Providing trading exclusivity/priority based on quantity

Abstract

Systems and methods for providing trading exclusivity/priority in response to quantity of items traded in electronic trading systems is provided. The method preferably includes receiving an incoming order for the item and determining whether the incoming order matches a current order for the item and satisfies a minimum volume requirement. When the incoming order matches a current order for the item and satisfies a minimum volume requirement, the method includes transacting a trade between the incoming order and the current order and providing a predetermined time period of exclusive trading between a participant associated with the incoming order and a participant associated with the current order.

1 . (canceled) 
     
     
         2 . A method for trading an item in an electronic trading system that includes communication over a network with a graphical user interface of a workstation, the method comprising:
 receiving at least one processor, from a graphical user interface of a workstation, an incoming order for the item over a network;   determining by the at least one processor that the incoming order is contra to a current order, includes a volume equal to or greater than a volume of the current order, and satisfies a predetermined minimum volume requirement;   based on the act of determining that the incoming order is contra to a current order, includes a volume equal to or greater than a volume of the current order, and satisfies the predetermined minimum volume requirement:
 transacting a trade between the incoming order and the current order in the electronic trading system; 
 providing in the electronic trading system a predetermined time period of exclusive trading between an interface of a workstation of a participant associated with the incoming order and an interface of a workstation of a participant associated with the current order; 
 executing a process to generate electronic commands to form a data structure comprising a trading stack in memory of the electronic trading system to allow to:
 (a) keep track of data representing the participant associated with the incoming order and the participant associated with the current order to complete a requisite minimum trade requirement, and (b) manage entries in the trading stack to keep track of data representing the participant associated with the incoming order and the participant associated with the current order; 
 
 executing a process to generate electronic commands to check entries in the trading stack for positions of the entries representing the participant associated with the incoming order and the participant associated with the current order; 
 executing a process to generate electronic commands to manage the trading stack in the memory including to:
 (a) maintain the data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at a top of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement, or 
 (b) insert the data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at an end of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement; and 
 
 generating electronic commands for communicating with a clearing center server to exchange messages with the clearing center server to cause the clearing center server to: 
 (a) execute electronic commands to complete the trade, 
 (b) execute electronic commands to clear the trade, and 
 (c) execute electronic commands to verify that the trade is completed and cleared. 
   
     
     
         3 . The method of  claim 2 , in which the act of determining comprises determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time. 
     
     
         4 . The method of  claim 2 , in which the act of determining comprises:
 determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time; and   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time, reducing the minimum volume requirement.   
     
     
         5 . The method of  claim 2 , in which the act of determining comprises:
 determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time; and   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time, withdrawing the minimum volume requirement.   
     
     
         6 . The method of  claim 2 , wherein the act of determining that the incoming order satisfies the minimum volume requirement comprises using an aggregate trading volume associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied. 
     
     
         7 . The method of  claim 2 , wherein the act of determining that the incoming order satisfies the minimum volume requirement comprises using an aggregate trading volume of a group of participants associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied. 
     
     
         8 . The method of  claim 6 , wherein the act of using an aggregate trading volume of a group of participants to determine that the minimum volume requirement has been satisfied comprises determining that an aggregated daily volume of the group of participants has surpassed a threshold amount. 
     
     
         9 . The method of  claim 2  further comprising adjusting the minimum volume requirement based on time of day. 
     
     
         10 . The method of  claim 2  further comprising adjusting the minimum volume requirement based on trading volatility. 
     
     
         11 . A computer system for electronic trading over a network with a graphical user interface of a workstation, the system comprising:
 at least one processor coupled to at least one server;   a memory coupled to the at least one processor, in which the memory stores instructions which, when executed by the processor, direct the at least one processor to:
 receive a current order for the item from a graphical user interface of a workstation over a communication network; 
 after receiving the current order, receive an incoming order for the item from a graphical user interface of a workstation over a communication network; 
 determine that the incoming order is contra to current order, includes a volume equal to or greater than a volume of the current order, and satisfies a predetermined minimum volume requirement; 
 based on the act of determining that the incoming order is contra to the current order, includes a volume equal to or greater than a volume of the current order, and satisfies the predetermined minimum volume requirement:
 transact a trade in an electronic trading system between the incoming order and the current order; 
 provide a predetermined time period of exclusive trading between an interface of a workstation of a participant associated with the incoming order and an interface of a workstation of a participant associated with the current order; 
 execute a process to generate electronic commands to form a data structure comprising a trading stack in memory of the electronic trading system to allow to: 
 (a) keep track of data representing the participant associated with the incoming order and the participant associated with the current order to complete a requisite minimum trade requirement, and 
 (b) manage entries in the trading stack to keep track of data representing the participant associated with the incoming order and the participant associated with the current order; 
 execute a process to generate electronic commands to check entries in the trading stack for positions of the entries representing the participant associated with the incoming order and the participant associated with the current order; 
 execute a process to generate electronic commands to manage the trading stack in the memory including to: 
 (a) maintain data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at a top of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement, or 
 (b) insert the data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at an end of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement; and 
 generate electronic commands to communicate with a clearing center server to exchange messages with the clearing center server to cause the clearing center server to complete and clear the trade and to verify that the trade is completed and cleared. 
 
