Multicomputer distributed processing of trading information

Abstract

A trading platform and trading method that may allow access to additional pools of liquidity is described. Other embodiments are also described.

1 . (canceled) 
     
     
         2 . An apparatus comprising:
 a network interface to communicate with remote devices via a communications network;   at least one processor to:   receive, via the network interface, data indicative of an order for an alternative trading system from a remote source, in which the order defines a side of a trade for a financial instrument;   determine a number of processor clock cycles to utilize as a delay between receiving the data indicative of the order and searching secretly stored orders for a matching order, in which the matching order defines the opposite side of the trade;   delay searching the secretly stored orders for the number of processor clock cycles;   determine that the number of processor clock cycles has passed from receipt of the order;   in response to determining that the number of processor clock cycles has passed, query via the network interface a plurality of order management systems to search the secretly stored orders for the matching order, in which each respective order management system securely stores trading intentions of a respective buy-side participant of the alternative trading system;   receive, via the network interface, data indicative of the matching order in response to the query; and   in response to receiving the data indicative of the matching order, execute the trade.   
     
     
         3 . The apparatus of  claim 2 , in which, to query the plurality of order management systems, the at least one processor is further configured to:
 transmit via the network interface an order query that identifies the order to each of the plurality of order management systems; and   receive, via the network interface from a first one of the plurality of order matching systems, the data indicative of the matching order.   
     
     
         4 . The apparatus of  claim 3 , in which the order query indicates that the trade would be executed without a negotiation. 
     
     
         5 . The apparatus of  claim 2 , in which the order includes a non-firm order. 
     
     
         6 . The apparatus of  claim 5 , in which to execute the trade the at least one processor is further configured to:
 confirm the non-firm order with the source prior to execution, in which the source includes a broker; and   receive, via the network interface, data indicative of an agreement that the source will confirm the non-firm order unless at least one of the non-firm order is cancelled by a person that provided the order to the broker and the non-firm order is fulfilled through another exchange.   
     
     
         7 . The apparatus of  claim 2 , in which the at least one processor is further configured to execute the trade without an electronic negotiation involving a price and a quantity. 
     
     
         8 . The apparatus of  claim 2 , in which the number of processor clock cycles is sufficient to prevent information leakage regarding existing orders stored by the plurality of order management systems. 
     
     
         9 . The apparatus of  claim 2 , in which the at least one processor is configured to determine the number of processor clock cycles based on historic information about prior cancelled orders. 
     
     
         10 . The apparatus of  claim 9 , in which the historic information about cancelled orders includes information specific to the source. 
     
     
         11 . The apparatus of  claim 9 , in which the at least one processor determines the number of processor clock cycles such that a desired portion of the cancelled orders would historically have been cancelled within the number of processor clock cycles. 
     
     
         12 . The apparatus of  claim 11 , in which the desired portion includes a majority. 
     
     
         13 . The apparatus of  claim 6 , in which the at least one processor is further configured to prevent the source from submitting the order until the data indicative of the agreement is received. 
     
     
         14 . The apparatus of  claim 2 , in which to delay searching the secretly stored orders the at least one processor is configured to delay for at least some time beyond time needed for transmission or machine processing. 
     
     
         15 . The apparatus of  claim 2 , in which the order provides liquidity to the alternative trading system. 
     
     
         16 . A method comprising:
 receiving, by at least one processor, data indicative of an order for an electronic exchange from a remote source, in which the order defines a side of a trade for a financial instrument;   determining, by the at least one processor, a number of processor clock cycles to utilize as a delay between receiving the data indicative of the order and searching secretly stored orders of liquidity for a matching order, in which the matching order defines the opposite side of the trade;   delaying, by the at least one processor, searching the secretly stored orders for the number of processor clock cycles;   determining, by the at least one processor, that the number of processor clock cycles has passed from receipt of the order;   in response to determining that the number of processor clock cycles has passed, querying, by the at least one processor, a plurality of order management systems to search the secretly stored orders of liquidity for the matching order, in which each respective order management system securely stores trading intentions of a respective buy-side participant;   receiving, by the at least one processor, data indicative of the matching order in response to the query; and   in response to receiving the data indicative of the matching order, executing, by the at least one processor, the trade.