are expected to be approved can include portions that are likely to be available in the future (eg, based on algorithms, based on historical information, based on guesses, etc.).

Some embodiments may include one or more systems that interact with systems configured to perform methods such as those described above. Some implementations may include, for example, sending indefinite order instructions (eg, after entering the interface, receiving from the caller, etc.). Some implementations can include receiving an instruction to determine a firm order that matches the firm order. The instructions can be received from a system configured to find a firm order in the contents of a plurality of order management systems, as described above. Some implementations may include determining whether the uncertain order can accommodate a thread containing the matching firm order (eg, canceled or not being fulfilled separately). If the order is available, some implementations may include sending an approval (eg, due to various agreed constraints in time, etc.). The approval can include an indication that the transaction is to be made without negotiation for price and / or quantity. In some implementations, an interface or system may prevent negotiations from taking place, for example, by blocking one or more communication media for a period of time.

(Interaction of trading system)
Some embodiments may include the interaction of one or more trading systems. In some implementations, such trading systems can include alternative trading systems. Alternative trading systems can include non-exchange trades. Non-exchange exchanges can include, for example, exchanges where only secondary trading of financial instruments takes place. An ATS (Alternative Transaction System) can keep a book of orders, determine what matches between the orders in the book, and execute the transaction. In some embodiments, the ATS may include a system that operates in accordance with the Securities and Exchange Commission Rules ATS and / or Federal Rules Set 242 parts 300-303. FIG. 12 illustrates an example that can include interaction with one or more ATSs. While an example is described for an alternative trading system, it should be appreciated that other embodiments can include any trading system including exchanges. The exchange can allow primary and secondary transactions of financial instruments. Similar to ATS, an exchange can take any number of order records for any number of financial instruments and / or orders. As shown in FIG. 11, a trading system 1201 (eg, an alternative trading system) can be coupled with one or more participants 1203 through one or more communication networks 1205. Such coupling is described above. The operation of the example participant and the example trading system are also described above. In some embodiments, as shown, the trading system can be coupled to one or more alternative trading systems 1207 through one or more communication networks 1209. Each alternative trading system 1207 can store information about an order book 1211 associated with the alternative trading system 1207. An order book can include a set of pending orders for one or more financial instruments. An order book may include a queue of orders ordered based on some priority, a database of orders entered based on some priority, and / or other orders in or out of order. it can. Each alternative trading system can be coupled to one or more trading partners 1213 through one or more communication networks 1215. The trading partner can submit information about the order and / or receive information about the order from an alternative trading system 1207 for the order that can be stored in the order book 1211. The trading partners can include computer systems, people, and / or other entities that participate in the trading. Communication networks 1205, 1209, and / or 1215 may include the same or different communication networks. The order receipt includes at least one of a database, a queue, a list, and a group.

FIG. 13 illustrates an example of a method 1300 that can be performed in some embodiments. Method 1300 may be performed by one or more computers, such as a computer of trading system 1201.

As shown at block 1301, the method 1300 may include receiving an indication of an order that is pending in an order receipt (eg, 1211) of an alternative trading system (eg, 1207). The instructions can be received from an alternative trading system (eg, 1207) through a communication network (eg, 1209). The order can define financial instruments, trading sides, quantities, prices, and / or other desired information. In some implementations, an order may be pending in an order book of an alternative trading system if the order is stored in the order book. In some implementations, an order may be pending in an order receipt of an alternative trading system if the order is canceled or otherwise fulfilled after it is received by the alternative trading system.

In some implementations, the order indication may include an indication that the order is pending in the order receipt of the alternative trading system. In some implementations, these instructions can be handled in the same way as the uncertain orders described above. For example, in some implementations, if the instructions identify a matching order for the trading system, the matching order may be fulfilled if the order has not been canceled or otherwise fulfilled by another order. It can be an instruction that it can. In other implementations, the indication may include an indication that the order is firm for a trading system (eg, 1201). For example, in such an implementation, if a matching order is identified by the trading system, the order and the trade that fulfills the matching order may be facilitated regardless of the matching order that is pending on the alternative trading system. it can.

As shown in block 1303, the method 1300 provides an offer that an order that matches the order is stored in the order management system and that a transaction is executed that fulfills the order and at least a portion of each of the matching orders. Can include deciding to accept. The matching order can define the opposite side of the transaction for the financial instrument. Such a determination may be similar to such a determination described above (eg, for an uncertain order).

In some embodiments, making such a determination includes sending a first query asking if a matching order is stored in the order management system, and at least one of each of the order and the matching order. Sending a second query asking whether to accept an offer to enter into a transaction to fulfill the department. Performing such a query may be similar to performing the query described above for uncertain orders. Performing such a query can be similar to sending the single query described above. In some implementations, performing such a query may include identifying that the order cannot be executed by the trading system. In some implementations, performing such a query can include identifying that the order is associated with an alternative trading system. In some implementations, such a query can include identifying that the order is not a firm order. In some implementations, making such a query involves treating the order as if it were a firm order received from a participant (eg, otherwise not making any identification) Can do.

In some examples, making such a decision can include receiving an instruction to accept the order from a participant. Receiving such instructions may be similar to receiving instructions as described above for indeterminate orders.

In some examples, the indication of the order can identify the quantity of financial instrument being traded. The determination can include determining if a smaller quantity of matching orders are available. As with the uncertain orders described above, determining the availability of an order that is only part of the quantity can result in few cases where the offer is accepted, but few cases where the trade is not executed. . In some implementations, that part of the decision can be made. Such a determination can be made based on the possibility of the quantity of financial instruments available for the order as described above for uncertain orders. In some implementations, the portion may be based on a time period that is expected to communicate with an alternative trading system. For example, if the time limit is a long time, the portion may be smaller because the likelihood of cancellation or other fulfillment of the order during transmission may be greater. If the time period is short, the portion can be larger because the chances of cancellation or other fulfillment of the order during transmission may be less. The time period may be based on the speed of the communication network, the number of transits between the source and destination, the protocol request for authorization, and / or other information. Because alternative trading systems typically operate at much faster speeds and with much higher processing power than typical computer systems, that portion can be larger than in some of the uncertain order embodiments described above. Other characteristics can be used to determine that portion, and some implementations can include the entire quantity.

As shown at block 1305, the method 1300 may include sending an indication to the alternative trading system that the trade should be executed. Such instructions can be sent to an alternative trading system through a communication network. Such instructions may identify that a transaction should be executed that fulfills at least a portion of the pending order in the order receipt and at least a portion of the matching order. In some implementations, such an indication can be transmitted in response to receiving the indication of acceptance, as described above.

In some implementations, if the order is still available (eg, if the order is canceled or otherwise not fulfilled), the alternative trading system will execute the transaction or otherwise facilitate the execution of the transaction can do. In some implementations, the alternative trading system may provide information about the execution of the trade to the trading system and / or participants that participate in the trade. Such information can identify whether the transaction was executed.

Some examples may include receiving orders from a plurality of different alternative trading systems. Some embodiments may include determining that each matching order is stored in a respective order management system and accepting an offer to close each trade in the order. Some examples may include sending a respective indication that a respective trade should be executed for each order to a respective alternative trading system. Such transmission can occur in response to a decision regarding each matching order.

FIG. 13 illustrates an example method 1400 that may be performed by one or more alternative trading systems in some embodiments. Such a method may be performed, for example, by an alternative trading system or other desired method or system that interacts with a trading system that performs a method similar to method 1300.

As shown in block 1401, the method 1400 may include receiving one or more order instructions. An order can define the trading side of a financial instrument. The instruction can be received, for example, from the supplier 1213 of the alternative transaction system. Such trading partners may include sellers, other persons or systems that wish to trade financial instruments using alternative trading systems, and / or other entities. The indication can be received through a communication network (eg, 1215).

As shown at block 1403, the method 1400 may include storing information about one or more orders in an order book of an alternative trading system. Storing such information can include placing the information in a database, list, queue, and / or other structure that can store order information. In some implementations, storing such information can include queuing the information into an order for the financial instrument. In some implementations, when a matching order is received by an alternative trading system, the next order in the order queue can be used to trade with the matching order. Such order receipts may relate to a matching engine that determines whether matching orders are pending and facilitates the execution of such orders. The matching engine may include software and / or hardware that facilitates the determination of matches between orders for financial instruments.

As shown at block 1405, the method 1400 may include sending an order indication to a trading system (eg, 1201). Such an indication can be transmitted over a communications network (eg, 1209). The indication may be similar to the indication received at block 1301 as described above.

As shown at block 1407, the method 1400 may include receiving an indication to accept an offer to enter into a transaction that fulfills at least a portion of the order. The instructions can be received from the trading system. Such an indication may be similar to the indication sent in block 1305 above. The indication may identify information about the matching order sufficient for the alternative trading system to execute a transaction including the order and the matching order. The instruction can indicate that the transaction should be executed. The instruction can indicate that the transaction should be executed if one or more conditions are met. In some implementations, such conditions may include that the order has not been canceled and / or that the order has not been fulfilled in advance. In some implementations, the matching order can fulfill only a portion of the order. In other implementations, the matching order can fulfill the entire order.

As shown at block 1409, the method 1400 may include determining whether the order is available. In some implementations, determining whether the order is available can include determining whether the order is in the order receipt (eg, by searching for the order receipt). . In some implementations, determining whether the order is available can include determining whether the order has been canceled. In some implementations, determining whether the order is available may include determining whether the order has been fulfilled separately (eg, by a previous order identified by an alternative trading system). it can. An order may be fulfilled separately, for example, if another matching order was previously submitted to the alternative trading system before the matching order was identified to the trading system.

Some examples may include determining whether a receipt is identified by the trading system before a matching order is identified by the alternative trading system. Some embodiments may include determining whether an acceptance is identified by an alternative trading system before a matching order is identified by the trading system. Identifying an order or receipt can include any action that necessitates the presence of an order or receipt. For example, when a matching order is received by the first alternative trading system, the matching engine of the first alternative trading system matches the first order when the matching order is stored in the order record. It can be identified when an order is identified as being matched, when the first order is removed from the order receipt, when a matching order is processed by the first alternative system, and / or when other desired actions occur. As another example, acceptance may be accepted by the first alternative trading system when receiving an acceptance instruction from the second alternative trading system, or when receiving an acceptance instruction from the second alternative trading system to the first alternative trading system. It can be identified when receiving an indication, when processing an acceptance indication by the first alternative trading system, and / or when other desired action occurs.

In some embodiments, if an alternative transaction system identifies an acceptance of an offer to enter a transaction that fulfills at least part of the order before identifying an order that matches the order, execute the transaction can do. In some embodiments, if an order that matches the order is identified by the alternative trading system before the acceptance is identified by the trading system, a transaction that fulfills the matching order and at least a portion of the order is executed. can do. In some embodiments, no transaction can be executed when identifying either the acceptance or cancellation of the matching order.

As shown in block 1411, the method 1400 may include facilitating execution of a transaction that fulfills at least a portion of the order if it is determined that the order is available. This document describes various examples of facilitating execution. In some implementations, the alternative trading system can execute the trade.

Some examples may include providing information about execution to one or more business partners, participants, trading systems, and / or other entities.

Some embodiments of a trading system (eg, 1201) may require and / or ask an operator of an alternative trading system to accept certain constraints before participating in a method such as method 1300 and / or method 1400. can do. In some such implementations, the constraint is that, for example, if a transaction is identified for receipt of an order through the trading system before either the order is canceled or otherwise fulfilled, the transaction is executed. Can be included. The constraints can include using an alternative trading system for non-exclusive trading (eg, at least some, primarily, to some extent, alone, etc.). Some implementations can be limited to alternative trading systems that meet some or all of these requirements. Such realization of an alternative trading system can include providing an indication of consent to such constraints. Some implementations of the trading system can include receiving such instructions. Similar instructions are described above for uncertain orders.

In some embodiments, the alternative trading system may provide information about all orders to the trading system, information about some orders to the trading system, information about orders that meet certain characteristics to the trading system, and Information about a set or subset of orders associated with / or other alternative trading systems may be sent to the trading system. For example, in some implementations, the alternative trading system can send instructions to the trading system about orders for financial instruments that are not frequently traded through the alternative trading system. In other implementations, the alternative trading system can send instructions to the trading system for orders that exceed a certain size. In yet another implementation, the alternative trading system may send an indication to the trading system about orders for financial instruments for which a certain number of orders are pending in the alternative trading system. In other implementations, any set of characteristics, if any, can be used to determine which and / or which orders should be sent to the trading system. In some implementations, an operator of the alternative trading system can build these characteristics and control the alternative trading system to provide only such desired information.

In some implementations, the trading system may have direct and / or semi-direct access to alternate trading system order receipts. Such access may include, for example, access to a copy of the order copy, access to a database or other display of the order copy, and / or other access to the order copy and / or a copy of the order copy. Can do. The trading system can use such access to obtain information about the orders in its order receipt. In such an implementation, the trading system cannot wait for instructions from the alternative trading system, but can actively search for the order receipt to obtain order information. Such a search can be performed, for example, by querying a database, querying a copy of an order copy, sending the query to an alternative trading system, and / or performing other actions. In some implementations, the alternative trading system can receive and process the query. Processing the query may be part of the process for responding to the query. In some implementations, the operator of the alternative trading system can construct characteristics related to orders that can be obtained from the order receipt by the trading system, similar to the characteristics described above. The trading system can follow these characteristics when deciding which order to get in the order book.

In some implementations, access to the order receipt can be provided through an SSL link. In some implementations, access to the order receipt may include authentication to a trading system that stores the order receipt. Such authentication may include authentication using a password, IP address, user name, and / or other information.

In some embodiments, the trading system can be combined with multiple other trading systems. The trading system may allow other trading systems to access orders received by the trading system (eg, accessing an order book, sending information about an order in the order book, etc.). it can. In some implementations, such a trading system determines (eg, based on information received from one or more trading systems) which of the multiple systems first identifies an order that matches an order. be able to. Based on these decisions, the trading system can execute a trade that fulfills at least a portion of the order. The transaction may also fulfill at least a portion of the matching order initially identified by a trading system (eg, the plurality of ones and / or the trading system).

It should be appreciated that FIGS. 12, 13, and 14 are provided as examples only, and that other embodiments can include different methods and / or systems.

(Shot clock)
In some embodiments, firm order submitters may impose restrictions on their actions in time after sending and / or receiving such orders. For example, for a time period after receiving an instruction for a firm order that defines the side of the transaction, the submitter of the firm order can be restricted from canceling the firm order at the first time period. The time period can include a time period during which the participant can be queried and the participant can respond. In some implementations, such time periods can include, for example, about 20 seconds, about 1 minute, about 5 seconds, and so on.

