System for cloth to be swapped and method

Abstract

To provide a device for cloth to be swapped.SOLUTION: The device publicly announces potential cloth of a swap contract to all of a plurality of market participants at a dealing site in response to the reception of an instruction of the swap contract, inputs first information indicating a lapse of time in a first period into a user interface, invalidates a function on the user interface for transmitting a request for the cloth during the first period, inputs second information indicating a lapse of time in a second period later than the first period into the user interface, validates the function on the user interface for transmitting the request for the cloth during the second period, determines that a price better than a requested price for the cloth for any one of two parties does not exist in a market, determines that a price equal to the price of one between two parties having temporal priority higher than the request for the cloth exists in the market, and urges to execute the cloth between the two parties.SELECTED DRAWING: Figure 1

Description

[Technical field]

[0001] CROSS-REFERENCE TO RELATED APPLICATIONS This application is a continuation of U.S. Provisional Application No. 61 / 895,397, filed October 24, 2013, and U.S. Provisional Application No. 61 / 941,165, filed February 18, 2014, all of which are incorporated herein by reference.

[0002] Field Some embodiments relate to trading. [Background technology]

[0003] The marketplace matches bids and orders for trading in financial instruments. Swap contracts allow traders to make rate-based transactions. Summary of the Invention

[0004] The following should be understood as embodiments rather than claims.

[0005] A. An apparatus, comprising: one or more processors; and one or more non-transitory media, the one or more non-transitory media, when executed by the one or more processors, causes the apparatus to receive indications of swap agreements from market participants; in response to receiving the indications of the swap agreements, cause a plurality of market participants to announce a potential cross of the swap agreements; in response to receiving the indications of the swap agreements, intentionally foisting an acceleration of requests for crosses in the swap agreements by the market participants during a period of time, and facilitating the announcement of a potential cross of the swap agreements by the market participants after the period of intentional delay has elapsed. 11. The apparatus having stored thereon instructions for allowing the facilitation of the request for a cross in a swap contract, receiving the request for a cross from the market participants, the request for a cross verifying a price and a quantity, determining that a better price for the request for a cross for either of the two parties does not exist in the market, determining that a same price for the request for a cross for one of the two parties does exist in the market at a better time priority than the cross, and facilitation of execution of the cross between the two parties at the price and the quantity.

[0006] A.1. The apparatus of claim A, wherein permitting facilitation includes permitting for a limited time, and wherein the request for a cross is received during the limited time. A.2. The apparatus of claim A, wherein the indication of the swap agreement includes a ticker symbol identifying a clearing house to be used for a transaction involving the swap agreement, and wherein permitting execution includes permitting execution with the clearing house. A.3. The apparatus of claim A, wherein permitting facilitation includes permitting for a limited time, and wherein the apparatus is controlled to receive a second indication of the swap agreement from the market participant at a time equal in length to the time before the limited time ends, re-announce the potential cross of the swap agreement to the multiple market participants in response to receiving the second indication of the swap agreement, and continue permitting facilitation for an additional time after the limited time in response to receiving the second indication of the swap agreement. A.4. The apparatus of claim A, wherein the market participant includes a broker.

[0007] B. An apparatus comprising: one or more processors; and one or more non-transitory media having stored thereon a plurality of instructions that, when executed by the one or more processors, cause the apparatus to receive an indication of a ticker symbol of a swap agreement from a market participant, the ticker symbol identifying a clearing house to be used for trading in the swap agreement; in response to receiving the indication of the ticker symbol, cause a plurality of market participants to announce a potential cross of the swap agreement; in response to receiving the indication of the ticker symbol, intentionally force facilitation of a request for a cross in the swap agreement by the market participant during a period of time, and after the period of intentional delay has elapsed, allow the facilitation of the request for a cross in the swap agreement by the market participant; receive the request for a cross identifying the ticker symbol, the request for a cross identifying a price, quantity, and two parties; determine the clearing house based on the ticker symbol; and facilitate execution of the cross using the clearing house.

