Order cancellation

Abstract

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

1 . (canceled) 
     
     
         2 . A distributed network of trading systems comprising:
 a central authority including at least one processor configured to control:
 determining one or more order characteristics for given orders to which to apply cancelation prevention; 
 receiving, over a communication network, from a remote computing device an order; 
 in response to receiving the order, determining that the order has the one or more order characteristics; 
 in response to determining that the order has the one or more order characteristics, randomly determining, with a likelihood equal to a pre-established probability, to prevent cancellation of the order for a period of time configured to be sufficient for participants associated with respective participant computing systems to respond over the communication network to queries regarding the order; 
 in response to determining to prevent cancellation of the order, rendering, over the communication network, on a display of the remote computing device, a graphical user interface indicating an indication as a counting down clock indicating count down of the period of time and information identifying that cancelation is prevented during the period of time; 
 in response to receiving the order, securely querying, over the communication network, the participant computing systems of the distributed network of trading systems regarding the order; 
 determining whether an acceptance to enter into a trade fulfilling the order, over the communication network, from at least one of the participant computing systems is received during the period of time; and 
 in response to the period of time ending and determining that the acceptance is not received during the period of time, rendering, over the communication network, on the display of the remote computing device information identifying that cancelation is allowed and an indication that the period of time has ended; 
   in which the remote computing device includes at least one second processor configured to control:
 accepting order information for the order from a submitter, displaying the information identifying that cancelation is prevented to the submitter, and displaying the information identifying that cancellation is allowed to the submitter; and 
   in which each of the participant computing systems includes at least one third processor configured to control:
 receiving a respective query regarding the order, 
 determining that the order matches an entry in an order management system, and 
 in response to determining that the order matches the entry in the order management system, rendering on a trading interface information identifying the order and the period of time, 
 in which the participant computing systems allow the distributed network of trading systems access to a dark pool of liquidity stored in order management systems. 
   
     
     
         3 . The distributed network of trading systems of  claim 2 , wherein the at least one processor is configured to control:
 rendering, over the communication network, on a display device of each of the participant computing systems a graphical user interface indicating an indication as the counting down clock indicating count down of the period of time.   
     
     
         4 . The distributed network of trading systems of  claim 2 , in which the pre-established probability includes a ten percent probability. 
     
     
         5 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 querying, over the communication network, the participant computing systems regarding the order and for an acceptance to enter into a trade fulfilling the order.   
     
     
         6 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 querying, over the communication network, the participant computing systems to determine if a respective matching order for the order is stored in a respective order management system associated with a respective participant and if the respective participant accepts an offer to enter into a trade.   
     
     
         7 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 determining from responses from the participant computing systems, over the communication network, that no matching order to the order is stored in an order management system associated with any of the participant computing systems before end of the period of time.   
     
     
         8 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 rendering, over the communication network, on a display device of a computing device of at least one possible counter party to the order a graphical user interface indicating that the period of time has passed.   
     
     
         9 . The distributed network of trading systems of  claim 2 , in which the period of time includes about 5 seconds. 
     
     
         10 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 rendering, over the communication network, on the display of the remote computing device an indication of whether cancellation is constrained.   
     
     
         11 . The distributed network of trading systems of  claim 2 , in which the at least one processor is configured to control:
 receiving, over the communication network, from the remote computing device a request to cancel the order during the period of time,   in which to prevent cancellation includes queuing the request for cancellation until after the period of time.   
     
     
         12 . The distributed network of trading systems of  claim 11 , in which the at least one processor is configured to control canceling the order after the period of time. 
     
     
         13 . The distributed network of trading systems of  claim 2 , in which the one or more order characteristics includes at least one of a) orders that have pending matching orders or b) orders that do not have pending matching orders. 
     
     
         14 . A method comprising:
 controlling, by at least one processor of a central authority of a distributed network of trading systems:
 determining one or more order characteristics for given orders to which to apply cancelation prevention; 
 receiving, over a communication network, from a remote computing device an order; 
 in response to receiving the order, determining that the order has the one or more order characteristics; 
 in response to determining that the order has the one or more order characteristics, randomly determining, with a likelihood equal to a pre-established probability, to prevent cancellation of the order for a period of time configured to be sufficient for participants associated with respective participant computing systems of the distributed network of trading systems to respond over the communication network to queries regarding the order; 
 in response to determining to prevent cancellation of the order, rendering, over the communication network, on a display of the remote computing device, a graphical user interface indicating an indication as a counting down clock indicating count down of the period of time and information identifying that cancelation is prevented during the period of time; 
 in response to receiving the order, securely querying, over the communication network, the participant computing systems regarding the order; 
 determining whether an acceptance to enter into a trade fulfilling the order, over the communication network, from at least one of the participant computing systems is received during the period of time; and 
 in response to the period of time ending and determining that the acceptance is not received during the period of time, rendering, over the communication network, on the display of the remote computing device information identifying that cancelation is allowed and an indication that the period of time has ended; 
   in which each of the participant computing systems includes at least one second processor configured to control:
 receiving a respective query regarding the order, 
 determining that the order matches an entry in an order management system, and 
 in response to determining that the order matches the entry in the order management system, rendering on a trading interface information identifying the order and the period of time, 
 in which the participant computing systems allow the distributed network of trading systems access to a dark pool of liquidity stored in order management systems.