In some implementations, if the firm order is accepted in the first time period, it facilitates a transaction to fulfill at least part of the order, even if a cancellation request for the order was received prior to receipt be able to. If the query is rejected within that time, the firm order cannot yet be canceled until the time limit expires.

In some embodiments, after a first time period, if a matching order is not determined to be stored in the order management system and / or the participant accepts the order before the first time period expires (ie, ends). If not decided, the confirmed order can be canceled.

In some implementations, constraining can include limiting the ability to perform a cancel action. For example, constraining can include not allowing certain actions to occur within a certain time period (eg, preventing certain actions from occurring). Constraining can include providing punishment for performing certain actions. Some implementations can fine participants, for example, for canceling within the first time period. Some implementations can completely prevent cancellation within the first time period. Some implementations can impose constraints on cancellation within the first time period that are not imposed after the first time period. In some implementations, if a cancellation request is received in the first time period, for example, it can be ignored. In some implementations, if a cancellation request is received in the first time period, the request can be queued until the first time period ends and can be processed at the end of the first time period (eg, The order can be canceled if it is not accepted before the end of the first time period). In some implementations, canceling can include canceling an order, discarding an order, invalidating an order, and the like. In some implementations, allowing may include allowing the action to occur with or without punishment.

In some implementations, restricting the cancellation of the firm order at the time limit can prevent information leakage about orders pending in the OMS. For example, in other implementations, a firm order is either (a) a determination that no matching order exists for any participant or (b) a negative response to all queries sent to participants with matching orders. Or it can be canceled after any time has passed. In some implementations, option (a) can take a short time (eg, less than 1 second) and option (b) can take a time that varies depending on how quickly the participant responds to the query. Thus, if option (a) occurs, the firm order submitter will be able to cancel the order immediately there, but if option (b) occurs, the firm order submitter will have some longer time there. You will not be able to cancel the order until it has passed. By tracking these times, the firm order submitter can identify whether there was a pending matching order based on how long the cancellation wait time was. By requiring a standard level (eg, 20 seconds, 1 minute, etc.) before cancellation is allowed, firm order senders will not be able to identify the differences between these different situations, and more about the content of the OMS. Less information can be leaked to the firm submitter. The remaining instructions for that time period can be shown to the submitter (eg, through the interface). An indication of the end of the time period can be provided to the submitter (eg, through the interface). In some implementations, a standard time period that is determined before receiving an order instruction may be used as the first time period.

  In some embodiments, the time period during which cancellation is constrained can be randomly determined for one or more firm orders. These random time periods can mimic the time periods for participants' responses. In some implementations, the time period can be randomly determined between a minimum and maximum time period (eg, between 5 and 20 seconds, 1 minute, etc.). In some implementations, such time limits can be shown to the submitter of the firm order (eg, through the interface, as a countdown clock, etc.). In some implementations, the submitter may indicate that the end time of that time has been reached (eg, by changing the color instead of the time, by sounding, through the interface, etc.) Can be sent to.

In some examples, the remaining time of the first time period and / or an indication of whether the first time period has passed may be sent to one or more participants. In some embodiments, the time remaining before the order can be canceled can be shown to the recipient of the query (eg, a clock can be shown on the interface screen, the query can include that indication) Can, etc.). In some implementations, an indication can be given to the query recipient that the time period has expired (screen color can be changed, icons can be shown, time remaining can be shown, etc.) . In some implementations, the query indication can be deleted from the interface after the time period expires (eg, the screen can be closed or deleted from the interface, etc.). In some implementations, the recipient can respond to the query after that time, but can cancel the firm order before processing such a response. In some implementations, if the firm order is canceled, the query instructions can be deleted (eg, can be deleted from the interface, the screen can be closed, etc.).

In some embodiments, an indication of whether the first time period has passed can be provided to the submitter of the firm order. Such an instruction can include a time until the end of the time period, an instruction that the time period has not elapsed, an instruction that the time period has changed, and the like.

Some implementations can include systems configured to interface with systems such as those described above. In some implementations, for example, information about firm orders can be received (eg, through an interface). In some implementations, instructions for the firm order can be sent (eg, to a system configured to find orders that match the firm order in the contents of multiple order management systems). Some implementations may include providing a timed indication during which the firm order cannot be canceled (eg, through the interface to the trader who submitted information about the firm order, etc.). Some implementations may include receiving the timed indication (eg, from the system where the order was submitted, etc.). In some implementations, the indication may include an interface color identification, a first time remaining indication, and so on.

In some embodiments, order cancellation may be constrained as described above and / or otherwise. When an order is submitted, some embodiments can determine whether cancellation should be constrained for that order. Determining whether cancellation should be constrained can include determining if a number of orders have been submitted prior to the order. The number of orders can include orders that meet certain criteria, some of which are described below. In other implementations, decisions about revocation constraints can be made randomly. For example, each order may have a 10% chance of being restricted from cancellation. A random number generator or other method of random sampling can determine whether the order should be constrained or not canceled. It should be appreciated that any method of making such a determination can be used and the examples are not limiting.

Some implementations that constrain cancellation of an order after a certain number of orders have been submitted can count the number of orders submitted. For example, such an embodiment may constrain cancellation of a submitted 20th order. In some implementations, cancellation of other (eg not 20th) orders cannot be restricted. In some implementations, cancellation of other orders cannot be constrained unless an order that matches the other order is identified (eg, in an order management system). Such constraints for other orders may be for time periods that give participants associated with the order management system the opportunity to accept or reject the order. The resolution of that order (eg, the 20th order) can be constrained even if no matching order is identified. Thus, the submitter of the order cannot know if a match has been found based on whether cancellation is constrained.

In some implementations, a certain number of other orders can be submitted. Other orders can be handled as described elsewhere in this document. In some implementations, the number can be any desired number. For example, the number can be 20 orders. In some implementations, the number can be a random number. The number can be determined periodically. The number can be determined randomly. The number can be determined by imitating random market activity.

In some implementations, all other orders may be submitted from the same submitter (eg, the submitter of that order (eg, 20th order)). Each submitter can be tracked and the number submitted by that submitter can be determined. In other implementations, the number can be submitted from different submitters.

In some implementations, other orders may include all orders submitted (eg, by one submitter, by many submitters). In other implementations, the other orders can include orders that meet one or more criteria. For example, in some implementations, other orders can include only orders that have not been fulfilled (eg, within a certain time period after submission). In some implementations, the other orders include at least one of (i) an order for which no matching order is found in the order management system, and (ii) an order for which an offer to close the order is not accepted. be able to.

Some examples may include determining that no order is stored that matches an order management system associated with any of the plurality of participants for one or more other orders. In such an implementation, each of these other orders cannot constrain their cancellation. In some such implementations, each of these other orders can constrain their cancellation only until they make a decision, but not beyond that point. Such a determination can take about 0.1 seconds or less.

In some implementations, a determination can be made whether matching orders are stored in the order management system. In some implementations, an order database can be searched to make these decisions. In some implementations, such a determination can be made based on, for example, receiving an indication that a matching order is stored in the order management system. In some implementations, participants can be queried as described elsewhere herein. In some implementations, the participant can be configured to send an indication that a matching order is stored in the order management system. These instructions can be sent regardless of whether the offer has been accepted, unlike some embodiments described herein.

In some embodiments, all orders can be constrained for cancellation while making the initial decision. The time to make that determination can be minimal (eg, less than about 0.1 seconds). In some implementations, participants can be queried to make that decision. Each participant can respond with an indication that matching orders are or are not stored in the order management system associated with the respective participant. In some implementations, no response may be an indication of a default value (eg, no response before the end of some initial time period means no matching order has been stored). In some implementations, if any of the participants make a decision that they have a matching order stored in the order management system, then in a certain period of time to allow the participant to accept the order as needed. Can restrict the cancellation of that order. If a decision is made that no matching order is stored, then cancellation can be allowed after the decision has been made. In some implementations, the cancellation is stored (eg, if such a constraint decision is made as described above, eg, if a certain number of previous orders have been submitted, etc.) Can be constrained as if the decision was made in some circumstances. Such constraints can make it difficult for a participant to determine whether a matching order has been found.

As mentioned above, in some embodiments, if an order is determined to be stored in the participant's order management system, a certain period of cancellation may be made so that the participant can respond to the offer. Can be constrained. The time period can be about 5 seconds. In some embodiments, if it is determined that such an order is not stored in the order management system, cancellation cannot be constrained there except under certain circumstances, as described herein.

Some embodiments may include determining that no one of the plurality of participants accepts the offer to enter each first transaction defined by the number of one or more orders. Such a determination can be made based on whether an instruction to accept such an offer has been received (eg, from a participant as described above).

In some embodiments, other orders may be limited to orders that meet a set of criteria or any combination of one or more criteria. For example, in some embodiments, the number may be orders that have been accepted, orders that have no matching orders, and orders that have matching orders that have not been accepted. In other implementations, the order can be any subset or other set of such orders. Orders that do not meet these criteria may not be included in the number of orders in some implementations to determine whether restrictions should be imposed on cancellation of the order.

As described above, if it is determined that cancellation should be constrained, cancellation can be constrained during the first time period and allowed after the first time period. As described above, the time period can be a random time period. In other implementations, the time period may be a fixed time period (eg, about 5 seconds).

In some implementations, prior to the end of the first time period, a determination may be made that matching orders are not stored in an order management system associated with multiple participants. Such a decision cannot affect the end of the time limit. Rather, in some implementations, the constraint can continue despite no matching orders available for the order.

It should be appreciated that the various examples above are non-limiting and other methods of constraining orders can be used. Such constraints can limit the ease with which an order submitter can determine if a matching order exists based on the ease of order cancellation.

(Participating fund)
In some embodiments, one or more funds (eg, mutual funds, bond funds, stock funds, index funds, active funds, commodity funds, listed investment trusts, etc.) may participate.

Some such funds can use an OMS system and can participate in a manner similar to other participants with an OMS system (eg, a buyer participant) as described above. Other participating funds may not be able to use such OMS systems and / or may not wish to provide access to such OMS systems. In some embodiments, fund composition publication may be used to determine the type of query and / or other information to send to participating funds.

In some embodiments, instructions for fund composition may be received (eg, through a communications network, as a fund guide publication, etc.). The fund composition may include multiple financial products held by a fund (eg, a list of stocks held by a mutual fund, etc.). The composition may include the quantity of each financial instrument that the fund holds or desires to hold. The composition can include a target percentage of the fund that is comprised of each financial instrument. The composition can include a snapshot display of the fund at a specific time, a desired future time, etc.

The composition instructions can include any information from which at least a portion of the fund composition can be determined. For example, the fund composition may include a statement of the desired composition of the target fund composition, as can be seen in the published guidance. In some embodiments, composition instructions can be obtained directly from the fund manager, from a website that tracks fund information, from a third party, and so on. The instructions can include information from multiple sources that identify the composition.

Interest rates in transactions related to a particular financial instrument can be estimated / determined based on fund origination and / or other information (eg, price changes). For example, in some implementations, one or more orders to purchase or sell financial instruments can be received. For one or more such orders, a decision can be made if the financial instrument defined by the order is part of the fund's composition. Such a determination may include comparing the financial instrument to its composition (eg, searching for the financial instrument in the composition, searching a database, etc.). If the financial product is part of the fund structure, the fund manager (for example, any object or person that is eligible to trade on behalf of the fund) fulfills the order and the matching order for the financial product. A query can be sent asking if you would like to enter into a transaction. Sending the query may in some implementations query the fund's order management system as described above, send the query to a trader or machine operated by the trader, and / or other methods Asking for acceptance.

In some implementations, a query can be sent to a fund only if its composition indicates that the fund holds a certain quantity of financial instruments. For example, a query that asks if the fund is interested in a transaction that sells a financial product will only show that the composition indicates that the fund has enough financial products to fulfill the order. Can be sent to the fund. In some implementations, if the fund owns some other threshold of the financial instrument (eg, millions of shares), it holds some minimal percentage of the threshold instrument (eg, 10% is the financial product), the financial product is one of the top financial products that make up the fund (eg, one of the top 10 components of the fund) and / or others Queries can only be sent if a set of filters can be used.

In some implementations, price changes of one or more financial instruments in the fund composition can be used to determine whether to query the fund for trading. For example, in some embodiments, a change in the price of a financial instrument defined by an order can be determined. Such price changes may be based on the time the composition is received, the time the composition recognizes, etc. These changes can be determined based on historical and current information about the price of the financial instrument (eg, such information can be received from third parties such as stock trackers, markets, etc. ).

In some embodiments, based on the determined price change, a determination may be made whether the fund operator is likely to be interested in a transaction that matches the transaction defined by the received order. The operator may be more likely to be interested if the current situation indicates that the operator is likely to accept the transaction offer. The manager can try to maintain the fund at or near the composition level based on the value of each financial instrument's holdings in its origination, so that when the price rises or falls, the relative value of the financial instrument's holdings May change, so it may be desired to sell it back to its target level. Determining whether the manager is likely to be interested in the other side of the transaction of the financial instrument involves determining whether the price change involves an increase or decrease in price. For example, if the price change includes a price increase, then the operator can determine that he is likely to be interested in an order that includes the sale of the financial instrument. If the price change includes a price drop, then the operator can determine that he is likely to be interested in an order that includes the purchase of the financial instrument. Some implementations can take into account the relative change in the price of other financial instruments in their composition relative to the financial instrument. Some realizations change the relative price change of a financial instrument relative to price changes of other financial instruments in that composition (eg, to determine if a sale or purchase may be required to bring the composition back to a target level). Can be considered.

When the fund manager accepts an order, the fund can send an acceptance instruction. The acceptance can be received by some embodiments. As described above, transactions can be facilitated in response to receipt of the acceptance.

(Risk pool)
Some implementations may perform / allow participant filtering based on the participant's previous behavior. For example, in some embodiments, when a participant is queried for an order, the participant's response can be tracked. Participants can be divided into groups based on the frequency of positive responses to queries. For example, participants may include the following groups: participants with 100% to 75% acknowledgment rate, participants with 75% to 50% acknowledgment rate, and participants with an acknowledgment rate of less than 50% Can be divided. It should be appreciated that these groups are given by way of example only and that other embodiments can include any number of groups and allocations of any groups. Such a group can be referred to as a risk pool. The order submitter may indicate that a query regarding the order should be sent to one or more groups of participants and / or not to be sent to one or more groups of participants. Sending a query to a participant reveals information about the order, so the sender of that order should use response rates to limit the disclosure of that information to participants who are likely to respond positively from a historical perspective. Can do.