[0008] The apparatus of claim B, wherein permitting facilitation includes permitting for a limited time, and wherein the request for a cross is received during the limited time. B.2. The apparatus of claim B, wherein the apparatus is configured to determine that a same price exists in the market for the request for a cross for one of the two parties at a better time priority than the cross, and wherein the facilitation includes facilitation of the cross between the two parties at the price and the amount. B.3. The apparatus of claim B, wherein permitting facilitation includes permitting for a limited time, and wherein the apparatus is controlled to receive a second indication of the ticker symbol from the market participant at a time equal to the time before the limited time ends, re-announce the potential cross of the swap agreement to the multiple market participants in response to receiving the second indication of the swap agreement, and continue permitting facilitation for an additional time after the limited time in response to receiving the second indication of the swap agreement. B.4. The apparatus of claim B wherein the apparatus controls to compare the prices to determine that a better price exists in the market for fulfilling at least a portion of the request for a cross for at least one of the two parties, and facilitating execution of the cross includes facilitating execution of the at least a portion at the better price. B.4.1. The apparatus of claim B.4 wherein facilitating execution includes facilitating execution with at least one party and another party different from either of the two parties. B.4.2. The apparatus of claim B.4 wherein facilitating execution includes facilitating execution between the two parties.

[0009] C. An apparatus, comprising: one or more processors; and one or more non-transitory media, the one or more non-transitory media, when executed by the one or more processors, causes the apparatus to receive a first indication of a swap agreement from a market participant; in response to receiving the first indication of the swap agreement, cause a plurality of market participants to announce a potential cross of the swap agreement; in response to receiving the first indication of the swap agreement, intentionally force facilitation of a request for a cross in the swap agreement by the market participant during a first time, and after the first time of intentional delay has elapsed, allow facilitation of the request for a cross in the swap agreement by the market participant during a second time; and, when the first time ends prior to the second time, cause a plurality of market participants to announce a potential cross of the swap agreement by the market participant during a first time. receiving a second instruction of a swap agreement; in response to receiving the second instruction of the swap agreement, causing the plurality of market participants to re-announce the potential cross of the swap agreement; in response to receiving the second instruction of the swap agreement, allowing facilitation of the request for a cross in the swap agreement by the market participants during the second time after receiving the second instruction such that a total time of facilitation of the request for a cross permitted by the market participants comprises twice the second time based on the first and second instructions of the swap agreement; receiving the request for a cross from the market participant, the request for a cross confirming a price, quantity, and two parties, and facilitation of execution of the cross.

[0010] The apparatus of claim C, wherein the apparatus receives a third instruction of the swap agreement from the market participant when twice the second time has elapsed since receiving the first instruction of the swap agreement, and in response to receiving the third instruction of the swap agreement, re-announces a potential cross of the swap agreement to the multiple market participants, and in response to receiving the third instruction of the swap agreement, permits facilitating the request for a cross in the swap agreement by the market participant during the second time after receiving the third instruction such that a total time of facilitating the request for a cross permitted by the market participant includes three times the second time based on the first, second and third instructions of the swap agreement.C.2. The apparatus of claim C, wherein the apparatus is configured to determine that a same price exists in the market for the request for a cross for one of the two parties with a better time priority than the cross, and wherein facilitating the execution includes facilitating execution of the cross between the two parties at the price and the amount. C.3. The apparatus of claim C, wherein the instructions of the swap agreement include a ticker symbol identifying a clearing house to be used for a transaction involving the swap agreement, and facilitating execution includes facilitating execution with the clearing house. C.4. The apparatus of claim C, wherein the apparatus controls to compare the prices to determine that a better price exists in the market for realizing at least a portion of the request for a cross for at least one of the two parties, and facilitating execution of the cross includes facilitating execution of the at least a portion at the better price. C.4.1. The apparatus of claim C.4, wherein facilitating execution includes facilitating execution with the at least one party and another party different from either of the two parties. C.4.2. The apparatus of claim C.4, wherein facilitating execution includes facilitating execution between the two parties.

[0011] 15. An apparatus comprising: one or more processors; and one or more non-transitory media having stored thereon a plurality of instructions that, when executed by the one or more processors, cause the apparatus to receive a request to announce a potential cross of swap agreements between two parties; in response to receiving the request to announce, send an announcement to a market; adjust an interface to indicate a countdown of an announcement period; control the interface to prevent submission of requests for a cross during the announcement period; in response to adjusting the interface to indicate that the announcement period is ending, adjust the interface to indicate a countdown of a submission period during which requests for a cross are permitted to be submitted; adjust the interface to allow submission of the request for a cross during the submission period; receive a request to submit the request for a cross to the market via the interface during the submission period; and in response to receiving the request to submit the request for a cross during the submission period, send the request for a cross of swap agreements to the market.

