Systems and methods for protecting against erroneous price entries in the electronic trading of financial and other instruments
The invention relates to systems and methods that provide a user interface for use with an electronic trading system. The interface notifies the user that the price at which he or she may have attempted to trade has changed and presents the user with the opportunity to submit, modify or cancel the trade command. The user may configure the trading system to enable such a notification based on the time span for the price change, the number of increments of the price change, a combination thereof or any other appropriate consideration for protecting against the occurrence of erroneous price entries. Subsequent trade commands, such as those entered by third parties, may be used to validate prices and execute trades at these prices.
1. A method comprising:
controlling, by at least one processor:
rendering on a display device a plurality of real-time bid and ask prices that are based on real-time electronic transactions executed among a plurality of networked devices;
receiving a trade command to bid or offer at least one price specified from the plurality of real-time bid and ask prices being rendered on the display device;
determining whether a change in price of the at least one price is by at least a predetermined number of increments from a first price to a second price due to a velocity of the real-time electronic transactions executed among the plurality of networked devices;
determining whether the change in price has occurred within a predetermined period of time from receipt of the trade command due to the velocity of the real-time electronic transactions;
automatically in response to a determination that a market is moving at a type of pace which is indicated by real-time electronic market data, rendering, on the display device, a popup window displaying a third price resulting from the change in price to the at least one price with an indication that the market is moving at the type of pace;
in response to determining that the at least one price has changed by at least the predetermined number of increments and the change in price has occurred within the predetermined period of time from receipt of the trade command, rendering, on the display device, indicia selectable for automatically canceling the trade command; and responsive to selection of the indicia, automatically canceling the trade command.
2. The method of claim 1 , further comprising controlling, by the at least one processor, rendering a notification that the trade command has been canceled.
3. The method of claim 1 , wherein the predetermined period of time and the predetermined number of increments are configurable.
4. An apparatus comprising:
at least one processor configured to control:
rendering on a display device a plurality of real-time bid and ask prices that are based on real-time electronic transactions executed among a plurality of networked devices;
receiving a trade command to bid or offer at least one price specified from the plurality of real-time bid and ask prices being rendered on the display device;
determining whether a change in price of the at least one price is by at least a predetermined number of increments from a first price to a second price due to a velocity of the real-time electronic transactions executed among the plurality of networked devices;
determining whether the change in price has occurred within a predetermined period of time from receipt of the trade command due to the velocity of the real-time electronic transactions;
automatically in response to a determination that a market is moving at a type of pace/which is indicated by real-time electronic market data, rendering, on the display device, a popup window displaying a third price resulting from the change in price to the at least one price with an indication that the market is moving at the type of pace;
in response to determining that the at least one price has changed by at least the predetermined number of increments and the change in price has occurred within the predetermined period of time from receipt of the trade command, rendering, on the display device, indicia selectable for automatically canceling the trade command; and
responsive to selection of the indicia, automatically canceling the trade command.
5. The method of claim 1 , wherein the at least one processor comprises at least one of a server or a workstation.
6. The apparatus of claim 4 , wherein the at least one processor comprises at least one of a server and a workstation.
7. The apparatus of claim 4 , wherein the at least one processor is configured to control rendering a message that the trade command has been canceled.
8. The apparatus of claim 4 , wherein the predetermined period of time and the predetermined number of increments are configurable.