In some embodiments, multiple query sets may be sent to multiple participants. Each set of queries can query multiple participants for each order. Each query in each set of queries indicates whether each participant has each matching order for each order stored in each order management system associated with each participant, and each participant has its order And a question of whether to accept each offer to conclude a respective transaction that fulfills at least a portion of each matching order. If the participant accepts the offer, an acknowledgment / instruction to accept can be received. In some implementations, if a matching order is stored in the order management system, an indication of that storage can be received. Thus, in some implementations, from this information, it can be determined whether a matching order is stored in the order management system and, if stored, it has been rejected or accepted. If the order is accepted, some implementations can include facilitating the execution of the transaction. In other embodiments, as described above, queries to the order management system cannot be used, but rather a database can be searched or other methods can be used.

In some implementations, multiple participants can be assigned to one or more risk pools based on the results of the query. Each risk pool may correspond to at least one ratio of acknowledgment to an offer to close a deal. Acknowledgment ratios include, for example, a comparison (eg, ratio, percentage, etc.) between the number of acknowledgments and the number of offers (eg, offers with characteristics, offers related to the submitter, etc.) Can do. These ratios can be used, for example, for an offer made to a participant if a matching order is stored in the order management system, for all queries sent to the participant, and / or for one or more characteristics. It can correspond to the query / order that you have. In some implementations, the ratio of acknowledgments includes the ratio of acknowledgments for all offers that make a deal when matching orders are stored in the order management system. In some implementations, the ratio of acknowledgments includes the ratio of acknowledgments to offers that matching orders are stored in the order management system and a transaction is concluded when the query is relevant to the submitter. In some implementations, the proportion of acknowledgments is that of an acknowledgment to an offer that a matching order is stored in the order management system and that a deal is made when associated with an order that has at least one characteristic similar to that order. Includes ratio. In some implementations, these characteristics can include financial instrument, quantity range, price range, market capitalization, industry, and financial instrument type.

In some embodiments, allowing an order submitter to identify one or more risk pools to which a query related to that order should and / or should not be sent it can. For example, a submitter can use an interface to identify such information, can send an electronic message that identifies such information, can build a default risk pool that identifies such information, and Such information can be identified in other ways. Some implementations can include providing an interface through which one or more risk pools can be selected. A query regarding the order can then be made to the participant according to this information.

Some examples may include submitting instructions identifying one or more orders and / or risk pools. Some embodiments may include receiving an indication of multiple risk pools. Such instructions can be presented to the person through the interface to allow selection from among the multiple risk pools. Some implementations may include receiving a selection of at least one risk pool (eg, through an interface, through an electronic message, etc.). Some implementations may include sending an indication (such as through an electronic message) that an order should be queried for participants associated with at least one selected risk pool. Some implementations may include receiving an indication that execution of a transaction to fulfill the order has been facilitated. Some implementations may include providing such prompting instructions (eg, as a display on an interface to a person, as an electronic message, etc.).

It should be appreciated that the risk pool can be combined with other implementations and / or concepts described herein, and that various methods and / or devices can be used in various embodiments.

(Substitutability)
In some embodiments, one financial instrument can substitute for another financial instrument. Substituteable financial products can include products that can be replaced with other products (eg, satisfying the same reason for existence, having similar characteristics, etc.). For example, if the order is for a first financial instrument, the second financial instrument can be used to fulfill the order instead of the first financial instrument. The order may be an order pending in the order management system, an order submitted by a buyer participant, and / or other types of orders. For example, a participant wishing to purchase a stock of a soda company can enter a Coca-Cola order, which includes a soda company stock, a Coca-Cola bond, a derivative of Coca-Cola, a soda. Can be fulfilled by PepsiCo shares that fulfill the desire to purchase futures contracts, etc. Various criteria / tests can be used to build whether one financial product can be substituted for another. Participants can identify which financial instruments can be substituted for each other. Exchange ratios between financial instruments can be constructed based on price and / or various participant preferences.

As described above, some embodiments may include receiving order instructions. The order can define the trading side of the first financial instrument. The instructions can include the identification of one or more other financial instruments that can be replaced with the first financial instrument to fulfill the order. The identification may identify characteristics of such other financial instruments (eg, market capitalization, industry, product type, etc.), specific enumeration of other financial instruments, and / or determine such other financial instruments therefrom. Other information that can be included. In some implementations, these characteristics may include industry, financial instrument type, market capitalization, company, and / or other characteristics.

As described above, some embodiments may include determining whether matching orders are stored in an order management system associated with a participant. As described above, such a determination can include sending one or more queries. The matching order may be an order for the first financial product or another financial product. For example, in some implementations, the matching order may be for a different financial instrument that can be substituted for the first financial instrument. The order management system can identify what financial instruments can be substituted for the first financial instrument for which the matching order is. For example, the first financial instrument may be a Coca-Cola stock and the matching order may be for a PepsiCo stock. The order management system can identify that Coca-Cola can replace PepsiCo. Such identification can be made directly through the list of replaceable products, through a set of characteristics identifying the replaceable products, and / or otherwise.

In some implementations, if the order is for a quantity of a first financial instrument and the transaction that fulfills the order is of an alternative financial instrument, the quantity of the instrument traded and / or the instrument is The price traded may not be the same as those identified by the order of the first financial instrument. For example, an order for 100 Coca-Cola shares can be fulfilled by trading 50 PepsiCo shares. The quantity and / or price to be traded can be identified by the order management system (eg, OMS can identify a series of exchange ratios between its financial instruments). The quantity and / or price at which the transaction is made can be identified from the market price (for example, a recent transaction price that can determine the exchange ratio between the two financial instruments using the market price) Current bid and / or sell price, intermediate price, etc.). The price and / or quantity can be determined in other ways.

As described above, an offer can be presented to the trader that he wishes to close the deal. The transaction can include a transaction for the first financial product even if the matching order is for a different financial product. In some other implementations, the transaction can include other financial instruments even if the order is for the first financial instrument. The trader can accept or reject such an offer.

In some embodiments, an acceptance of the order may be received (eg, if the trader accepts the offer). The acceptance can indicate that a transaction to fulfill the order should be executed. In response to receiving the acceptance, execution of a transaction to fulfill the order can be facilitated.

From the perspective of a participant having an order in the order management system, an instruction can be received for the order of the first financial instrument. A determination may be made that a matching order for a second financial product that is replaceable with the first financial product is stored in the order management system. The trader can be asked for binding acceptance to enter into a transaction that fulfills the order and the matching order. Some implementations may provide an interface through which they can request that binding acceptance, send a request for binding acceptance (eg, via an electronic message), and / or require binding acceptance. Other methods can be included. The transaction may be for the first financial product, even if the matching order is for a different financial product. In other implementations, the transaction may be for other financial instruments, even if the order is for the first financial instrument. Only when an acceptance is received (eg, through the interface, from the trader, etc.) can the execution of the trade be facilitated.

It should be appreciated that alternatives can be combined with other implementations and / or concepts described herein and that any method and / or apparatus can be used in various embodiments.

(Additional examples)
The following should be construed as an example rather than a claim.

1. Receiving an order query, the order query identifying a firm order for a financial instrument;
Determining whether the confirmed order matches an order stored by the order management system;
Providing an indication of the firm order only when it is determined that the firm order matches the order associated with the order management system, and allowing the firm acceptance of the firm order.
Including methods.

2.1. The method according to 2.1,
Concealing evidence of the decision if it determines that the firm order does not match the order associated with the order management system
A method further comprising:

3.1 The method according to 3.1,
Receiving the binding acceptance instruction;
Facilitating execution of a transaction to fulfill at least a portion of the firm order
A method further comprising:

4.3. The method of claim 4.3, wherein the step of facilitating includes at least one of executing the transaction and transmitting a request to a remote system to execute the transaction.

5.1 The method according to
Concealing evidence of the determination of the match if the binding acceptance instruction is not received
A method further comprising:

The method of claim 6.1, wherein the order query is received from a market.

7.1. The method of claim 7.1, wherein determining whether the firm order matches the order stored by the order management system includes applying a filter to the firm order.

8.1. The method of 8.1, wherein the indication is provided to a trader associated with the order management system.

9. Receiving a firm order for a financial instrument;
Sending an order query identifying the firm order to each of a plurality of trading systems for comparison of orders associated with a respective order management system of each trading system;
Receiving a response from at least one of the plurality of trading systems that identifies receipt of the firm order only if a decision is made that a matching order is stored in the respective order management system;
Facilitating execution of a transaction to fulfill at least a portion of the firm order in response to receiving the response.
Including methods.

10.9. The method of clause 10.9, wherein each of the plurality of trading systems includes at least one of a respective order management system and a respective participant system coupled with the respective order management system.

11.9. The method of claim 11.9, wherein receiving the firm order, sending the order query, receiving the response, and facilitating execution are performed by a market. .

The method of claim 12.9, wherein the firm order is accepted by a trader associated with the respective order management system.

The method of claim 13.9, wherein facilitating execution includes at least one of executing the transaction and transmitting a request to a remote system to execute the transaction.

14 Receiving a first firm order for a financial instrument;
Determining whether a second confirmed order matching the first confirmed order has been received;
Facilitating execution of a transaction that fulfills at least a portion of the first firm order and at least a portion of the second firm order if the second firm order has been received;
If the second firm order has not been received, an order query identifying the first firm order is sent to each of a plurality of trading systems, wherein the first firm order matches an order associated with the respective order management system. Sending to each trading system configured to facilitate trading if said first confirmed order matches said order associated with said respective order management system.
Including methods.

15. The method according to 15.14, wherein the step of facilitating the transaction includes providing an indication of the firm order configured to allow binding acceptance of the firm order.

16. The method of 16.14, wherein each of the plurality of trading systems includes at least one of a respective order management system and a respective participant system coupled with the respective order management system.

17. The method according to 17.14, wherein the operation is performed in the market.

18. The method of claim 14, wherein the step of facilitating execution includes at least one of executing the transaction and sending a request to a remote system to execute the transaction. .

19. In a system comprising a computer system configured to send an order query identifying a firm order to each of a plurality of trading systems,
Each of the plurality of trading systems determines if the firm order matches an order associated with a respective order management system and if the firm order matches the order associated with the respective order management system A system characterized by being configured to promote.

20. The system of claim 20.19, wherein each of the plurality of trading systems includes at least one of a respective order management system and a respective participant system coupled with the respective order management system.

21. The system of claim 21, wherein facilitating execution includes performing the transaction and sending a request to a remote system to perform the transaction.

22. Submitting a firm order to the system described in 19;

23. In the step of submitting an order for storage by the order management system, the order management system is configured to allow a comparison between a firm order query and an order stored by the order management system. And steps to
Receiving an indication that a firm order query matches the order, the instruction enabling binding acceptance of the firm order query
Including methods.

24. The method according to 24.23, further comprising the step of transmitting the binding acceptance instruction to a market.

25. The method of claim 25.23, wherein the binding acceptance includes an indication that a transaction should be performed automatically.

The following should be construed as an example rather than a claim.

1. Receiving an indeterminate order instruction from a first participant, wherein the indeterminate order defines a transaction side of a financial instrument; and
In the step of sending a first query asking if an order matching the uncertain order is stored in the order management system, the matching order defines the opposite side of the transaction of the financial instrument. Steps,
Sending a second query asking whether to accept an offer to conclude a transaction to fulfill at least a portion of each of the uncertain order and the matching order;
Receiving an instruction to accept the uncertain order;
In response to receiving the indication of the acceptance, transmitting an approval request for the uncertain order to the first participant;
Receiving an instruction to approve the uncertain order;
Facilitating execution of the transaction to fulfill at least a portion of each of the indeterminate order and the matching order.
Including methods.

2.1. The method of claim 2.1, wherein facilitating the execution includes facilitating the execution with a price and quantity that can be identified from the query.

3.2. The method of claim 3.2, further comprising: preventing the first participant from changing at least one of a price associated with the uncertain order and a quantity associated with the uncertain order. .

4.2. The method of 4.2, wherein the step of facilitating the execution comprises the steps of facilitating the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments to be traded. A method characterized by comprising.

5.1. The method of 5.1, further comprising requesting the first participant to respond to the approval request within a time period.

6.5. The method according to 6.5, wherein the time period starts when the approval request is transmitted.

The method of claim 7.5, wherein the time period starts when the approval request is received.

The method of claim 8.5, wherein the time period comprises a time period between about 0.01 seconds and about 1 second.

9.5. The method of claim 9.5, wherein the indication of approval is received within the time period.

The method of claim 10.5, wherein the indication of approval is transmitted within the time period.

11. The method of clause 11.1, wherein the first participant is no longer able to obtain the at least part of the uncertain order before at least one of the sending of the approval request and receiving the approval request. The method further comprises receiving an indication of consent to approve the uncertain order unless at least one of the uncertain orders has been canceled and at least a portion of the uncertain order has been fulfilled.

12. The method of 12.11, further comprising determining whether the at least part of the uncertain order is fulfilled.

13. The method of 13.12, wherein the step of determining whether the at least part of the uncertain order is fulfilled is an agreement to execute a transaction to fulfill the at least part of the uncertain order and another order. Whether at least one was signed by a first participant, a transaction was executed to fulfill the at least part of the uncertain order and another order, and the first participant A method comprising determining if an action has occurred that concludes a transaction that fulfills at least a portion.

14. The method of 14.12, wherein determining whether the at least part of the uncertain order is fulfilled includes receiving an indication of whether the at least part of the uncertain order is fulfilled. A method characterized by.

15. The method according to 15.11, further comprising determining whether the indeterminate order has been canceled.

16. The method according to 16.15, wherein the step of determining whether the uncertain order has been canceled is when at least one of the requests to cancel the uncertain order is received from the originator of the uncertain order by the first participant. Determining whether a request to cancel the indeterminate order is being processed by the first participant, and during which the scheduled time period during which the indeterminate order remains to be manipulated ends. Feature method.

17. The method of claim 15, wherein the step of determining whether the uncertain order has been canceled comprises receiving an indication of whether the uncertain order has been canceled.

18. The method of 18.1, further comprising receiving an indication that the first participant agrees to prevent humans from obtaining information regarding approval unless the uncertain order is approved. Method.

19. The method according to 19.1, wherein the offer includes an offer that wants to enter into a transaction that fulfills only a portion of the uncertain order.

20. The method of 20.19, further comprising determining the portion of the uncertain order.

21. The method according to 21.19, further comprising the step of algorithmically determining the portion of the uncertain order.

22. The method of 22.19, further comprising determining the portion of the indeterminate order based on historical information.