[0012] D.1. The apparatus of claim D wherein the apparatus is controlled to receive a change via the interface of one of the two parties during the submission period and the request for a cross indicates the changed party instead of one of the two parties. D.2. The apparatus of claim D wherein the apparatus is controlled to receive a request to extend the submission period by at least as long as the announcement period before the submission period ends, submit a second request to announce during the submission period that is at least as long as the announcement period before the submission period ends, send a second announcement to the market in response to the second request, and extend the submission period. D.3. The apparatus of claim D wherein the announcement includes a ticker symbol identifying a clearing house to be used for a transaction involving the swap contract. D.4. The apparatus of claim D wherein controlling the interface to prevent submission of the request for cross during the announcement period includes disabling a button, and adjusting the interface to allow submission of the request for cross during the submission period includes enabling the button. [Brief description of the drawings]

[0013] [Figure 1] FIG. 2 is a block diagram of an example device. [Diagram 2] FIG. 2 is a diagram of an example interface. [Diagram 3] FIG. 1 illustrates an example method according to some embodiments. [Figure 4] FIG. 1 illustrates an example method according to some embodiments. [Diagram 5] FIG. 1 illustrates an example method according to some embodiments. [Figure 6] FIG. 1 illustrates an example method according to some embodiments. [Figure 7] FIG. 2 illustrates an example symbol structure according to some embodiments. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0014] Example Embodiments Financial instruments may be traded via a trading device. The trading device may facilitate matching, exchange, clearing, tracking, computation, and / or other actions that may assist in establishing a market for the financial instrument. One exemplary financial instrument that may be traded includes a futures contract. Such a contract may grant one party some rights in the future from another party in exchange for some cost now. Another exemplary financial instrument that may be traded includes a swap contract. Such a contract may grant one party payments based on a first interest rate and the other party payments based on a second interest rate. For example, a first party may be granted a floating interest rate and a second party may be granted a fixed interest rate.

[0015] 1 illustrates an exemplary trading device 100 that may be part of some embodiments. It should be understood that this trading device is provided as a non-limiting example and that other embodiments may have any desired structure. The exemplary trading device includes an electronic market 101, a broker 103, a clearing house 105, a first party 107, and a second party 109.

[0016] A first party 107 and a second party 109 may reach a negotiated agreement to trade in a swap. For example, in a swap exchange, the first party may agree to take the US LIBOR 3 month floating rate plus 25 basis points, and the second party may agree to take the US Treasury 5 year fixed rate. The parties may agree to trade in a contract having a notional value of $1 million (such notional size may be set by convention, by the exchange, by the clearing house, by the regulator, by the parties, and / or by some desired alternative). The parties may agree to trade some number of such contracts. This negotiation may take place via an electronic messaging system, via an auction or bidding system, via direct voice negotiation, and / or in some desired manner. In some embodiments, the first party and / or the second party may notify the broker 103 of the negotiated agreement.

[0017] In some embodiments, a first party may notify a broker of a desire to trade in a swap, and the broker may arrange a negotiated agreement with a second party, for example, by looking at an order book for matching orders, by calling interested parties, by placing orders in a match engine queue to find a match, etc. It should be understood that various techniques for effecting a negotiated agreement may be used in various embodiments.

[0018] The broker 107 may determine parameters for a negotiated agreement between the first and second parties for a swap exchange (e.g., by receiving some or all parameters from the parties or a matching venue, by negotiating some or all parameters for the parties, by defining some or all parameters, etc.). The parameters may include size, price, contract, parties, and / or clearing house to use for the transaction. For example, the first party may confirm to the broker (e.g., via electronic communication, by telephone, personally, etc.) the contract, price, size, clearing house, and second party.

[0019] A broker may submit information about a desired transaction to an electronic marketplace to facilitate execution of the transaction. For example, the broker may request a quote for the contract from the market. After some required delay period, the broker may submit a request for a cross to the market. The broker may submit such information via electronic communication with the market confirming the parameters of the requested cross. FIG. 2 illustrates an example GUI that may be used to submit information to the marketplace for a swap transaction. The broker may notify the first party and / or the second party of the outcome of the attempted execution. The broker may operate a computing device to facilitate trading of swap contracts via the electronic marketplace. Information may be received by and / or transmitted from the device to facilitate such trading as described herein. The computing device may track and maintain the information to enable a display such as the display of FIG. 2. One example broker may include BGC Partners.

