Systems and methods of obtaining trading exclusivity in electronic trading systems
Systems and methods for obtaining trading exclusivity in electronic trading systems are provided. The systems and method preferably provide criteria for determining whether exclusivity to certain incoming orders is available. Suitable electronic trading systems for implementation of such methods include, but are not limited to, hit/lift exclusive priority systems, price time priority systems, order allocation systems, and request for quote systems.
1 . A method for trading an item in an electronic trading system, the method comprising:
receiving an incoming order;
determining whether a current order, the current order being contra to the incoming order, satisfies a set of predetermined criteria;
if the current order satisfies the set of predetermined criteria, presenting the incoming order for trading exclusively to the participant associated with the current order.
2 . The method for trading an item according to claim 1 wherein the determining comprises querying whether the current order satisfies a minimum size requirement.
3 . The method for trading an item according to claim 3 wherein the determining comprises querying whether the size of the current order exceeds a percentage of the size of incoming order.
4 . The method for trading an item according to claim 1 wherein the determining comprises querying whether the current order is within a predetermined delta of the incoming order.
5 . A method for trading an item in an electronic trading system, the method comprising:
receiving an incoming order;
determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
if the incoming order satisfies the set of predetermined criteria, presenting the incoming order for trading to at least one select participant.
6 . The method for trading an item according to claim 5 wherein the determining comprises querying whether the incoming order satisfies a minimum size requirement.
7 . The method for trading an item according to claim 6 wherein the determining comprises querying whether the size of the incoming order exceeds a percentage of the size of best contra order.
8 . The method for trading an item according to claim 5 wherein the determining comprises querying whether the incoming order is within a predetermined delta of the best contra order.
9 . A computer system for trading an item in an electronic trading system, the computer system comprising:
a trade order receiving component for
receiving an incoming order;
determining whether a current order, the current order being resident in the system before the receiving of the incoming order and being contra to the incoming order, satisfies a set of predetermined criteria;
if the current order satisfies the set of predetermined criteria, presenting the incoming order for trading exclusively to the participant associated with the current order.
10 . The system for trading an item according to claim 9 wherein the determining comprises querying whether the current order satisfies a minimum size requirement.
11 . The system for trading an item according to claim 10 wherein the determining comprises querying whether the size of the current order exceeds a percentage of the size of incoming order.
12 . The system for trading an item according to claim 9 wherein the determining comprises querying whether the current order is within a predetermined delta of the incoming order.
13 . A computer system for trading an item in an electronic trading system, the computer system comprising:
a trade order receiving component for:
receiving an incoming order;
determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
if the incoming order satisfies the set of predetermined criteria, presenting the incoming order for trading to at least one select participant.
14 . The system for trading an item according to claim 13 wherein the determining comprises querying whether the incoming order satisfies a minimum size requirement.
15 . The system for trading an item according to claim 14 wherein the determining comprises querying whether the size of the incoming order exceeds a percentage of the size of best contra order.
16 . The system for trading an item according to claim 13 wherein the determining comprises querying whether the incoming order is within a predetermined delta of the best contra order.
17 . A computer readable medium for trading an item in an electronic trading system, the computer readable medium comprising:
a first program code for receiving an incoming order;
a second program code for determining whether a current order, the current order being resident in the system before the receiving of the incoming order and being contra to the incoming order, satisfies a set of predetermined criteria;
a third program code for presenting the incoming order for trading exclusively to the participant associated with the current order if the current order satisfies the set of predetermined criteria.
18 . The computer readable medium for trading an item according to claim 17 wherein the second program code for determining comprises querying whether the current order satisfies a minimum size requirement.
19 . The computer readable medium for trading an item according to claim 18 wherein the second program code for determining comprises querying whether the size of the current order exceeds a percentage of the size of incoming order.
20 . The computer readable medium for trading an item according to claim 17 wherein the second program code for determining comprises querying whether the current order is within a predetermined delta of the incoming order.
21 . A computer readable medium for trading an item in an electronic trading system, the computer system comprising:
a first program code for receiving an incoming order;
a second program code for determining whether the incoming order satisfies a set of predetermined criteria for being traded to a select group of participants;
a third program code presenting the incoming order for trading to at least one select participant if the incoming order satisfies the set of predetermined criteria.
22 . The computer readable medium for trading an item according to claim 21 wherein the second program code for determining further comprises querying whether the incoming order satisfies a minimum size requirement.
23 . The computer readable medium for trading an item according to claim 22 wherein the second program code for determining comprises querying whether the size of the incoming order exceeds a percentage of the size of best contra order.
24 . The computer readable medium for trading an item according to claim 21 wherein the second program code for determining comprises querying whether the incoming order is within a predetermined delta of the best contra order.