23. The method of claim 23, wherein the portion of the uncertain order includes a percentage of the uncertain order.

24. The method of 24.19, wherein the portion includes a portion expected to be approved by the first participant.

The method of claim 25.1, wherein the query includes an indication that the order is not a firm order.

The method of claim 26.1, wherein the query includes an indication that the order is a firm order.

27.1. The method of claim 27.1, wherein sending the query determines whether the offer is accepted so that the query determines whether the matching order is stored in the order management system. And transmitting to a system configured to respond to the query only if the matching order is stored in the order management system and the offer is accepted.

28.1. The method of 28.1, wherein the step of sending the first query and the step of sending the second query are: a single query; whether the matching order is stored in the order management system; And, if the matching order is stored in the order management system, sending the offer to a computer system configured to be interpreted as to be accepted or questioned.

The method of 29.1, wherein the approval includes acceptance of an offer to close the transaction.

3) One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

31. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1;
The one or more processors;
A system with

32. Submitting an indeterminate order to the system according to 31.

33. Receiving an indeterminate order instruction from a first participant, wherein the indeterminate order defines a transaction side of a financial instrument; and
Determining whether an order matching the uncertain order is stored in the order management system and whether an offer to enter into a transaction to fulfill at least a portion of each of the uncertain order and the matching order is accepted Wherein the matching order defines the opposite side of the transaction of the financial instrument;
Sending an approval request for the indeterminate order to the first participant;
Receiving an instruction to approve the uncertain order;
Facilitating execution of the transaction to fulfill at least a portion of each of the indeterminate order and the matching order.
Including methods.

34. The method of claim 34, wherein the step of facilitating execution facilitates the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A method comprising the steps of:

35. The method according to 35.33, further comprising preventing the first participant from changing a price associated with the uncertain order and a quantity associated with the uncertain order.

36. The method of 36.33, further comprising: requesting the first participant to approve the indeterminate order within a certain time period.

37. The method of 37.36, wherein the time period starts when the approval request is sent.

38. The method of claim 38, wherein the time period begins when the approval request is received by a first participant.

The method of claim 39.36, wherein the time period includes a time period between about 0.01 seconds and about 1 second.

40. The method of claim 40.36, wherein the indication of approval is received within the time period.

41. The method of 41.36, wherein the indication of the approval is transmitted within the time period.

42.33. The method of claim 43, wherein the first participant is no longer able to obtain the at least part of the uncertain order before at least one of the sending of the approval request and receiving the approval request. The method further comprises receiving an indication of consent to approve the uncertain order unless at least one of the uncertain orders has been canceled and at least a portion of the uncertain order has been fulfilled.

43. The method according to 43.42, further comprising determining whether the at least a portion of the uncertain order is fulfilled.

44. The method of claim 44, wherein the step of determining whether the at least part of the uncertain order is fulfilled is an agreement to execute a transaction to fulfill the at least part of the uncertain order and another order. Whether at least one was signed by a first participant, a transaction was executed to fulfill the at least part of the uncertain order and another order, and the first participant A method comprising determining if an action has occurred that concludes a transaction that fulfills at least a portion.

45. The method according to 45.43, wherein determining whether the at least part of the uncertain order is fulfilled includes receiving an indication of whether the at least part of the uncertain order is fulfilled. A method characterized by.

46. The method according to 46.42, further comprising the step of determining whether the indeterminate order has been canceled.

47. The method according to 47.46, wherein the step of determining whether the uncertain order has been canceled is when at least one of the requests to cancel the uncertain order is received from the originator of the uncertain order by the first participant. Determining whether a request to cancel the indeterminate order is being processed by the first participant, and during which the scheduled time period during which the indeterminate order remains to be manipulated ends. Feature method.

48. The method of 48.46, wherein the step of determining whether the uncertain order has been canceled includes receiving an indication of whether the uncertain order has been canceled.

49.33. The method of 49.33, further comprising receiving an indication that the first participant agrees to prevent humans from obtaining information regarding approval unless the uncertain order is approved. Method.

50. The method of claim 50.33, wherein the offer includes an offer that wants to enter into a transaction that fulfills only a portion of the uncertain order.

51. The method according to 51.50, further comprising determining the portion of the uncertain order.

52. The method according to 52.50, further comprising the step of algorithmically determining the portion of the uncertain order.

The method of claim 53.50, further comprising the step of determining the portion of the indeterminate order based on historical information.

54. The method of claim 54, wherein the portion of the uncertain order includes a percentage of the uncertain order.

55. The method of claim 55, wherein the portion includes a portion expected to be approved by the first participant.

The method of claim 56.33, wherein the determining includes querying the second participant.

57. The method of claim 57.56, wherein the query includes an indication that the order is not a firm order.

58. The method of claim 58, wherein the query includes an indication that the order is a firm order.

59.33. The method of claim 59.33, the determining step includes: single query to the single query whether the matching order is stored in the order management system, and the matching order is stored in the order management system. If so, the method includes transmitting to a computer system configured to interpret whether the offer is accepted or asking, and receiving an instruction to accept the uncertain order.

60. The method of 60.33, wherein the authorization includes accepting an offer to close the transaction.

61.1 One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

62. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1;
The one or more processors;
A system with

63. 63. A method comprising submitting an indeterminate order to the system according to 62.

64. A processor operable to execute a plurality of instructions stored on a machine-readable medium;
The machine-readable medium having a plurality of instructions stored thereon
A system comprising: when the instructions are executed by the processor,
Determining whether an order matching the uncertain order is stored in the order management system and whether an offer to enter into a transaction to fulfill at least a portion of the uncertain order and each of the matching orders is accepted; The uncertain order defines a trading side of a financial instrument, and the matching order defines the opposite side of the trading of the financial instrument;
Sending an approval request for the indeterminate order if it is determined that the offer is accepted;
Determining whether an instruction to approve the uncertain order has been received;
Facilitating execution of the transaction to fulfill at least a portion of each of the uncertain order and the matching order if it is determined that the indication of the approval of the uncertain order has been received.
System to run.

65. The system of 65.64, wherein the plurality of instructions are executed by the processor when executed by the processor.
Receiving information identifying a situation overcoming an agreement to approve the indeterminate order if it is determined that the indication of the approval of the indeterminate order has not been received;
Is further executed.

66. The system of claim 66, wherein the situation includes at least one of cancellation of the uncertain order and fulfillment of at least a portion of the uncertain order by another order.

67. The system of 67.65, wherein in the step of receiving the consent instruction, the consent includes an agreement to approve the uncertain order if the uncertain order is valid. Further including a system.

68. The system of 68.67, wherein the uncertain order is fulfilled when another unconfirmed order is fulfilled by another order when the uncertain order has not been canceled and when the matching order is fulfilled. A system characterized by being effective if not.

69. The system of claim 69.64, wherein the step of facilitating execution facilitates the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A system characterized by including.

The system of claim 70.64, wherein the plurality of instructions are executed by the processor when executed by the processor.
Preventing the price associated with the uncertain order and the quantity associated with the uncertain order from being changed.
Is further executed.

71. The system of 71.64, wherein determining whether the indication of approval has been received includes determining whether the indication of approval has been received within a certain time period.

72. The system according to 72.71, wherein the time period starts when the approval request is transmitted.

73. The system according to 73.71, wherein the time period includes a time period between about 0.01 seconds and about 1 second.

74. The system of 74.71, wherein the plurality of instructions are executed by the processor when executed by the processor.
Determining whether the time period has expired and whether the approval instruction has been received or a disapproval instruction has been received;
Facilitating execution of the transaction to fulfill the uncertain transaction and at least a portion of the matching order if it is determined that the time period has expired and that neither the approval instruction nor the disapproval instruction has been received.
Is further executed.

75. The system of 75.64, wherein the plurality of instructions are executed by the processor when executed by the processor.
Before the step of determining whether the matching order is stored in the order management system and whether an offer to execute a transaction to fulfill at least the portion of each of the indeterminate order and the matching order is accepted Receiving an instruction that the submitter of the uncertain order agrees to prevent humans from obtaining information about the approval unless the uncertain order is approved
Is further executed.

The system of claim 76.64, wherein the offer includes an offer that wants to close a transaction that fulfills only a portion of the uncertain order.

77. The system of claim 77.76, wherein the plurality of instructions are executed by the processor when executed by the processor.
Determining the portion of the uncertain order;
Is further executed.

78. The system of 78.77, wherein determining the portion of the uncertain order includes determining the portion of the uncertain order with an algorithm.

79. The system of claim 79.77, wherein determining the portion of the uncertain order includes determining the portion of the uncertain order based on historical information.

The system of claim 80.77, wherein the step of determining the portion of the uncertain order includes determining a percentage of the uncertain order.

81. The system of claim 81.77, wherein determining the portion of the uncertain order includes determining a portion expected to be approved.

82. The system according to 82.64, wherein the matching order is stored in the order management system and an offer to conclude a transaction that fulfills at least part of each of the indeterminate order and the matching order is accepted The step of determining whether to do includes querying a participant.

83. The system according to 83.82, wherein the query includes an indication that the uncertain order is not a firm order.

84. The system according to 84.82, wherein the query includes an indication that the uncertain order is a firm order.

85. The system of claim 85, wherein the approval includes acceptance of an offer to close the transaction.

86. Submitting an indeterminate order to the system described in 64.

87. Transmitting an indeterminate order instruction, the indeterminate order defining a transaction side of a financial product; and
In the step of receiving an instruction defining a matching firm order from a system configured to find an order matching the uncertain order in the contents of a plurality of order management systems, the matching firm order is Defining the opposite side of the transaction;
Determining that the uncertain order is available for a transaction involving the matching confirmed order;
Sending an authorization identifying that the execution of the transaction should be facilitated
Including methods.

88.87. The method of claim 88, wherein the approval identifies that the execution should be performed without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments traded. Method.

89. The method of claim 89.87, wherein the approval is transmitted within a predetermined time period.

90. The method of claim 90.89, wherein the time period begins when the indication defining the matching firm order is received.

91. The method of claim 91.89, wherein the time period begins when the indication defining the matching firm order is sent.

92. The method according to 92.89, wherein the time period includes a time period between about 0.01 seconds and about 1 second.

93. The method of claim 93.87, determining that the uncertain order is available for a transaction that includes the matching firm order.
Determining that the uncertain order has not been canceled;
Determining that at least a portion of the uncertain order that is sufficient to fulfill the matching firm order is not fulfilled by another order.
A method comprising the steps of:

94.87. The method of claim 94, wherein determining at least a portion of the uncertain order that is sufficient to fulfill the matching firm order is not fulfilled by another order. Whether at least one of the agreements to execute a transaction to execute a part is executed, whether a transaction to execute at least a part of the part is executed, and an operation to execute a transaction to execute at least a part of the part A method comprising the step of determining whether an error has occurred.

95. The method of claim 95, wherein the step of determining that the uncertain order has not been canceled includes determining whether at least one of the requests to cancel the uncertain order has been received from the originator of the uncertain order. A method comprising: determining whether a request to cancel a firm order is being processed, and during which time the scheduled time for which the uncertain order remains to be manipulated ends.

96. The method of 96.87, further comprising disabling at least one of a price associated with the uncertain order and a quantity associated with the uncertain order.

97. The method of claim 97.87, wherein the approval includes accepting an offer to close the transaction.

98. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 87.

The following should be construed as an example rather than a claim.

1. Receiving the order instruction, wherein the order defines a trading side of the first financial instrument;
Sending a first query asking if an order matching said order is stored in an order management system, said matching order defining an opposite side of a transaction of a second financial instrument; and The first financial product is replaceable with the second financial product;
Sending a second query asking whether an offer to conclude a transaction to fulfill at least a portion of each of the order and the matching order is accepted;
Receiving an instruction to accept the order;
Facilitating execution of the transaction to fulfill at least the portion of each of the order and the matching order in response to receiving the acceptance.
Including methods.

The method of claim 2.1, wherein the step of facilitating execution includes the step of facilitating the execution with a price and quantity that can be identified from the second query.

The method of claim 3.2, further comprising the step of preventing a submitter of the order from changing at least one of a price associated with the order and a quantity associated with the order.

4.2. The method of 4.2, wherein the step of facilitating the execution comprises the steps of facilitating the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments to be traded. A method characterized by comprising.

The method according to 5.1, wherein the second financial product includes a financial product having at least one characteristic similar to that of the first financial product.

6.5. The method of 6.5, wherein the at least one characteristic includes at least one of an industry, a type of financial instrument, and a market capitalization.

The method according to 7.1, wherein the order management system identifies whether the first financial product can be replaced with the second financial product.

8.1. The method of claim 8.1, wherein the first query identifies whether the first financial instrument can be substituted for the second financial instrument.

The method according to 9.1, wherein the quantity of the first financial product to be traded is an exchange ratio between the first financial product and the second financial product, which is determined by the order management system, A method based on at least one of an exchange ratio determined from a market price of a first financial instrument compared to a market price and an exchange ratio indicated by the first query.

10. The method according to 10.1, wherein the step of sending the first query and the step of sending the second query are a single query, and the matching order is stored in the order management system. And if the matching order is stored in the order management system, the method includes the step of sending to the computer system configured to interpret whether the offer is accepted or questioned .

11. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

12 Submitting the order to a system operable to perform the method of 1;

13. Receiving the order instruction, wherein the order defines a trading side of the first financial instrument;
Determining that an order matching the order is stored in an order management system and that an offer to enter into a transaction to fulfill at least a portion of each of the order and the matching order is accepted; The matching order defines an opposite side of a transaction of a second financial instrument, and the first financial instrument can be substituted for the second financial instrument;
Receiving an instruction to accept the order;
Facilitating execution of the transaction to fulfill at least the portion of each of the order and the matching order in response to receiving the acceptance.
Including methods.

14. The method according to 14.13, further comprising preventing the order submitter from changing at least one of a price associated with the order and a quantity associated with the order.

15. The method according to 15.13, wherein the step of facilitating the execution promotes the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments to be traded. A method comprising the steps of:

16. The method according to 16.13, wherein the second financial product includes a financial product having at least one characteristic similar to the first financial product.

17. The method of claim 16, wherein the at least one characteristic includes at least one of an industry, a type of financial instrument, and a market capitalization.

18. The method according to 18.13, wherein the order management system identifies whether one financial product can be replaced with another financial product.

19. The method according to 19.13, wherein the quantity of the first financial product to be traded is an exchange ratio between the first financial product and the second financial product determined by the order management system, and a second financial product. A method characterized in that it is based on at least one of the exchange ratios determined from the market price of the first financial instrument compared to the market price.

20. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of claim 13.

