Systems and methods for establishing first on the follow trading priority in electronic trading systems

Abstract

A trading system transitions from a first state to a second state and may award a participant, when one or more criteria and/or a status of trading rights are met, with trading priority in the second state to trade on an incoming contra order. The participant may also have an associated order modified as a result of an incoming contra order and/or be caused to automatically trade on an incoming contra order.

1 . (canceled) 
     
     
         2 . A method for facilitating electronic trading over an electronic trading system with interfaces of computing devices, the method comprising:
 determining, by a computing device of an electronic trading system, from among a plurality of bids that are pending at a completion of a first trading state, a best bid, wherein the best bid comprises a bid having a best price from among the plurality of bids, wherein the best bid is associated with a participant;   receiving, by a network interface of the computing device of the electronic trading system, from a network interface of a computing device of the participant, data representing an offer in a second trading state;   determining, by the computing device of the electronic trading system, whether a price of the best bid satisfies a predetermined price criterion with respect to a price of a trade made in the first trading state;   in response to determining that the price of the best bid fails to satisfy the predetermined price criterion, configuring the offer to be eligible to all participants;   in response to determining that the price of the best bid satisfies the predetermined price criterion with respect to the price of the trade made in the first trading state, configuring the offer to be eligible to the participant and ineligible to a remainder of the participants, and presenting, by the computing device of the electronic trading system to a display interface of the computing device of the participant, a display prompt querying whether to configure the electronic trading system to automatically execute a new trade against the offer depending on whether a different participant transmits, by another computing device, data indicating willingness to execute the new trade against the offer while ineligible to trade on the offer; and   responsive to receiving a transmission of a confirmation response to the display prompt from the computing device of the participant, setting a configuration of the electronic trading system to automatically execute the new trade.   
     
     
         3 . The method of  claim 2 , wherein the predetermined price criterion comprises the price of the best bid being within a predetermined delta of the price of the trade made in the first trading state. 
     
     
         4 . The method of  claim 2 , wherein determining that the different participant indicates the willingness to trade against the offer comprises:
 determining, by the computing device of the electronic trading system, that the different participant has a bid among the plurality of bids that are pending at a completion of the first trading state.   
     
     
         5 . The method of  claim 2 , further comprising:
 determining, by the computing device of the electronic trading system, that a size of the best bid satisfies a minimum size; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the size of the best bid satisfies the minimum size.   
     
     
         6 . The method of  claim 5 , further comprising:
 determining, by the computing device of the electronic trading system, that a size of the offer satisfies a further minimum size; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the size of the offer satisfies the further minimum size.   
     
     
         7 . The method of  claim 2 , further comprising:
 determining, by the computing device of the electronic trading system, that a size of the best bid exceeds a predetermined percentage of a size of the offer; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the size of the best bid exceeds the predetermined percentage of the size of the offer.   
     
     
         8 . The method of  claim 2 , further comprising:
 determining, by the computing device of the electronic trading system, that the participant associated with the best bid purchased at least a minimum size in the first trading state; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the participant associated with the best bid purchased at least a minimum size in the first trading state.   
     
     
         9 . The method of  claim 2 , further comprising:
 determining, by the computing device of the electronic trading system, that a size of the offer exceeds a predetermined percentage of a size of the best bid; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the size of the offer exceeds the predetermined percentage of the size of the best bid.   
     
     
         10 . The method of  claim 2 , further comprising:
 based at least in part on the determining that the price of the best bid satisfies a price criterion with respect to a price of a trade made in the first trading state, modifying, by the computing device of the electronic trading system, the best bid, wherein modifying the best bid does not affect a potential right to trade exclusively of the participant.   
     
     
         11 . The method of  claim 10 , wherein modifying the best bid comprises at least reducing, by the computing device of the electronic trading system, a size of the best bid, and decreasing, by the computing device of the electronic trading system, a price of the best bid. 
     
     
         12 . The method of  claim 10 , wherein modifying the best bid comprises:
 removing, by the computing device of the electronic trading system, the best bid.   
     
     
         13 . The method of  claim 2 , wherein configuring the offer to be eligible to the participant and ineligible to the remainder of the participants comprises at least one of:
 causing, by the computing device of the electronic trading system, the offer to be shown only to the participant; and   making, by the computing device of the electronic trading system, the offer available to be traded against only by the participant.   
     
     
         14 . The method of  claim 2 , further comprising:
 determining that the offer has at least one of a best price and a time priority from among a plurality of offers pending in the second trading state; and   wherein the configuring the offer to be eligible to the participant and ineligible to the remainder of the participants is further based at least in part on determining that the offer has at least one of the best price and the time priority from among the plurality of offers pending in the second trading state.   
     
