Large block trading

Abstract

Systems and methods for administering trade orders are described. An embodiment comprises receiving, from a first server operated by a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; determining that a database of trade orders does not contain a trade order matching the first trade order; identifying a plurality of traders satisfying the selection criteria; sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.

1 . A method comprising:
 receiving, from a first server operated on behalf of a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price;   determining that a database of trade orders does not contain a second trade order matching the first trade order;   identifying a plurality of second traders satisfying the selection criteria;   sending, to a plurality of second servers, each second server operated on behalf of one or more of the plurality of second traders, a query including at least one of the specified instrument, the specified quantity, and the specified price;   receiving, from a one of the plurality of second servers operated on behalf of a one of the plurality of second traders, a positive response to the query; and   facilitating execution of a trade between the first trader and the one of the plurality of second traders for the specified instrument at the specified price.   
     
     
         2 . The method of  claim 1 , wherein identifying a plurality of second traders includes determining that a trading history of each of the plurality of second traders satisfies one or more of the selection criteria. 
     
     
         3 . The method of  claim 2 , wherein the trading history of each of the plurality of second traders includes a positive response rate and the selection criteria include a minimum positive response rate, and wherein determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes:
 determining that the positive response rate of each of the plurality of second traders equals or exceeds the minimum positive response rate.   
     
     
         4 . The method of  claim 2 , wherein the trading history of each of the plurality of second traders includes a positive response rate for the specified instrument and the selection criteria include a minimum positive response rate for the specified instrument, and wherein determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes:
 determining that the positive response rate for the specified instrument of each of the plurality of second traders equals or exceeds the minimum positive response rate for the specified instrument.   
     
     
         5 . The method of  claim 2 , wherein the trading history of each of the plurality of second traders includes a positive response rate for a set of instruments and the selection criteria include a minimum positive response rate for the set of instruments, and wherein determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes:
 determining that the positive response rate for the set of instruments of each of the plurality of second traders equals or exceeds the minimum positive response rate for the set of instruments.   
     
     
         6 . The method of  claim 5 , wherein the set of instruments includes instruments relating to a particular entity. 
     
     
         7 . The method of  claim 5 , wherein the set of instruments includes instruments relating to a particular industry. 
     
     
         8 . The method of  claim 5 , wherein the set of instruments includes instruments associated with entities having a particular market capitalization. 
     
     
         9 . The method of  claim 5 , wherein the set of instruments includes an enumerated set of instruments. 
     
     
         10 . The method of  claim 5 , wherein the set of instruments includes any instrument characterized by a specified parameter. 
     
     
         11 . The method of  claim 5 , wherein the set of instruments includes the specified instrument and an instrument substitutable for the specified instrument. 
     
     
         12 . The method of  claim 1 , wherein the first server includes an order management system. 
     
     
         13 . The method of  claim 1 , wherein the first server is in communication with an order management system. 
     
     
         14 . The method of  claim 1 , wherein at least one of the plurality of second servers includes an order management system. 
     
     
         15 . The method of  claim 1 , wherein at least one of the plurality of second servers is in communication with an order management system. 
     
     
         16 . The method of  claim 1 , wherein sending a query further comprises:
 formatting the query in a format readable by an order management system.   
     
     
         17 . A method comprising:
 receiving, from a first server, a communication including a trade order and one or more selection criteria, the trade order indicating an intent of a first trader to trade a specified instrument at at least one of a specified quantity and a specified price;   identifying a plurality of second traders satisfying the selection criteria;   sending to at least one second server, each of the at least one second servers being operable to enter trades on behalf of one or more of the plurality of second traders, a query including at least one of the specified instrument, the specified quantity, and the specified price;   receiving, from a one of the at least one second servers, a positive response to the query, the positive response indicating an intent of a one of the plurality of second traders to trade the specified instrument at the specified price; and   facilitating execution of a trade between the first trader and the one of the plurality of second traders for the specified instrument at the specified price.   
     
     
         18 . The method of  claim 17 , wherein at least one of the second servers is operable to enter trades on behalf of one or more of the plurality of second traders in response to an input from a user. 
     
     
         19 . The method of  claim 17 , wherein at least one of the second servers is operable to enter trades on behalf of one or more of the plurality of second traders without input from a user. 
     
     
         20 - 26 . (canceled) 
     
     
         27 . A method comprising:
 receiving, from a first server operated on behalf of a first trader, a communication including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price;   determining that a database of trade orders does not contain a second trade order matching the first trade order;   sending, to a plurality of second servers, each second server operated on behalf of a one of a plurality of second traders, a query including at least one of the specified instrument, the specified quantity, and the specified price;   receiving, from a one of the plurality of second servers operated on behalf of a one of the plurality of second traders, a positive response to the query;   determining that the one of the plurality of second traders satisfies the selection criteria; and   facilitating execution of a trade between the first trader and the one of the plurality of second traders for the specified instrument at the specified price.   
     
     
         28 - 108 . (canceled)