21. Submitting the order to a system operable to perform the method according to 13;

22. Receiving the order instruction, wherein the order defines a trading side of the first financial instrument;
Determining that an order matching the order is stored in an order management system, the matching order defining an opposite side of a transaction of a second financial instrument; and the first finance The product can be substituted for the second financial product; and
Seeking for binding acceptance of a transaction, wherein the transaction fulfills the matching order and at least a portion of the order;
Facilitating execution of the transaction only if acceptance of the transaction is received
Including methods.

23. The method according to 23.22, wherein the second financial product includes a financial product having at least one characteristic similar to the first financial product.

24. The method of 24.23, wherein the at least one characteristic includes at least one of an industry, a type of financial instrument, and a market capitalization.

25. The method according to 25.22, wherein the order management system identifies whether a financial product can be replaced with another financial product.

26. The method according to 26.22, wherein the step of facilitating execution facilitates the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A method comprising the steps of:

27. The method of claim 27.22, wherein the determining step includes the steps of providing an interface through which the constraining acceptance is required and sending the request for constraining acceptance.

28. The method of claim 28, wherein the order instruction identifies whether a financial instrument can be substituted for another financial instrument.

29. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 22.

The following should be construed as an example rather than a claim.

1. Transmitting each set of queries to a plurality of participants, each set of queries asking each of the plurality of participants about their respective orders, wherein each query of each set of queries is each Each order matching the respective order is stored in a respective order management system and the respective participant fulfills at least a part of the order and the respective matching order. A step characterized by accepting or asking each offer to conclude each transaction;
For each query, if a participant accepts the respective offer, facilitating execution of the respective transaction;
Acknowledgment rate to an offer that each risk pool wants to make a deal in the step of allocating each of the plurality of participants to a respective one of a plurality of risk pools based on results from the set of queries. And corresponding to at least one of the following:
Allowing an order submitter to identify one or more risk pools for which a query regarding the order should not be sent
Including methods.

2.1. The method of 2.1, wherein at least one of the acknowledgment rates includes an acknowledgment rate for all offers that want to close a transaction when a matching order is stored in the order management system, how to.

3.1. The method according to 3.1, wherein the acknowledgment rate includes an acknowledgment rate to an offer that a matching order is stored in the order management system and a transaction is desired to be concluded when associated with the submitter. how to.

4.1. The method of claim 4.1, wherein the acknowledgment rate results in a time transaction associated with an order having a matching order stored in the order management system and having at least one characteristic similar to the order of the submitter. A method characterized by including a positive response rate to an offer to want.

5.4. The method of claim 5.4, wherein the at least one characteristic includes at least one of a financial instrument, a quantity range, a price range, a market capitalization, an industry, and a financial instrument type.

6.1. The method according to 6.1, wherein the acknowledgment rate includes a comparison between the number of acknowledgments and the number of offers.

The method according to 7.1, wherein the order includes a firm order.

8.1. The method of 8.1, wherein the order includes an indeterminate order.

9.1. The method of claim 9.1, wherein the allowing step includes providing an interface through which the one or more risk pools can be selected.

10. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

11. Submitting the order to a system operable to perform the method of 1;

12 For each of a plurality of firm orders, each of a plurality of participants stores a respective matching order in an order management system associated with the participant, and the participant has the firm order and the respective matching order Determining whether to accept each offer to conclude a respective transaction that fulfills at least a portion of each of the
For each offer, if each participant accepts the respective offer, facilitating execution of the respective transaction;
In the step of allocating each of the plurality of participants to one of a plurality of risk pools based on the result of the offer, each risk pool has at least one acknowledgment rate to the offer that it wants to close a deal. A step characterized by corresponding,
Allowing an order submitter to identify one or more risk pools for which no order should be made for the order;
Including methods.

13. The method of 13.12, wherein at least one of said acknowledgment rates includes an acknowledgment rate for all offers that would like to close a transaction when a matching order is stored in the order management system, how to.

14. The method of claim 12, wherein the acknowledgment rate includes an acknowledgment rate to an offer that a matching order is stored in the order management system and that it is desired to close a transaction when associated with the submitter. how to.

15. The method of claim 12, wherein the acknowledgment rate results in a time transaction associated with an order having a matching order stored in the order management system and having at least one characteristic similar to the order of the submitter. A method characterized by including a positive response rate to an offer to want.

16. The method of claim 15, wherein the at least one characteristic includes at least one of a financial instrument, a quantity range, a price range, a market capitalization, an industry, and a financial instrument type.

17. The method according to 17.12, wherein the acknowledgment rate includes a contrast between the number of acknowledgments and the number of offers.

18. A method according to 18.12, wherein the order comprises a firm order.

19. The method according to 19.12, wherein the order includes an indeterminate order.

21. The method of claim 20.12, wherein the allowing step includes providing an interface through which the one or more risk pools can be selected.

21. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 12.

22. Submitting the order to a system operable to perform the method according to 12;

23. Receiving a plurality of risk pool instructions, wherein each risk pool corresponds to a range of acknowledgment rates for acceptance of acceptance of each order, and each risk pool is in each of said ranges Including a number of participants corresponding to the acknowledgment rate of
Receiving a selection of at least one risk pool;
Sending an indication that an order should be queried to participants associated with the at least one selected risk pool, wherein the order defines a trading side of a financial instrument. When,
An order that matches the order is stored in an order management system associated with the participant in the at least one risk pool, and the participant concludes a transaction that fulfills at least a portion of each of the order and the matching order. Receiving an indication that the offer has been accepted and that the execution of the transaction has been facilitated;
Providing an indication that the execution has been facilitated;
Including methods.

24. The method according to 24.23, wherein the acknowledgment rate is an affirmation to all offers that would like to conclude a transaction sent to the participant when a matching order is stored in the order management system associated with the participant. A method comprising a response rate.

25. The method according to 25.23, wherein the acknowledgment rate is associated with a transaction sent to the participant when the matching order is stored in an order management system associated with the participant and associated with the submitter of the order. A method characterized by including a positive response rate to an offer to want.

26. The method according to 26.23, wherein the acknowledgment rate is when a matching order is stored in an order management system associated with a participant and is associated with a second order having at least one characteristic similar to the order. A method comprising an acknowledgment rate to an offer to close a transaction sent to the participant.

27. The method of claim 27.26, wherein the at least one characteristic includes at least one of a financial instrument, a quantity range, a price range, a market capitalization, an industry, and a financial instrument type.

28. The method of 28.23, wherein providing the indication that the execution has been facilitated includes providing at least one of providing an indication on an interface and sending an electronic message. Method.

The method of claim 29.23, wherein the acknowledgment rate includes a comparison between the number of acknowledgments and the number of offers.

30. The method of claim 30.23, wherein the order includes a firm order.

31. The method of claim 31.23, wherein the order includes an indeterminate order.

32. The method of claim 32.23, wherein the execution is facilitated without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments in the transaction.

33. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 23.

The following should be construed as an example rather than a claim.

1. Receiving an indication of the composition of the fund, the composition comprising a plurality of financial instruments held by the fund;
Receiving a plurality of orders, each order defining a trading side of a financial product; and
For each order, determining whether each financial instrument of each transaction is part of the composition of the fund;
For each order, if it is determined that the respective financial instrument of the respective transaction is part of the composition of the fund, the order of each matching order that matches the order and the order by the fund operator. Sending a respective first query asking whether a respective offer to conclude a respective transaction fulfilling at least a part of each is accepted.
Including methods.

2.1. The method according to 2.1,
Receiving an indication of acceptance of a transaction defined by each first query;
Facilitating execution of the transaction
A method further comprising:

The method of claim 3.1, wherein the step of promoting includes the step of promoting the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments in the transaction.

4.3. The method of claim 4.3, wherein the step of facilitating execution includes facilitating the execution with a price and quantity that can be identified from the respective first query.

5.3. The method of claim 5.3, wherein facilitating the execution includes facilitating the execution without initiating a negotiation for a price and without initiating a negotiation for a quantity.

The method of claim 6.3, wherein the step of facilitating execution includes the step of facilitating the execution in response to receiving the indication of the acceptance.

7.1. The method of 7.1, further comprising concealing evidence of the transmission of the respective query.

The method according to 8.1, wherein the fund includes at least one of a mutual fund and a listed investment trust.

9.1. The method of 9.1, wherein, for each order, determining that the respective financial instrument of the respective transaction defined by the order is part of the composition of the fund, The method further includes the step of sending a respective second query asking whether each order matching the order is stored in an order management system associated with the fund.

10.9. The method of clause 10.9, wherein sending each respective first query and each respective second query includes a respective single query, the single query as the respective matching order, and the respective order management. Sent to a computer system configured to interpret whether the respective offer is accepted if the respective matching order is stored in the respective order management system. A method comprising the steps of:

11. The method of clause 11.1, wherein sending each respective first query determines the respective query to determine whether the respective matching order is stored in a respective order management system. Configured to determine whether an offer is accepted and to respond to the respective query only if the respective matching order is stored in the respective order management system and the respective offer is accepted And transmitting to each respective system.

12. The method of clause 12.1, wherein the order includes a firm order.

13. The method according to 13.1, wherein the order includes an indeterminate order.

14. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

15. Submitting the order to a system operable to perform the method of 1;

16. Receiving an indication of the composition of the fund, the composition comprising a plurality of financial instruments held by the fund;
Receiving an order indication, wherein the order defines a transaction side of a financial instrument;
Determining that the financial instrument is part of the composition of the fund;
Determining that the offer to accept a transaction to fulfill at least a portion of each of the order and the order that matches the order is received by the fund manager; A step characterized by defining the opposite side of the transaction;
Facilitating execution of the transaction
Including methods.

17. The method of claim 16, wherein determining that the offer is accepted includes determining that the order that matches the order is stored in an order management system associated with the fund. And how to.

18. The method of 18.17, wherein the step of determining that the offer is accepted is
Sending a first query asking whether the order matching the order is stored in the order management system;
Sending a second query asking whether the offer is accepted;
Receiving an instruction to accept said offer
A method comprising the steps of:

19. The method according to 19.18, wherein sending the first query and the second query includes a single query, the single query, whether the matching order is stored in the order management system, and the match. Transmitting to a computer system configured to interpret whether the offer is to be accepted if the order to be stored is stored in the order management system.

20. The method of 20.19, further comprising concealing evidence of the transmission of the single query.

The method of claim 21.17, wherein the step of facilitating execution includes the step of facilitating the execution in response to receiving the indication of the acceptance.

22. The method according to 22.16, wherein the fund includes at least one of a mutual fund and a listed investment trust.

23. The method of claim 23, wherein the facilitating step includes facilitating the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments in the transaction.

24. The method of claim 16.16, wherein promoting the execution includes facilitating the execution without initiating negotiations for a price and without initiating negotiations for a quantity.

25. The method according to 25.16, wherein the order includes a firm order.

26. The method of claim 16.16, wherein the order includes an indeterminate order.

27. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 16.

28. Submitting the order to a system operable to perform the method according to 16;

29. Receiving an indication of the composition of the fund, the composition comprising a plurality of financial instruments held by the fund;
Receiving an order indication, wherein the order defines a transaction side of a financial instrument;
Determining that the financial instrument is part of the composition of the fund;
Determining a price change of the financial product;
Determining whether the manager of the fund is likely to be interested in the opposite side of the transaction of the financial product based on the price change of the financial product;
If the manager determines that it is likely that he is interested in the other side of the transaction of the financial instrument, fulfills at least a portion of each of the order and the order matching the order by the manager of the fund Determining that an offer to close a transaction is accepted;
Facilitating execution of the transaction
Including methods.

30. The method of claim 30.29, wherein determining that the offer is accepted includes determining that the order that matches the order is stored in an order management system associated with the fund. And how to.

The method of 31.30, wherein the step of determining that the offer is accepted is
Sending a first query asking whether the order matching the order is stored in the order management system;
Sending a second query asking whether the offer is accepted;
Receiving an instruction to accept said offer
A method comprising the steps of:

32. The method according to 32.31, wherein transmitting the first query and the second query includes: a single query; whether the matching order is stored in the order management system; Transmitting to a computer system configured to interpret whether the offer is to be accepted if the order to be stored is stored in the order management system.

33. The method according to 33.32, further comprising concealing evidence of the transmission of the single query.

34. The method of claim 34, wherein the step of facilitating execution includes the step of facilitating the execution in response to receiving the indication of the acceptance.

35. The method according to 35.29, wherein the step of determining whether the manager is likely to be interested in the opposite side of the transaction of the financial instrument determines whether the price change includes a price increase or decrease. A method comprising steps.

36. The method according to 36.35, wherein if the opposite side of the transaction includes the sale of the financial instrument, then the operator is determined to be likely to be interested if the price change includes an increase. Feature method.

37. The method according to 37.35, wherein if the opposite side of the transaction includes the purchase of the financial instrument, then the operator is determined to be more likely to be interested if the price change includes a decline. Feature method.

38. The method according to 38.29, wherein the fund includes at least one of a mutual fund and a listed investment trust.

The method of claim 39.29, wherein the step of promoting includes the step of promoting the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments in the transaction.

40. The method of claim 40, wherein the step of facilitating execution includes facilitating the execution without initiating a negotiation for a price and without initiating a negotiation for a quantity.

41. The method of claim 29, wherein the order includes a firm order.

The method of claim 42.29, wherein the order includes an indeterminate order.

The method of claim 43.29, wherein the price change includes a price change from a recipient of the indication of the composition.

44. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 29.

45. Submitting the order to a system operable to perform the method according to 29;

The following should be construed as an example rather than a claim.

1. Receiving a firm order instruction, the firm order defining a transaction side of a financial instrument; and
Determining whether an order matching the firm order is stored in an order management system and whether an offer to enter into a transaction to fulfill at least a portion of each of the firm order and the matching order is accepted A matching order defines the opposite side of the transaction of the financial instrument;
Constraining cancellation of the firm order in a first time period;
If it is not determined that the matching order is stored in the order management system before the first time period ends, or if it is not determined that the participant will accept the offer, the fixed order after the first time period Step to allow cancellation
Including methods.

The method of claim 2.1, wherein the time period includes a time period that is determined prior to receiving the indication of the firm order.

3.1. The method according to 3.1, wherein the time period includes a randomly determined time period.

4.1. The method according to 4.1, wherein the time period includes a time period between about 20 seconds and about 1 minute.

5.1. The method according to 5.1, wherein the determining step determines whether the matching order is stored in an order management system associated with the participant and whether the participant accepts the offer that he wants to close the transaction. Querying the participant to do so.

6.5. The method of claim 6.5, wherein the step of querying includes providing the participant with an indication of whether the time period has elapsed.

7.6. The method of claim 7.6, wherein the indication comprises at least one of an indication of remaining time in the time period and an interface color identification.

