Methods and systems for managing and trading using a shared order book as internal exchange

Abstract

Methods and corresponding system are herewith provided that, in certain embodiments, include the steps or steps of receiving a plurality of orders for an item from computing devices associated with a plurality of internal users; receiving a plurality of orders for the item from computing devices associated with a plurality of external users; determining a best bid and a best offer from the plurality of the orders from the plurality of internal users and the plurality of the external orders; and causing an interface screen to be displayed at a user computing device, the interface screen comprising a shared order book for the item that comprises a listing of the orders from the plurality of internal users and the plurality of external users sorted based at least by price, the shared order book arranged in a set of bid side columns and a set of ask side columns, each of the set of columns comprising at least one price column and at least one size column, and at least one column indicating a source of at least one of each of an order from an internal user and an order for an external user.

1 . (canceled) 
     
     
         2 . A method comprising:
 controlling, by at least one processor:   receiving in real time, a plurality of orders for an item, over a communication network, from first computing devices associated with a plurality of first type users;   receiving, in real time, a plurality of orders for the item, over the communication network, from second computing devices associated with a plurality of second type users;   determining a best bid and a best offer from the plurality of the orders from the plurality of first type users and from the plurality of the orders from the plurality of the second type users;   displaying, over the communication network, in real time in response to receiving the real time plurality of orders from the first and second computing devices associated respectively with the plurality of first type users and second type users, a shared order book for the item on an interface screen at a computing device,   in which the shared order book for the item includes a listing of the orders from the plurality of first type users and the plurality of second type users sorted based at least by price, is arranged in a set of bid side columns and a set of ask side columns, each of the set of bid side columns comprising at least one price column and at least one size column, and includes at least one column indicating a source of at least one of each of an order from a first type user and an order for a second type user,   wherein the interface screen is operable for a user to drag a first order of the listing of the orders displayed on the interface screen and drop the first order on the interface screen in relation to a given order of the listing of the orders displayed on the interface screen;   receiving, over the communication network, an indication of a location on the interface screen at which the first order is dropped based on an operation by the user to drag and drop the first order; and   automatically responsive to receiving the indication of the location,
 determining whether the location is between first and second given orders displayed on the interface screen or includes a price of another order displayed on the interface screen, 
 when the location is determined to include the price of the another order, changing a price of the first order into the price of the another order and executing, over the communication network, a trade between the first order and the another order, and 
 when the location is determined to be between the first and second given orders, changing the price of the first order to a price within a spread between the first and second given orders and executing, over the communication network, a trade between the first order and a matched order at the price within the spread. 
   
     
     
         3 . The method of  claim 2 , wherein at least one of the plurality of orders comprises an indication of interest and wherein the indication of interest is maintained in the shared order book coincident with other orders. 
     
     
         4 . The method of  claim 2 , wherein the shared order book comprises a first column for first type user indications and at least a second column for second type user indications. 
     
     
         5 . The method of  claim 2 , wherein the shared order book comprises a first column for first type user prices and a second column for second type user prices. 
     
     
         6 . The method of  claim 2 , wherein:
 the shared order book comprises at least one of the best bid and the best offer from the plurality of orders, the at least one of the best bid and the best offer from the plurality of orders comprising a plurality of orders; and   wherein the at least one of the best bid and the best offer comprises an aggregate of sizes of the plurality of orders at the at least one of a best bid price and a best offer price.   
     
     
         7 . The method of  claim 2 , wherein the source of the at least one of the best bid and offer comprises a second type exchange and wherein the source is indicated with an identification associated with the second type exchange. 
     
     
         8 . The method of  claim 7 , wherein the source of at least one other of the best bid or offer comprises a first type user, and
 the method further comprising controlling, by the at least one processor, receiving a counter side order from another internal user that is executable against at least one of the best bid and the best offer, and executing by default the counter side order first against the order from the first type user and then against the order from the second type exchange.   
     
     
         9 . The method of  claim 2 , wherein the shared order book comprises at least one element for a user to expand at least one of first type market depth and second type market depth. 
     
     
         10 . The method of  claim 2 , wherein the shared order book comprises an indication that distinguishes price type of at least one of orders, requests for quotes, quotes, and indications of interest. 
     
     
         11 . An apparatus comprising:
 at least one processor configured to control:   receiving in real time, a plurality of orders for an item, over a communication network, from first computing devices associated with a plurality of first type users;   receiving, in real time, a plurality of orders for the item, over the communication network, from second computing devices associated with a plurality of second type users;   determining a best bid and a best offer from the plurality of the orders from the plurality of first type users and from the plurality of the orders from the plurality of the second type users;   displaying, over the communication network, in real time in response to receiving the real time plurality of orders from the first and second computing devices associated respectively with the plurality of first type users and second type users, a shared order book for the item on an interface screen at a computing device,   in which the shared order book for the item includes a listing of the orders from the plurality of first type users and the plurality of second type users sorted based at least by price, is arranged in a set of bid side columns and a set of ask side columns, each of the set of bid side columns comprising at least one price column and at least one size column, and includes at least one column indicating a source of at least one of each of an order from a first type user and an order for a second type user,   wherein the interface screen is operable for a user to drag a first order of the listing of the orders displayed on the interface screen and drop the first order on the interface screen in relation to a given order of the listing of the orders displayed on the interface screen;   receiving, over the communication network, an indication of a location on the interface screen at which the first order is dropped based on an operation by the user to drag and drop the first order; and   automatically responsive to receiving the indication of the location,
 determining whether the location is between first and second given orders displayed on the interface screen or includes a price of another order displayed on the interface screen, 
 when the location is determined to include the price of the another order, changing a price of the first order into the price of the another order and executing, over the communication network, a trade between the first order and the another order, and 
 when the location is determined to be between the first and second given orders, changing the price of the first order to a price within a spread between the first and second given orders and executing, over the communication network, a trade between the first order and a matched order at the price within the spread. 
   
     
     
         12 . The apparatus of  claim 11 , wherein at least one of the plurality of orders comprises an indication of interest and wherein the indication of interest is maintained in the shared order book coincident with other orders. 
     
     
         13 . The apparatus of  claim 11 , wherein the shared order book comprises a first column for first type user indications and at least a second column for second type user indications. 
     
     
         14 . The apparatus of  claim 11 , wherein the shared order book comprises a first column for first type user prices and a second column for second type user prices. 
     
     
         15 . The apparatus of  claim 11 , wherein:
 the shared order book comprises at least one of the best bid and the best offer from the plurality of orders, the at least one of the best bid and the best offer from the plurality of orders comprising a plurality of orders; and   wherein the at least one of the best bid and the best offer comprises an aggregate of sizes of the plurality of orders at the at least one of a best bid price and a best offer price.   
     
     
         16 . The apparatus of  claim 11 , wherein the source of the at least one of the best bid and offer comprises a second type exchange and wherein the source is indicated with an identification associated with the second type exchange. 
     
     
         17 . The apparatus of  claim 16 , wherein the source of at least one other of the best bid or offer comprises a first type user, and
 the at least one processor is configured to control:   receiving a counter side order from another internal user that is executable against at least one of the best bid and the best offer, and executing by default the counter side order first against the order from the first type user and then against the order from the second type exchange.   
     
     
         18 . The apparatus of  claim 11 , wherein the shared order book comprises at least one element for a user to expand at least one of first type market depth and second type market depth. 
     
     
         19 . The apparatus of  claim 11 , wherein the shared order book comprises an indication that distinguishes price type of at least one of orders, requests for quotes, quotes, and indications of interest.