Systems and methods for providing non-fully-transparent markets

Patent metadata

Field	Value
Publication number	US-11847699-B2
Application number	US-202117329070-A
Country	US
Kind code	B2
Filing date	May 24, 2021
Priority date	Apr 27, 2006
Publication date	Dec 19, 2023
Grant date	Dec 19, 2023

Abstract

Receiving a request to reveal a bid or an offer, transmitting a price and a size that corresponds to the bid or the offer; waiting a pre-determined period of time, and executing the bid or the offer at a default price and a default size, in the event that no command is submitted to trade within the pre-determined period of time.

First claim

What is claimed is:

1. An apparatus comprising:
at least one processor configured to control:
receiving, via an interface of a computing device of an electronic trading system, a request to reveal a first price of a selected order having a first price and a second price associated with the selected order, in which the request is submitted by an interface of a remote computing device of an electronic trading system;
determining whether the request provides an indication of a willingness to generate a trading command to execute a trade responsive to the selected order, to prevent communication of the first price for display on the interface of the remote computing device;
transmitting, via an interface of a remote computing device that is in communication with the interface of the computing device of the electronic trading system over a network, the first price and a size associated with the selected order;
determining, via the computing device of the electronic trading system, whether the computing device of the electronic trading system has not received a trading command responsive to the selected order within a pre-determined period of time; and
executing, via the computing device of the electronic trading system, the selected order at a default price and a default size.

2. The apparatus of claim 1 , in which the default price and the default size comprise, respectively, the first price and the size transmitted in response to the request to reveal.

3. The apparatus of claim 1 , in which the default price and the default size comprise, respectively, a price and a size that are predetermined by a user.

4. The apparatus of claim 1 , in which the at least one processor is configured to control:
determining whether a user is not permitted to trade; and
denying the user's request to reveal.

5. The apparatus of claim 4 , in which the at least one processor is configured to control:
transmitting an identity of the user to an originating user; and
receiving a request to permit the user to trade.

6. The apparatus of claim 1 , in which the at least one processor is configured to control receiving a list of users that are permitted to trade on the electronic trading system, in which the permitted users are predetermined based on previous transactions with each user.

7. The apparatus of claim 1 , in which the first price comprises an original price and wherein the second price comprises a market price.

8. A method comprising:
controlling, by at least one processor:
receiving, via an interface of a computing device of an electronic trading system, a request to reveal a first price of a selected order having a first and a second price associated with the selected order, in which the request is received from an interface of a remote computing system;
determining whether the request provides an indication of a willingness to generate a trading command to execute a trade responsive to the selected order, to prevent communication of the first price for display on the interface of the remote computing system;
transmitting, via an interface of a remote computing device that is in communication with the interface of the computing device of the electronic trading system over a network, the first price and a size associated with the selected order;
monitoring, via the computing device of the electronic trading system, the remote computing device for a trading command responsive to the selected order within a pre-determined period of time;
receiving, via the interface of the computing device of the electronic trading system, a response trading command, in which the response trading command is received via the interface of the remote computing device within the pre-determined period of time and comprises, respectively, a price and a size specified by a user;
executing, via the computing device of the electronic trading system, a bid or an offer at the price and the size specified by the user in the response trading command, wherein the price and size specified by the user is not the first or the second price of the selected order;
transmitting an identity of the user to an interface of a remote computing device of an originating user; and
receiving, via the interface of the computing device of the electronic trading system, from the interface of the remote computing device, a request to permit the user previously denied to trade.

9. A non-transitory computer-readable medium configured to store instructions which, when executed by at least one processor, control:
receiving, via an interface of a computing device of an electronic trading system, a request to reveal a first price of a selected order having a first price and a second price associated with the selected order, in which the request is submitted by an interface of a remote computing device of an electronic trading system;
determining whether the request provides an indication of a willingness to generate a trading command to execute a trade responsive to the selected order, to prevent communication of the first price for display on the interface of the remote computing device;
transmitting, via an interface of a remote computing device that is in communication with the interface of the computing device of the electronic trading system over a network, the first price and a size associated with the selected order;
determining, via the computing device of the electronic trading system, whether the computing device of the electronic trading system has not received a trading command responsive to the selected order within a pre-determined period of time; and
executing, via the computing device of the electronic trading system, the selected order at a default price and a default size.

Assignees

• Bgc Partners Inc

Inventors

• Lutnick Howard W
• Bartko Peter

Classifications

• G06Q40/04 Primary

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q30/08

  Auctions · CPC title