8.5. The method of 8.5, wherein the matching order is determined to be stored in the order management system only when the acceptance of the confirmed order is received, and the participant is determined to accept the offer. A method characterized by that.

The method according to 9.1, further comprising the step of providing an indication to the submitter of the firm order whether the time limit has passed.

10. The method of 10.1, wherein if the matching method is determined to be stored in the order management system and the participant is determined to accept the offer, the firm order and the matching order A method further comprising facilitating execution of a transaction that fulfills at least a portion of each of the.

11. The method of claim 10, wherein the step of facilitating execution facilitates the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A method comprising the steps of:

12. The method of 12.10, further comprising preventing the first participant from changing a price associated with the firm order and a quantity associated with the firm order.

13. The method of claim 10, wherein the facilitating step includes facilitating the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments being traded.

14. The method according to 14.1,
Receiving a request to cancel the firm order during the first time period;
Canceling the firm order after the first time period
A method further comprising:

15. The method according to 15.1,
Receiving a request to cancel the firm order during the first time period;
Determining that orders that match during the first time period are stored in the order management system and that the participant accepts the offer;
Facilitating execution of a transaction to fulfill at least a portion of each of the firm order and the matching order
A method further comprising:

16. The method of 16.15, wherein the cancellation request for the firm order is received before the decision is made.

17. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

18. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1;
The one or more processors;
A system with

19. Submitting a firm order to the system according to 18;

20. A processor operable to execute a plurality of instructions stored on a machine-readable medium;
The machine-readable medium having a plurality of instructions stored thereon
A system comprising: when the instructions are executed by the processor,
Determining whether an order matching a firm order is stored in an order management system and whether an offer to enter into a transaction to fulfill at least a portion of each of the firm order and the matching order is accepted; Characterized in that a firm order defines the trading side of the financial instrument, and the matching order defines the opposite side of the trading of the financial instrument;
Receiving a request to cancel the firm order during a first time period;
Determining when the cancellation request for the confirmed order is received during the first time period and completing the determination that the matching order is stored in the order management system and the offer is accepted Facilitating execution of a transaction to fulfill at least the portion of each of the orders and the matching orders;
Determining whether the cancellation request for the firm order is received after a first time period;
It is determined that the cancellation request is received after the first time period, the matching order is stored in the order management system and the offer is accepted before the cancellation of the cancellation of the cancellation Canceling the firm order if the decision is not complete
System to run.

21. The system according to 21.20, wherein the time period includes a time period determined before an instruction for the firm order is received.

22. The system according to 22.20, wherein the time period includes a randomly determined time period.

23. The system of claim 23, wherein the time period includes a time period between about 20 seconds and about 1 minute.

24. The system according to 24.20, wherein the matching order is stored in the order management system and that the transaction that fulfills at least the portion of each of the confirmed order and the matching order is to be concluded A system wherein determining that an offer has been accepted includes querying a participant.

25. The system of claim 24, wherein the step of querying includes providing the participant with an indication of whether the time period has elapsed.

26. The system of claim 26, wherein the indication includes at least one of an indication of remaining time in the time period and an interface color identification.

27. The system of claim 27, wherein when the plurality of instructions are executed by the processor, the processor further causes the processor to provide an indication of whether the time limit has passed to the submitter of the firm order. A system characterized by that.

28. The system of claim 20, wherein the step of facilitating execution facilitates the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A system characterized by including.

29. The system according to 29.20, wherein when the plurality of instructions are executed by the processor, the processor causes the submitter of the firm order to receive a price associated with the firm order and a quantity associated with the firm order. And further executing a step of preventing the change of the password.

30. The system of claim 30, wherein the step of facilitating includes facilitating the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments being traded.

31. 21. A method comprising submitting a firm order to the system according to 20.

32. Sending a confirmed order instruction to a system configured to find an order that matches the confirmed order in the contents of a plurality of order management systems;
Providing a first indication of a time period during which the matching order cannot be canceled
Including methods.

33. The method of 33.32, further comprising receiving the timed indication.

34. The method of claim 34, wherein the indication includes at least one of an interface color identification and an indication of remaining time in the time period.

35. The method according to 35.32, wherein the time period includes a randomly determined time period.

The method of claim 36.32, wherein the time period comprises a time period configured to conceal evidence of the decision.

37. The method of claim 37.32, wherein the step of sending the instruction determines that a matching order is stored in the order management system and the participant fulfills at least a portion of each of the firm order and the matching order. If it is decided to accept an offer to conclude a transaction, and if the firm order is not canceled, execution of a trade that fulfills at least a part of each of the firm order and the matching order is facilitated A method comprising the step of agreeing with.

38. The method according to 38.37, wherein the step of facilitating the execution promotes the execution without initiating negotiations on the price of the transaction and without initiating negotiations on the quantity of financial instruments being traded. A method comprising the steps of:

The method of claim 39.37, further comprising preventing a price associated with the firm order and a quantity associated with the firm order from being changed.

40. The method of claim 40.37, wherein the step of facilitating includes facilitating the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments being traded.

41.1 One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 37.

42. Receiving a confirmed order instruction, wherein the instruction identifies whether a time period during which the confirmed order cannot be canceled has expired; and
Determining whether an order matching the confirmed order is stored in the order management system;
If the matching order is stored in the order management system, in the step of asking for a binding receipt of the firm order from a person associated with the order management system, the request indicates whether the time limit has expired. Steps characterized by including
Including methods.

43.42. The method according to
Receiving the binding acceptance;
Sending an indication that execution of a transaction to fulfill at least a portion of each of the firm order and the matching order should be facilitated.
A method further comprising:

44. The method of 44.43, wherein the indication that the execution of the transaction should be facilitated is that the execution of the transaction does not begin negotiations on the price of the transaction and of the financial instrument being traded. A method characterized in that it includes an indication that it should be promoted without initiating negotiations about the quantity.

45. The method of 45.43, further comprising preventing a price associated with the firm order and a quantity associated with the firm order from being changed.

46. The method of claim 46.43, wherein the step of facilitating execution includes the step of facilitating the execution without negotiation for the price of the transaction and without negotiation for the quantity of financial instruments being traded. how to.

The method according to 47.42, wherein the time period includes a randomly determined time period.

48. The method according to 48.42, wherein the time period includes from about 20 seconds to about 1 minute.

49. The method of claim 49, wherein the indication includes at least one of an indication of remaining time in the time period and an interface color identification.

50.42. The method of claim 50.42, wherein the request includes at least one of providing an interface through which the constrained acceptance is required and sending the request for constrained acceptance. Method.

51. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 42.

The following should be construed as an example rather than a claim.

1. Receiving an order instruction, wherein the order includes a transaction side of a financial instrument;
Determining that a matching order is stored in an order management system associated with the participant, the matching order including the opposite side of the transaction of the financial instrument;
Providing the participant with information identifying that the order of the financial instrument exists, wherein the information does not include a side of the transaction; and
Requesting that the participant take action to receive additional information about the order.
Including methods.

The method of claim 2.1, wherein the action includes converting the matching order into a firm order.

3.1. The method of claim 3.1, wherein the act includes agreeing to positively respond to a query for the order, and the method comprising: sending the query to the participant The method further comprises the step of: sending to the query, wherein the query includes a request for binding acceptance of the order.

4.1. The method according to 4.1, wherein the information identifies that the order of the financial product and a plurality of other orders of the financial product exist.

5.4. The method of claim 5.4, wherein identifying the presence includes identifying a number of pending orders for the financial instrument.

6.5. The method of 6.5, wherein the pending order includes a firm order.

The method of claim 7.5, wherein the pending order includes an order stored on an OMS (Order Management System).

8.1. The method of claim 8.1, wherein the information does not include participant identity information associated with the order.

The method of claim 9.1, wherein the information does not include a price associated with the order.

The method of claim 10.1, wherein the information does not include a price of the financial instrument associated with the order.

11. The method according to 11.1, further comprising receiving the information from an OMS.

12. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

The following should be construed as an example rather than a claim.

1. Receiving an indication of an order that is pending in an order receipt of a trading system, wherein the order defines a trading side of a financial product; and
Sending a first query asking whether an order matching the order is stored in an order management system, wherein the matching order defines the opposite side of the transaction of the financial instrument; ,
Sending a second query asking whether an offer to conclude a transaction to fulfill at least a portion of each of the order and the matching order is accepted;
Receiving an instruction to accept the offer;
In response to receiving the indication of the acceptance, sending an indication to the trading system that the transaction should be executed.
Including methods.

2.1. The method according to 2.1, wherein the step of sending the first query and the step of sending the second query are: a single query; whether the matching order is stored in the order management system; And, if the matching order is stored in the order management system, sending the offer to a computer system configured to be interpreted as to be accepted or questioned.

The method of claim 3.2, wherein sending the single query includes identifying the order as not a firm order.

The method of claim 4.2, wherein sending the single query includes identifying the order as a firm order.

5.2. The method of claim 5.2, wherein sending the single query includes treating the order as if the order was a firm order received from a participant.

6.1. The method of claim 6.1, wherein the offer includes an offer that wants to enter into a transaction that fulfills only a portion of the order.

7.6. The method of 7.6, further comprising determining the portion of the order.

8.6. The method of 8.6, further comprising the step of determining the portion with an algorithm.

9.6. The method of 9.6, further comprising determining the portion based on historical information.

The method of claim 10.6, wherein the portion includes a percentage of the order.

The method of 11.6, wherein the portion includes a portion that is expected to be available in the order receipt.

The method of 12.6, further comprising the step of determining the portion based on a communication speed with the trading system.

13. The method according to 13.1, wherein receiving the indication of the order includes accessing the order receipt of the trading system.

14. The method according to 14.13,
Receiving an indication of at least one possible characteristic of the order;
Determining that the at least one possible characteristic matches the order prior to sending the first and second queries.
A method further comprising:

15. The method according to 15.14, wherein the at least one characteristic includes at least one of a size of the order, a financial instrument associated with the order, and a number of pending orders in the order receipt. .

16. The method according to 16.1, wherein the trading system includes an alternative trading system.

17. The method according to 17.16, wherein the alternative trading system includes a non-exchange exchange.

18. The method of 18.1, wherein the trading system includes a matching engine configured to find a match between pending orders.

19. The method of 19.1, wherein the method is performed by a second trading system.

20. The method of 20.1, further comprising: requesting the instruction for the order and querying the trading system.

The method of 21.1, further comprising the step of accessing the order receipt of the trading system.

22. The method of 22.21, wherein accessing the order receipt includes searching for at least one of the order receipt and a copy of the order receipt.

The method according to 23.21,
Receiving an indication of at least one possible characteristic of the order;
Determining that the order matches the at least one possible characteristic prior to sending the first and second queries.
A method further comprising:

24. The method according to 24.23, wherein the at least one characteristic includes at least one of the order size, a financial instrument associated with the order, and the number of pending orders in the order receipt. .

The method according to 25.21,
Determining that the number of orders in the order receipt exceeds a predetermined number before sending the first and second queries
A method further comprising:

The method according to 26.1,
The acceptance of the offer is identified unless at least one of the orders is canceled and at least a portion of the order is fulfilled so that at least a portion of the order is no longer available when the acceptance is identified Receiving a consent instruction to execute the transaction by the transaction system;
A method further comprising:

27.1. A method according to 27.1,
Determining that the at least one of the orders has not been canceled;
Determining that said at least a portion is available;
Determining that the transaction has not been executed.
A method further comprising:

28. The method according to 28.27, further comprising punishing an operator of the transaction system.

29. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

30. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1;
The one or more processors;
A device comprising

31. Receiving information about a plurality of orders, wherein each order of the plurality of orders is pending on a respective trading system; and
For each order of the plurality of orders, each order that matches the order is stored in a respective order management system and each transaction that fulfills at least a portion of each of the order and the matching order. Deciding that each offer you want to conclude is accepted;
For each order of the plurality of orders, in response to the determination, sending a respective indication to the respective trading system that the respective trade should be executed.
Including methods.

The method of claim 32.31, wherein the determining includes querying at least one participant.

The method of claim 33.32, wherein querying includes identifying the order as associated with the trading system.

34. The method of claim 34, wherein the step of querying includes the step of identifying that the order is not a firm order.

35. The method of claim 35., wherein querying includes treating the order as if the order was a firm order received from a second participant.

The method of 36.31, further comprising the step of determining the portion of the order.

37. The method according to 37.36, further comprising the step of determining the portion by an algorithm.

38. The method according to 38.36, further comprising the step of determining the portion based on historical information.

The method of claim 39.36, wherein the portion includes a percentage of the order.

40. The method of claim 40.36, wherein the portion includes a portion that is expected to be available in the order receipt.

41. The method of 41.36, further comprising determining the respective portions based on communication speeds with the respective trading systems.

The method of claim 42.31, wherein receiving the information about the order includes accessing the order receipt of the trading system.

The method of claim 43.31, wherein the trading system comprises an alternative trading system.

44. The method of claim 44.43, wherein the alternative trading system includes a non-exchange exchange.

45. The method of claim 45, wherein the trading system includes a matching engine configured to find matches between pending orders.

The method of claim 46.31, wherein the method is performed by a second trading system.

The method of claim 47.31, further comprising the step of requesting the information and querying the trading system.

48. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 31.

49. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 31;
The one or more processors;
A system with

50. Receiving an indication of an order that is pending in an order receipt of a trading system, wherein the order defines a trading side of a financial product; and
Determining that an order that matches the order is stored in an order management system and that an offer to enter into a transaction to fulfill at least a portion of each of the order and the matching order is accepted; The matching order defines the opposite side of the transaction of the financial instrument;
Sending an indication to the trading system that the trade should be executed
Including methods.

51. The method of claim 51.50, wherein the determining step comprises querying at least one participant.

The method of claim 52.1, wherein querying includes identifying the order as associated with the trading system.

53. The method of claim 53.1, wherein querying includes identifying the order as not a firm order.

54. The method of claim 54, wherein the step of querying includes treating the order as if the order was a firm order received from a second participant.

55. The method of claim 55, wherein the offer comprises an offer that wants to enter into a transaction that fulfills only a portion of the order.

56. The method of 56.55, further comprising determining the portion of the order.

The method of claim 57.55, further comprising the step of determining the portion with an algorithm.

58. The method of 58.55, further comprising the step of determining the portion based on historical information.

The method of claim 59.55, wherein the portion includes a percentage of the order.

60. The method of claim 60.55, wherein the portion includes a portion that is expected to be available in the order receipt.

61.55. The method of 61.55, further comprising determining the portion based on a communication speed with the trading system.

