SYSTEMS AND METHODS FOR TRADING
The present invention is systems and methods for trading. In accordance with these systems and methods, a plurality of trader work stations that are connected to a central server may be provided. Through the work stations and central server, the systems and methods may perform participant qualification, instrument creation, bid/offer entry and response, when hit and take, workup, price retention, price improvement, request for market, bid/off restoration, price generation, position conversion, marking to market, and delivery functions.
1 - 13 . (canceled)
14 . A method for requesting a market in an electronic trading system, comprising:
receiving a request for market command, including a buy/sell designation and at least one of a reservation price and a size, corresponding to an instrument from a participant;
indicating to another participant that the request for market for the instrument has been received; and
receiving a bid or offer for the instrument from the other participant in response to the request for market.
15 . The method of claim 14 , further comprising executing a trade including a transaction defined by the bid or offer between the participant and the other participant.
16 . The method of claim 14 , further comprising indicating to at least one of the participant and the other participant that no trade has been executed when a parameter of the request for market command has not been met.
17 . The method of claim 14 , wherein the request for market command includes an indication of an acceptable bid or offer, further comprising determining whether the bid or offer for the instrument meets the indication of the acceptable bid or offer.
18 . The method of claim 17 , wherein the indication of an acceptable bid or offer is that the bid or offer meet a reservation price.
19 . The method of claim 14 , wherein the trade is only executed when the bid or offer is received within a given period of time from when receipt of the request for market is indicated to the other participant.
20 . The method of claim 14 , wherein the trade is only executed when a size associated with the trade matches a minimum size specified with the request for market command.
21 . The method of claim 14 , further comprising:
receiving another bid or offer for the instrument in response to the request for market; and
ranking the bid or offer and the other bid or offer.
22 . A method for automatically restoring a bid or offer in an electronic trading system, comprising:
receiving a first bid or offer from a participant;
receiving from the participant instructions defining conditions upon which a second bid or offer is to be automatically generated;
receiving a hit or lift from another participant; and
automatically generating the second bid or offer for the participant based upon the instructions and in response to the hit or lift being received.
23 . The method of claim 22 , wherein the automatically generating of the second bid or offer generates the second bid or offer with a price and a size that is identical to a price and a size associated with the first bid or offer.
24 . The method of claim 22 , further comprising determining a priority of the second bid or offer among other pending bids or offers.
25 . The method of claim 22 , further comprising whether the participant qualifies to have the second bid or offer automatically generated.
26 - 34 . (canceled)
35 . A method for marking a trade to a market in an electronic trading system, comprising:
receiving a selection of a trade to be marked to market from a participant in the electronic trading system;
receiving a measure to be used to mark the trade to market;
applying the measure to the trade to mark the trade to market; and
presenting data relating to the trade as marked to market to the participant.
36 . The method of claim 35 , wherein the measure is a weighted average of trades in a currency market.
37 . (canceled)