     
         15 . The method of  claim 2 , further comprising:
 determining, by the computing device of the electronic trading system, from among a plurality of offers that are pending at the completion of the first trading state, a best offer, wherein the best offer comprises an offer having a best price from among the plurality of offers, and wherein the best offer is associated with another participant;   determining, by the computing device of the electronic trading system, that the another participant associated with the best offer sold at least a second minimum size in the first trading state; and   based at least in part on (i) determining the best offer and (ii) determining that the another participant associated with the best offer sold at least the second minimum size in the first trading state, awarding, by the computing device of the electronic trading system, the another participant with a potential right to trade exclusively against at least one bid received in the second trading state.   
     
     
         16 . An apparatus for facilitating electronic trading over an electronic trading system with interfaces of computing devices, the apparatus comprising:
 at least one processor of a computing device of the electronic trading system; and   at least one memory device electronically coupled to the at least one processor of the computing device of the electronic trading system, wherein the at least one memory device stores instructions which, when executed by the at least one processor of the computing device of the electronic trading system, direct the at least one processor of the computing device of the electronic trading system to:   determine from among a plurality of bids that are pending at a completion of a first trading state, a best bid, wherein the best bid comprises a bid having a best price from among the plurality of bids, wherein the best bid is associated with a participant;   receive, from a network interface of a computing device of the participant, an offer in a second trading state;   in response to determining that a price of the best bid fails to satisfy a predetermined price criterion with respect to a price of a trade made in the first trading state, configure the offer to be eligible to all participants;   in response to determining that the price of the best bid satisfies the predetermined price criterion with respect to the price of the trade made in the first trading state,
 configure the offer to be eligible to the participant and ineligible to a remainder of the participants, and 
 present, by the computing device of the electronic trading system, to a display interface of the computing device of the participant, a display prompt querying whether to configure the electronic trading system to automatically execute a new trade against the offer depending on whether a different participant transmits, by another computing device, data indicating willingness to execute the new trade against the offer; and 
   responsive to receiving a transmission of a confirmation response to the display prompt from the computing device of the participant, set a configuration of the electronic trading system, to automatically execute the new trade.   
     
     
         17 . The apparatus of  claim 16 , wherein the predetermined price criterion comprises the price of the best bid being within a predetermined delta of the price of the trade made in the first trading state, and
 wherein the determining the data transmitted from the different participant indicates the willingness to execute the new trade against the offer comprises:   determining that the different participant has a bid among the plurality of bids that are pending at a completion of the first trading state.   
     
     
         18 . The apparatus of  claim 16 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 determine that a size of the best bid satisfies a minimum size; and   wherein the offer is configured to be eligible to the participant and ineligible to the remainder of the participants based at least in part on determining that the size of the best bid satisfies the minimum size.   
     
     
         19 . The apparatus of  claim 16 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 determine that a size of the offer satisfies a further minimum size; and   wherein the offer is configured to be eligible to the participant and ineligible to the remainder of the participants based at least in part on determining that the size of the offer satisfies the further minimum size.   
     
     
         20 . The apparatus of  claim 16 , wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 cause the offer to be shown only to the participant; and   make the offer available to be traded against only by the participant.   
     
     
         21 . An electronic trading system, comprising:
 at least one processor;   a communication circuitry; and   memory storing at least a configuration of the electronic trading system, and instructions,   wherein the instructions are executable by the at least one processor to cause the electronic trading system to:
 receive, via the communication circuitry, a plurality of bid transmissions, each bid transmission indicating a price and each associated with a respective participant; 
 detect from among the plurality of bid transmissions a first bid transmission having a highest price among all indicated prices, the first bid transmission associated with a first participant; 
 receive, via the communication circuitry, an offer transmission associated with an offer to execute a trade; 
 detect whether the highest price satisfies a preset price threshold; 
 based on detecting that the highest price does not satisfy the preset price threshold, configure the offer to be eligible to all participants; 
 based on detecting that the highest price satisfies the preset price threshold, configure the offer to be eligible to the first participant and ineligible to a remainder of the participants, and transmit a notification for display to an external device of the first participant querying whether to set a configuration of the electronic trading system to automatically execute the trade against the offer, depending on whether the electronic trading system receives data indicating willingness of another participant to execute the trade against the offer while ineligible to trade on the offer; and 
   set a configuration of the electronic trading system to automatically execute the trade responsive to receiving a confirmation from the external device of the first participant.