The method of claim 62.50, wherein receiving the indication of the order includes accessing the order receipt of the trading system.

63.62. The method according to
Receiving an indication of at least one possible characteristic of the order;
Determining that the order matches the at least one possible characteristic prior to sending the first and second queries.
A method further comprising:

64. The method of claim 64.63, wherein the at least one characteristic includes at least one of a size of the order, a financial instrument associated with the order, and a number of pending orders in the order receipt. .

The method of claim 65.50, wherein the trading system comprises an alternative trading system.

66. The method of claim 66.65, wherein the alternative trading system includes a non-exchange exchange.

The method of claim 67.50, wherein the trading system includes a matching engine configured to find matches between pending orders.

68. The method of 68.50, wherein the method is performed by a second trading system.

69. The method of claim 69, further comprising: requesting the indication of the order and querying the trading system.

The method of claim 70.50, further comprising accessing the order receipt of the trading system.

71. The method of claim 71, wherein accessing the order receipt includes retrieving at least one of the order receipt and a copy of the order receipt.

The method according to 72.70,
Receiving an indication of at least one characteristic;
Determining that the order matches the at least one characteristic prior to sending the first and second queries.
A method further comprising:

73. The method according to 73.72, wherein the at least one characteristic includes at least one of a size of the order and a financial instrument associated with the order.

74.70, the method
Determining that the number of orders in the order receipt exceeds a predetermined number before sending the first and second queries
A method further comprising:

The method according to 75.50, wherein
The acceptance of the offer is identified unless at least one of the orders is canceled and at least a portion of the order is fulfilled so that at least a portion of the order is no longer available when the acceptance is identified Receiving a consent instruction to execute the transaction by the transaction system;
A method further comprising:

The method according to 76.50, wherein
Determining that the at least one of the orders has not been canceled;
Determining that said at least a portion is available;
Determining that the transaction has not been executed.
A method further comprising:

77. The method according to 77.76, further comprising punishing an operator of the trading system.

78. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 50.

79. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 50;
The one or more processors;
A system with

The following should be construed as an example rather than a claim.

1. A processor operable to execute a plurality of instructions stored on a machine-readable medium;
An apparatus comprising the machine-readable medium having a plurality of instructions stored thereon, wherein the instructions are executed by the processor when executed by the processor.
Receiving instructions for multiple orders;
Storing information about the order in an order receipt of the first trading system;
Transmitting an instruction of a first order of the plurality of orders to a second trading system, wherein the first order defines a trading side of a financial product;
Receiving an indication of acceptance of an offer to close a first transaction that fulfills at least a portion of the first order;
Executing the first transaction if the acceptance is identified before an order matching the first order is identified by a first trading system;
If the order that matches the first order is identified by a first trading system before the acceptance is identified, execute a second trade that fulfills the matching order and at least a portion of the first order A device that executes a step.

In the apparatus described in 2.1, the matching order is
When an indication of the matching order is received by the first trading system;
When the matching order is stored in the order receipt;
When the matching engine of the first trading system identifies that the matching order matches the first order;
When the first order is deleted from the order receipt;
The apparatus is characterized in that the matching order is identified at at least one time when it is processed by the first trading system.

In the apparatus according to 3.1, the acceptance is
When the acceptance instruction is received by the second trading system;
When the acceptance instruction is transmitted from the second transaction system to the first transaction system;
When the acceptance instruction is received by the first trading system;
The apparatus is characterized in that the acceptance instruction is identified at at least one time when processed by the first trading system.

The apparatus according to 4.1, wherein the order receipt includes at least one of a database, a queue, a list, and a group.

The apparatus according to 5.1, wherein the first transaction system includes a first alternative transaction system.

The apparatus according to 6.5, wherein the first alternative trading system includes a non-exchange exchange.

The apparatus of claim 7.1, wherein the first trading system includes a matching engine configured to find a match between pending orders.

The apparatus of 8.1, wherein the apparatus is part of the first transaction system.

The apparatus of 9.1, wherein the instructions are executed by the processor when executed by the processor.
Receiving an indication of at least one possible characteristic of the order;
An apparatus further comprising the step of determining that the first order matches the at least one characteristic prior to transmitting the indication to the second trading system.

The apparatus of claim 10.9, wherein the at least one characteristic includes at least one of the quantity of the order and a financial instrument associated with the order.

11. The apparatus of clause 11.1, wherein the instructions are executed by the processor when executed by the processor.
The apparatus further comprising the step of determining that the number of the plurality of orders exceeds a predetermined number before transmitting the instruction to the second trading system.

12. The apparatus of claim 12.1, wherein sending the indication includes responding to a query from the second trading system.

13. The apparatus of claim 12, wherein the instructions are executed by the processor when executed by the processor.
Receiving the query, wherein the step of responding to the query further comprises the step of processing the query.

14. The apparatus of 14.1, wherein sending the instructions includes providing the second trading system with access to the order receipt.

15. The apparatus of 15.1, wherein the instructions are executed by the processor when executed by the processor.
As long as at least one of the first orders is not canceled and at least part of the first order is fulfilled, such that at least part of the first order is no longer available when the acceptance is identified The apparatus further comprising the step of transmitting a consent instruction to execute the first transaction if acceptance is identified.

16. Submitting the order to the device of claim 1;

17. Receiving an order indication, wherein the order defines a transaction side of a financial instrument;
Storing information about the order in the order receipt;
Transmitting the order instruction to a second trading system;
Receiving from the second trading system an instruction to accept an offer to conclude a transaction that fulfills at least a portion of the order;
Determining whether the order is available;
A method comprising facilitating execution of the transaction if the order is available.

18. The method of 18.17, wherein the indication of acceptance identifies an order that matches the order, and the matching order defines a transaction on the opposite side of the financial instrument. Feature method.

19. The method of 19.17, wherein the second trading system is configured to determine whether a matching order is stored in an order related system associated with the participant and whether the participant accepts the offer. A method characterized in that the system is configured to perform a query.

20. The method of claim 20.17, wherein determining whether the order is available includes determining whether the order is available in the order receipt.

The method of claim 21.17, wherein the order receipt includes at least one of a database, a queue, a list, and a group.

22. The method of 22.17, wherein the method is performed by a first trading system, and the order receipt includes an order receipt of the first trading system.

23. The method of claim 23, wherein the first trading system includes a first alternative trading system.

24. The method of 24.23, wherein the first alternative trading system includes a non-exchange exchange.

25. The method of claim 25, wherein the first trading system includes a matching engine configured to find matches between pending orders.

The method according to 26.17,
Receiving an indication of at least one possible characteristic of the order;
The method further comprising: determining that the first order matches the at least one characteristic prior to transmitting the indication to the second trading system.

27. The method of claim 27, wherein the at least one characteristic includes the order size and at least one of financial instruments associated with the order.

The method according to 28.17,
The method further comprising: determining that the number of orders in the order receipt exceeds a predetermined number before sending the indication to the second trading system.

29. The method of claim 29, wherein sending the indication includes responding to a query from the second trading system.

30. The method of claim 30.29, further comprising: in the step of receiving the query, the step of responding to the query includes processing the query.

The method of claim 31.17, wherein sending the indication includes providing the second trading system with access to the order receipt.

The method according to 32.17,
The acceptance of the offer is identified unless at least one of the orders is canceled and at least a portion of the order is fulfilled so that at least a portion of the order is no longer available when the acceptance is identified The method further comprising: sending an indication of consent to the first transaction system to execute the first transaction.

33. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 17.

34. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of claim 17;
An apparatus comprising the one or more processors.

35. Submitting the order to the device according to 34;

36. A processor operable to execute a plurality of instructions stored on a machine-readable medium;
An alternative trading system comprising the machine-readable medium having a plurality of instructions stored thereon, wherein the instructions are executed by the processor when executed by the processor.
Receiving instructions for multiple orders;
Storing information about the order in an order receipt of the alternative trading system;
Transmitting an instruction of a first order of the plurality of orders to a second trading system, wherein the first order defines a trading side of a financial product;
Receiving an indication of acceptance of an offer to close a first transaction that fulfills at least a portion of the first order;
Executing the first transaction if the acceptance is identified before an order matching the first order is identified by the alternative trading system;
If the order that matches the first order is identified by the alternative trading system before the acceptance is identified, execute a second trade that fulfills the matching order and at least a portion of the first order An alternative trading system that lets you execute steps.

37. In the alternative trading system of 37.36, the matching order is
When an instruction for the matching order is received by the alternative trading system;
When the matching order is stored in the order receipt;
When the matching engine of the alternative trading system identifies that the matching order and the first order match;
When the first order is deleted from the order receipt;
An alternative trading system, wherein the matching order is identified at least one time when it is processed by the alternative trading system.

In the alternative transaction system described in 38.37, the acceptance is
When the acceptance instruction is received by the second trading system;
When the acceptance instruction is transmitted from the second trading system to the alternative trading system;
When the acceptance instruction is received by the alternative trading system;
An alternative transaction system, characterized in that the acceptance instruction is identified at least one time when it is processed by the alternative transaction system.

39. The alternative trading system according to 39.37, wherein the order receipt includes at least one of a database, a queue, a list, and a group.

40. The alternative transaction system according to 40.39, wherein the alternative transaction system includes a non-exchange exchange.

41. The alternative trading system of 41.37, wherein the alternative trading system includes a matching engine configured to find matches between pending orders.

42. The alternative trading system of claim 37, wherein the instructions are executed by the processor when executed by the processor.
Receiving an indication of at least one possible characteristic of the order;
An alternative trading system, further comprising the step of determining that the first order matches the at least one characteristic before sending the indication to the second trading system.

43. The alternative trading system of 43.42, wherein the at least one characteristic includes at least one of the quantity of the order and a financial product associated with the order.

44. The alternative trading system of 44.37, wherein the instructions are executed by the processor when executed by the processor.
An alternative trading system, further comprising a step of determining that the number of the plurality of orders exceeds a predetermined number before the step of transmitting the instruction to the second trading system.

45. The alternative trading system according to 45.37, wherein the step of transmitting the instruction includes a step of responding to a query from the second trading system.

46. The alternative trading system according to 46.45, wherein when the instructions are executed by the processor, the step of responding to the query includes processing the query in the step of receiving the query to the processor. An alternative transaction system characterized by further causing a step characterized by the above to be executed.

47. The alternative trading system of 47.37, wherein the step of sending the instruction includes providing the second trading system with access to the order receipt.

48. The alternative trading system of 48.37, wherein the instructions are executed by the processor when executed by the processor.
The acceptance of the offer is not made unless at least one of the orders is canceled and at least part of the first order is fulfilled so that at least part of the first order is no longer available when the acceptance is identified If identified, the alternative transaction system further includes the step of transmitting an instruction to agree to execute the first transaction.

49. Submitting the order to an alternative trading system as described in 37;

50. Receiving an order indication, wherein the order defines a transaction side of a financial instrument;
Determining which of a plurality of trading systems initially identifies an order that matches the order, the matching order defining the opposite side of the trading of the financial instrument;
Executing a transaction to fulfill the matching order and at least a portion of each of the orders based on the determination.

51.50. The method of claim 51, wherein the determining step includes determining whether an acceptance instruction is received from one of the plurality of trading systems before a second matching order instruction is received. how to.

52. The method of claim 52, wherein the method is performed by a first trading system.

53. The method of claim 53, wherein the first trading system includes a first alternative trading system.

54. The method of claim 54, wherein the first alternative trading system includes a non-exchange exchange.

55. The method of claim 55, wherein the first trading system includes a matching engine configured to find a match between pending orders.

56. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 50.

57. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 50;
An apparatus comprising the one or more processors.

58. Submitting the order to the device according to 57;

The following should be construed as an example rather than a claim.

1. Receiving a number of first instructions, wherein each first instruction indicates a respective first order, wherein each first order defines a respective first transaction Steps,
Querying a plurality of participants for the first order;
Receiving the second indication of the second order after receiving the number of first indications, wherein the second order defines a second transaction; and
Constraining cancellation of the second order in a certain time period;
Querying the plurality of participants for the second order;
Allowing the cancellation of the second order after the time period if an acceptance of entering the second transaction during the time period is not identified.

2.1. The method according to 2.1,
For each of the first orders, a matching order is not stored in an order management system associated with any of the plurality of participants, and any of the plurality of participants is defined by the first order. The method further comprising the step of determining at least one of not accepting the offer to close the respective first transaction.

3.2. The method of claim 2, wherein no matching order is stored in the order management system associated with any of the plurality of participants, and any of the plurality of participants is defined by the first order. Determining at least one of not accepting the offer to conclude the respective first transaction is stored in the order management system wherein a matching order is associated with any of the plurality of participants. A method comprising the step of determining that it is not.

4.3. The method of 4.3, wherein determining that a matching order is not stored in the order management system associated with any of the plurality of participants comprises: Determining that no indication that the order is stored in the order management system has been received.

5.2. The method according to 5.2, wherein a matching order is not stored in the order management system associated with any of the plurality of participants, and any of the plurality of participants is defined by the first order. Determining at least one of not accepting the offer to conclude the respective first transaction to be executed is the step of determining whether each of the plurality of participants is defined by the first order. Deciding not to accept said offer to conclude.

6.5. The method of 6.5, wherein the step of determining that none of the plurality of participants accepts the offer of concluding the respective first transaction defined by the first order is acceptance of the offer. A method comprising determining that an indication has not been received.

7.1. The method of 7.1, further comprising determining that each of the first orders is not fulfilled by a transaction by any of the plurality of participants.

8.1. The method of 8.1, further comprising the step of determining the number.

9.8. The method of claim 9.8, wherein determining the number includes randomly determining the number.

10. The method of claim 10.1, wherein each of the number of first instructions and second instructions is received from a single submitter.

11. The method of clause 11.1, wherein the number of first instructions is received from a plurality of submitters.

12. The method of 12.1, wherein the time period includes about 5 seconds.

13. The method of 13.1, wherein querying the plurality of participants for the first order includes storing each matching order of each first order in a respective order management system associated with the participant. And querying each participant of the plurality of participants to determine whether to accept the offer that the participant wants to conclude the respective first transaction.

14. The method of 14.1, wherein the step of querying the plurality of participants for the second order is such that each matching order of each second order is stored in a respective order management system associated with the participant. And querying each participant of the plurality of participants to determine whether to accept the offer that the participant wants to conclude the respective second transaction.

15. The method of 15.1, further comprising the step of providing an indication to the submitter of the second order whether the time limit has elapsed.

16. The method according to 16.1,
Receiving the second order cancellation request during the time period, wherein the step of constraining the cancellation comprises queuing the cancellation request until after the time period. .

