Systems and methods for providing non-fully transparent markets

Patent metadata

Field	Value
Publication number	US-12393985-B2
Application number	US-202318385463-A
Country	US
Kind code	B2
Filing date	Oct 31, 2023
Priority date	Apr 27, 2006
Publication date	Aug 19, 2025
Grant date	Aug 19, 2025

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

The invention claimed is:

1. 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 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 revelation of the first price of the selected order, to prevent communication of the first price for display on the interface of the remote computing device;
when the request provides the indication of willingness, transmitting, via the interface of the 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;
receiving, via the interface of the computing device of the electronic trading system, a request to reveal a real-time market for a specific limited time period;
transmitting the real-time market for display on the interface of the computing device of the electronic trading system for execution of the selected order at the real-time market;
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 the order at a default price and a default size.

2. The method 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 requesting to reveal.

3. The method of claim 1 , wherein determining whether the request provides the indication comprises:
determining whether a user requesting to reveal is not permitted to trade; and
when the user requesting the reveal is not permitted to trade, denying the user's request to reveal.

4. The method of claim 1 , further comprising:
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.

5. 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 revelation of the first price of the selected order, to prevent communication of the first price for display on the interface of the remote computing device;
when the request provides the indication of willingness, transmitting, via the interface of the 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;
receiving, via the interface of the computing device of the electronic trading system, a request to reveal a real-time market for a specific limited time period;
transmitting the real-time market for display on the interface of the computing device of the electronic trading system for execution of the selected order at the real-time market;
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 the order at a default price and a default size.

6. The apparatus of claim 5 , in which the default price and the default size comprise, respectively, a price and a size that are predetermined by a user requesting to reveal.

7. The apparatus of claim 5 , wherein determining whether the request provides the indication comprises:
determining whether a user requesting to reveal is not permitted to trade; and
when the user requesting the reveal is not permitted to trade, denying the user's request to reveal.

8. The apparatus of claim 5 , 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.

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 revelation of the first price of the selected order, to prevent communication of the first price for display on the interface of the remote computing device;
when the request provides the indication of willingness, transmitting, via the interface of the 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;
receiving, via the interface of the computing device of the electronic trading system, a request to reveal a real-time market for a specific limited time period;
transmitting the real-time market for display on the interface of the computing device of the electronic trading system for execution of the selected order at the real-time market;
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 the order at a default price and a default size.

10. The non-transitory computer-readable medium of claim 9 , in which the default price and the default size comprise, respectively, a price and a size that are predetermined by a user requesting to reveal.

11. The non-transitory computer-readable medium of claim 9 , wherein determining whether the request provides the indication comprises:
determining whether a user requesting to reveal is not permitted to trade; and
when the user requesting the reveal is not permitted to trade, denying the user's request to reveal.

12. The non-transitory computer-readable medium of claim 9 , in which the instructions, when executed by the at least one processor, 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.

Assignees

• Bgc Partners Inc

Inventors

• Lutnick Howard W
• Bartko Peter

Classifications

• G06Q30/08

  Auctions · CPC title

• G06Q40/04 Primary

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