   
     
     
         12 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time and,   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time, reduce the minimum volume requirement.   
     
     
         13 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time and,   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time, withdraw the minimum volume requirement.   
     
     
         14 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 adjust the minimum volume requirement based on time of day.   
     
     
         15 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 adjust the minimum volume requirement based on trading volatility.   
     
     
         16 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that the minimum volume requirement has been satisfied based on an aggregate trading volume of a group of participants associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied.   
     
     
         17 . The system of  claim 11 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that the minimum volume requirement has been satisfied based on an aggregate trading volume associated with at least one of the participant associated with the incoming order and the participant associated with the current order.   
     
     
         18 . A method for trading an item in an electronic trading system that includes communication over a network with a graphical user interface of a workstation, the system, the method comprising:
 during a trading day, receiving, by at least one processor, from a graphical user interface of a workstation, a first current order for the item over a communication network;   during the trading day, receiving, by the at least one processor, from a graphical user interface of a workstation, a first incoming order for the item from at least one server coupled to the at least one processor over a communication network;   determining by the at least one processor that the first incoming order is contra to the first current order for the item, includes a volume equal to or greater than a volume of the first current order, and satisfies a predetermined minimum volume requirement that varies over time during a trading day such that the minimum volume requirement at a first time during the trading day is different from the minimum volume requirement at a second time during the trading day;   based on the act of determining that the first incoming order is contra to the first current order, includes a volume equal to or greater than a volume of the first current order, and satisfies the predetermined minimum volume requirement, transacting a trade between the first incoming order and the first current order in the electronic trading system;   during the trading day, adjusting, by the at least one processor coupled to the at least one server, the predetermined minimum volume requirement;   during the trading day, receiving, by the at least one processor coupled to the at least one server, from a graphical user interface of a workstation, a second incoming order for the item from the at least one server;   determining, by the at least one processor coupled to the at least one server, that the second incoming order is contra to a second current order for the item, includes a volume equal to or greater than a volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement;   based on the act of determining that the second incoming order is contra to the second current order for the item, includes a volume equal to or greater than the volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement, and transacting a trade during the trading day between the incoming order and the current order in the electronic trading system;   executing a process to generate electronic commands to form a data structure comprising a trading stack in memory of the electronic trading system to allow to:
 (a) keep track of data representing the participant associated with the incoming order and the participant associated with the current order to complete a requisite minimum trade requirement, and 
 (b) manage entries in the trading stack to keep track of data representing the participant associated with the incoming order and the participant associated with the current order; 
   executing a process to generate electronic commands to check entries in the trading stack for positions of the entries representing the participant associated with the incoming order and the participant associated with the current order;   executing a process to generate electronic commands to manage the trading stack in the memory including to:
 (a) maintain data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at a top of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement, or 
 (b) insert the data representing the participant associated with the incoming order and the participant associated with the current order at a trading position at an end of the trading stack in memory of the electronic trading system to allow to complete a requisite minimum trade requirement; and 
   communicating with a clearing center server to exchange messages with the clearing center server to cause the clearing center server to complete and clear the trade and to verify that the trade is completed and cleared.   
     
     
         19 . The method of  claim 18 , further comprising:
 based on the act of determining that the first incoming order is contra to the first current order, includes a volume equal to or greater than a volume of the first current order, and satisfies the predetermined minimum volume requirement, providing a predetermined time period of exclusive trading between a participant associated with the first incoming order and a participant associated with the first current order; and   based on the act of determining that the second incoming order is contra to the second current order for the item, includes a volume equal to or greater than the volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement, providing a predetermined time period of exclusive trading between a participant associated with the second incoming order and a participant associated with the second current order.   
     
     
         20 . The method of  claim 3 , in which the predetermined window of time comprises a predetermined time of a trading day. 
     
     
         21 . The system of  claim 12 , in which in which the predetermined window of time comprises a predetermined time of a trading day.