17. The method according to 17.16, further comprising the step of canceling the second order after the time limit.

18. The method according to 18.1,
Receiving a cancellation request for the second order during the first time period;
An order that matches the second order during the time period is stored in an order management system associated with the participant with the plurality of participants, and the participant orders the matching order and the second order. Determining to accept an offer to conclude a transaction that fulfills at least a portion of each;
The method further includes facilitating execution of a transaction that fulfills at least a portion of each of the second order and the matching order.

19. The method of 19.18, wherein the cancellation request for the second order is received before the decision is made.

20. The method of 20.1, wherein the step of determining that an order that matches the second order is not stored in an order management system associated with any of the plurality of participants prior to the end of the time period. Further comprising a method.

21. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1.

22. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 1;
A system comprising the one or more processors.

23. Receiving a number of first instructions, wherein each first instruction indicates a respective first order, wherein each first order defines a respective first transaction Steps,
For each of the first orders, a matching order is not stored in an order management system associated with any of a plurality of participants, and any of the plurality of participants is defined by the first order. Determining at least one of not accepting an offer to close each first transaction;
Receiving a second instruction of a second order after receiving the number of first instructions;
Constraining cancellation of the second order in a first time period;
Allowing the cancellation of the second order after the time period if an acceptance of entering the second transaction during the time period is not identified.

24. The method of 24.23, wherein a matching order is not stored in the order management system associated with any of the plurality of participants, and any of the plurality of participants is defined by the first order. Determining at least one of not accepting the offer to conclude the respective first transaction is stored in the order management system wherein a matching order is associated with any of the plurality of participants. A method comprising the step of determining that it is not.

25. The method of claim 24, wherein determining that a matching order is not stored in the order management system associated with any of the plurality of participants includes determining whether a matching order is one of the plurality of participants. Determining that no indication that the order is stored in the order management system has been received.

26. The method according to 26.23, wherein a matching order is not stored in the order management system associated with any of the plurality of participants, and any of the plurality of participants is defined by the first order. Determining at least one of not accepting the offer to conclude the respective first transaction to be executed is the step of determining whether each of the plurality of participants is defined by the first order. Deciding not to accept said offer to conclude.

27. The method of claim 27. wherein the step of determining that none of the plurality of participants accepts the offer to close the respective first transaction defined by the first order is a step of accepting the offer. A method comprising determining that an indication has not been received.

28. The method according to 28.23, further comprising the step of determining the number.

29. The method of claim 29, wherein the step of determining the number includes the step of randomly determining the number.

30. The method of claim 30.23, wherein each of the number of first instructions and second instructions is received from a single submitter.

31. The method of claim 31.23, wherein the number of first instructions is received from a plurality of submitters.

32. The method of claim 22.23, wherein the time period includes about 5 seconds.

33.23. The method of claim 33, wherein each matching order of each first order is stored in a respective order management system associated with said participant and said participant performs said respective first transaction. A method further comprising querying each participant of the plurality of participants to determine whether to accept an offer to tie.

34.23. The method of claim 34, wherein each matching order for each second order is stored in a respective order management system associated with the participant and the participant performs the respective second transaction. A method further comprising querying each participant of the plurality of participants to determine whether to accept an offer to tie.

35. The method of 35.23, further comprising providing an indication to the submitter of the second order whether the time limit has passed.

36. The method according to 36.
Receiving the second order cancellation request during the time period, wherein the step of constraining the cancellation comprises queuing the cancellation request until after the time period. .

37. The method according to 37.36, further comprising the step of canceling the second order after the time limit.

The method according to 38.23,
Receiving a cancellation request for the second order during the time period;
An order that matches the second order during the time period is stored in an order management system associated with the participant with the plurality of participants, and the participant orders the matching order and the second order. Determining to accept an offer to conclude a transaction that fulfills at least a portion of each;
The method further includes facilitating execution of a transaction that fulfills at least a portion of each of the second order and the matching order.

39. The method of 39.38, wherein the cancellation request for the second order is received before the decision is made.

40. The method of claim 40.23, comprising: determining that an order matching the second order is not stored in an order management system associated with any of the plurality of participants prior to the end of the time period. Further comprising a method.

41.1 One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 23.

42. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of claim 23;
A system comprising the one or more processors.

43. Receiving an order instruction, wherein the order defines a transaction for a financial instrument;
Determining that an order matching the order is not stored in a respective order management system associated with any of a plurality of participants before the end of a time period;
Determining that cancellation of the order should be constrained for the time period;
Constraining cancellation of the order for the time period;
Including methods.

44. The method according to 44.43, further comprising allowing the cancellation of the order after the time period.

The method of claim 45.43, wherein the step of determining that the cancellation of the order is to be constrained includes receiving a number of orders from the order submitter before the indication of the order is received. A method comprising the step of determining that

46. The method of claim 46, wherein the number of orders includes an order that was not fulfilled when the indication of the order was received.

47. The method according to 47.45, wherein the number of orders is accepted by any of the plurality of participants and an order for which no matching order is stored in any of the order management systems of the plurality of participants. A method comprising at least one of unordered orders.

The method of claim 48.43, wherein determining that the cancellation of the order should be constrained comprises making a random determination.

49.43. The method of 49.43, wherein a matching order of the order is stored in a respective order management system associated with the participant and the offer that the participant wishes to enter into the second transaction is accepted. Querying each participant of the plurality of participants to determine whether to do so.

50. The method of 50.43, further comprising providing an indication to the order submitter whether the time limit has passed.

51.43. The method according to
Receiving the order cancellation request during the time period, wherein the step of constraining the cancellation includes queuing the cancellation request until after the time limit.

52. The method of 52.51, further comprising the step of canceling the second order after the time limit.

The method according to 54.43, wherein
Receiving a request to cancel the order during the time period;
An order that matches the order during the time period is stored in an order management system associated with the participant with the plurality of participants and at least one of the order that the participant matches and the order. Deciding to accept an offer to conclude a transaction to fulfill the department;
The method further includes facilitating execution of a transaction that fulfills at least a portion of each of the order and the matching order.

55. The method of claim 55, wherein the cancellation request for the order is received before the decision is made.

The method of claim 56.43, wherein determining that an order that matches the order is stored in the order management system associated with any of the plurality of participants prior to the expiration of a time period is the match. Determining that no indication has been received that the order to be stored is stored in the order management system.

The method of claim 57.43, wherein the step of determining that an order that matches the order is stored in the order management system associated with any of the plurality of participants before the end of a time period is the match. Determining that an indication that the order to be stored is not stored in the order management system is received from each of the plurality of participants.

58. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 43.

59. One or more machine-readable media having stored thereon a plurality of instructions that, when executed by one or more processors, cause the processor to perform the method of 43;
A system comprising the one or more processors.

Several aspects are described.
[Aspect 1]
Receiving an order query, the order query identifying a firm order for a financial instrument;
Determining whether the confirmed order matches an order stored by an order management system;
Providing the indication of the firm order and allowing the firm acceptance of the firm order only if it is determined that the firm order matches the order associated with the order management system.
[Aspect 2]
A method according to aspect 1, comprising:
A method further comprising concealing evidence of the decision if the firm order is determined not to match the order associated with the order management system.
[Aspect 3]
A method according to aspect 1, comprising:
Receiving the binding acceptance instruction;
The method further comprising facilitating execution of a transaction that fulfills at least a portion of the firm order.
[Aspect 4]
The method of claim 1, wherein determining whether the confirmed order matches the order stored by the order management system comprises applying a filter to the confirmed order.
[Aspect 5]
Receiving a firm order for a financial instrument;
Sending an order query identifying the firm order to each of a plurality of trading systems for comparison with an order associated with a respective order management system of each trading system;
A response is received from at least one of the plurality of trading systems that identifies receipt of the firm order only if a determination is made that a matching order is stored in the respective order management system and the firm order is accepted. Receiving step;
A method comprising facilitating execution of a transaction to fulfill at least a portion of the firm order in response to receiving the response.
[Aspect 6]
6. The method of aspect 5, wherein each of the plurality of trading systems includes at least one of a respective order management system and a respective participant system coupled with the respective order management system.
[Aspect 7]
6. The method of aspect 5, wherein the steps of receiving the firm order, sending the order query, receiving the response, and facilitating execution are performed by a market.
[Aspect 8]
Receiving a first firm order for a financial instrument;
Determining whether a second confirmed order matching the first confirmed order has been received;
Facilitating execution of a transaction for fulfilling at least a portion of the first firm order and at least a portion of the second firm order when receiving the second firm order;
If the second firm order has not been received, an order query identifying the first firm order is in each of a plurality of trading systems, and the first firm order matches an order associated with the respective order management system. And transmitting to each trading system configured to facilitate trading if the first confirmed order matches the order associated with the respective order management system.
[Aspect 9]
9. The method of aspect 8, wherein each of the plurality of trading systems includes at least one of a respective order management system and a respective participant system coupled with the respective order management system.
[Aspect 10]
A system comprising a computer system configured to send an order query identifying a firm order to each of a plurality of trading systems,
Each of the plurality of trading systems determines whether the firm order matches an order associated with a respective order management system and the firm order matches the order associated with the respective order management system A system characterized in that it is configured to facilitate transactions when doing so.
[Aspect 11]
Receiving an indeterminate order instruction from a first participant, wherein the indeterminate order defines a transaction side of a financial instrument; and
In the step of sending a first query asking if an order matching the uncertain order is stored in the order management system, the matching order defines the opposite side of the transaction of the financial instrument. Steps,
Sending a second query asking whether an offer to close a transaction to fulfill at least a portion of each of the uncertain order and the matching order is accepted;
Receiving an instruction to accept the uncertain order;
In response to receiving the indication of the acceptance, transmitting an approval request for the uncertain order to the first participant;
Receiving an instruction to approve the uncertain order;
Facilitating execution of the transaction to fulfill at least a portion of each of the uncertain order and the matching order.
[Aspect 12]
12. The method of aspect 11, wherein the first participant ensures that the at least part of the uncertain order is no longer available prior to at least one of the sending of the approval request and receiving the approval request. Receiving a consent indication to approve the uncertain order unless at least one of the uncertain orders has been canceled and at least a portion of the uncertain order has not been fulfilled.
[Aspect 13]
The method of claim 11, wherein the offer includes an offer that wants to enter into a transaction that fulfills only a portion of the indeterminate order.
[Aspect 14]
14. The method of aspect 13, further comprising determining the portion of the uncertain order.
[Aspect 15]
14. The method of aspect 11, wherein the step of sending the query determines whether the offer has been accepted, the query determines whether the matching order is stored in the order management system, and Sending the matching order to a system configured to respond to the query only if it is stored in the order management system and the offer is accepted.
[Aspect 16]
The method according to aspect 11, wherein the step of sending the first query and the step of sending the second query are stored in the order management system as a single query, and whether the order matching the single query is stored in the order management system. And, if the matching order is stored in the order management system, transmitting to a computer system configured to interpret whether the offer has been accepted.
[Aspect 17]
Receiving an indeterminate order instruction from a first participant, wherein the indeterminate order defines a transaction side of a financial instrument; and
Determining whether an order matching the uncertain order is stored in an order management system and whether an offer to enter into a transaction to fulfill at least a portion of each of the uncertain order and the matching order is accepted Wherein the matching order defines the opposite side of the transaction of the financial instrument;
Sending an approval request for the indeterminate order to the first participant;
Receiving an instruction to approve the uncertain order;
Facilitating execution of the transaction to fulfill at least a portion of each of the uncertain order and the matching order.
[Aspect 18]
18. The method of aspect 17, further comprising: requesting the first participant to approve the indeterminate order within a certain time period.
[Aspect 19]
18. The method of aspect 17, wherein the first participant ensures that the at least part of the uncertain order is no longer available prior to at least one of the sending of the approval request and receiving the approval request. Receiving a consent indication to approve the uncertain order unless at least one of the uncertain orders has been canceled and at least a portion of the uncertain order has not been fulfilled.
[Aspect 20]
18. The method of aspect 17, wherein the offer includes an offer that wants to enter into a transaction that fulfills only a portion of the uncertain order.
[Aspect 21]
18. The method of aspect 17, wherein the determining step includes storing a single query, whether the order matching the single query is stored in the order management system, and the matching order is stored in the order management system. If so, the method comprises the steps of: transmitting to a computer system configured to interpret whether the offer has been accepted; and receiving an instruction to accept the uncertain order.
[Aspect 22]
A processor operable to execute a plurality of instructions stored on a machine-readable medium;
A system comprising the machine-readable medium having a plurality of instructions stored thereon, wherein the instructions are executed by the processor when executed by the processor.
In determining whether an order matching the uncertain order is stored in the order management system and whether an offer has been accepted to enter into a transaction to fulfill at least a portion of the uncertain order and each of the matching orders. Characterized in that the uncertain order defines a trading side of a financial instrument, and the matching order defines the opposite side of the trading of the financial instrument;
Sending an approval request for the indeterminate order if it is determined that the offer has been accepted; and
Determining whether an instruction to approve the uncertain order has been received;
A system that, when determining that the indication of the approval of the uncertain order has been received, facilitates the execution of the transaction to fulfill at least the portion of each of the uncertain order and the matching order.
[Aspect 23]
The system of claim 22, wherein the plurality of instructions are executed by the processor when executed by the processor.
If determining that the indication of the approval of the uncertain order has not been received, the system further comprises the step of receiving information identifying a situation that overcomes the consent to approve the uncertain order .
[Aspect 24]
66. The system of claim 66, wherein the situation includes at least one of cancellation of the uncertain order and fulfillment of at least a portion of the uncertain order by another order.
[Aspect 25]
25. The system of aspect 24, wherein the uncertain order is when the uncertain order has not been canceled and at least a portion of the uncertain order that is sufficient to fulfill the matching order is due to another order. A system characterized by availability when not implemented.
[Aspect 26]
24. The system according to aspect 23, wherein the offer includes an offer that wants to conclude a transaction that fulfills only a portion of the indeterminate order.
[Aspect 27]
27. The system of aspect 26, wherein the plurality of instructions are executed by the processor when executed by the processor.
The system further comprising the step of determining the portion of the uncertain order.
[Aspect 28]
28. A system according to aspect 27, wherein the matching order is stored in the order management system and an offer to enter into a transaction that fulfills at least a portion of each of the indeterminate order and the matching order is accepted. The step of determining whether or not includes querying a participant.

Claims (1)

Receiving an order query, the order query identifying a firm order for a financial instrument;
Determining whether the confirmed order matches an order stored by an order management system;
Providing the indication of the firm order and allowing the firm acceptance of the firm order only if it is determined that the firm order matches the order associated with the order management system.

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