[0020] The electronic market 101 may comprise one or more computing devices that act as a matching facility for the product. Such computing devices may execute instructions in a non-transitory medium to enable trading of swap contracts. The market may list swap contracts for trading. The market may allow bids and offers to be entered on swap transactions. The market may allow requests for quotes to be entered for swap contracts. The market may allow requests for crosses for swap contracts to be entered with the announcement limitations described herein. The market may maintain an order book for orders in swap contracts. The market may match orders for trading in swap contracts. The market may facilitate the execution of transactions in swap contracts (e.g., via a clearing house 109). The electronic market may also allow trading of one or more other financial instruments, such as futures contracts. One exemplary electronic market may include the ELX.

[0021] For example, a market may list swap agreements for trading. The listings may be publicly transmitted and viewed via an interface of a computing device. Orders for both sides of the swap agreement may be received by the market. The market may match the orders (e.g., when the orders have the same price). The market may match the orders in a FIFO, proportional, and / or other manner. The market may send information about matching orders to a clearing house so that the clearing house may execute the trade. The market may notify the parties to the trade of the match and / or execution of the trade. The market may maintain information about one or more order queues. For example, orders to buy may be maintained at a price and time priority in a buy queue, and orders to sell may be maintained at a price and time priority in a sell queue. Orders at matching prices (e.g., via a clearing house) may be matched, and orders may be executed to fulfill these matched orders.

[0022] As another example, the market may receive an indication that the parties desire to trade a swap. The market may first announce that a trade in the swap is publicly requested prior to making the trade. For example, a request for quotes may be submitted to the market. In response to receiving the request, the market may publicly announce the requested quote. After some time (e.g., 5 seconds) has elapsed, the parties wishing to trade together may be permitted to do so. In some embodiments, the parties' brokers may be allowed to submit a request for a cross after a period of time (e.g., 25 seconds) for some time after the period. In other embodiments, the market may treat the first submission as a request for a cross after the period has elapsed, excluding a second submission from such a broker.

[0023] If an order at a better price (e.g., higher or lower, depending on whether the parties are selling or buying) for either of the parties requesting the cross is in the market at the end of the period (e.g., it was before the request for a quote was announced or received during the period and is still pending at the end of the period), the better order may be interloped into the requested cross. If there is remaining size after the interloper's order is fulfilled, the remaining size may be crossed at the requested cross and / or the remaining order may be canceled. If no such better order is available, the requested cross may be made and the exchange (e.g., via the clearing house 109) may expedite the requested transaction. Such interloper capabilities may help ensure that the best price is achieved for the parties to the transaction.

[0024] The clearing house 109 may comprise one or more computing devices that enable the repayment and / or settlement of the transaction. The clearing house may receive information confirming the transaction (e.g., from the market in response to a match) and may enter one or more agreements to facilitate the transaction. For example, the clearing house may enter a single swap agreement between a first party and a second party into a swap agreement transaction. As another example, the clearing house may enter a swap agreement with the first party and a second swap agreement with the second party. The agreements may have a feeling of being between the first and second parties, but the clearing house may actually be an intermediate party between the two parties. One exemplary clearing house may include LCH.

[0025] Some embodiments may use several clearing houses. The party submitting information to the exchange may confirm the clearing house to be used (e.g., a broker may confirm the clearing house with the exchange). The exchange may use a default clearing house if the clearing house is not confirmed. The listing of a swap agreement may confirm the clearing house to be used for the swap agreement as part of the listing. In some embodiments, the swap agreements may all have the same parameters but use different clearing houses. Some implementations may treat the listing of such swaps as fungible and may resolve the issuance of the clearing house in several different ways (e.g., using a preferred clearing house, using a cheaper clearing house, etc.). Other implementations may treat the listing of such swap agreements as non-fungible. A database may map the listing to a clearing house. A recent example illustrates an approach in which part of a ticker symbol may be an indication of a clearing house. The market may read a portion of such listings to determine a clearing house to use for executing a trade.

[0026] In some embodiments, parties may be required to have a contract in place with the clearing house to be able to use the clearing house. The market may require parties to identify that they have such a contract in place before allowing a transaction using the clearing house. The clearing house may receive information from the market, which may include the parties to the transaction, confirming the transaction to be made (e.g., as a formatted electronic message). The clearing house may verify that the parties have a contract properly signed with the clearing house. The clearing house may notify the market that the parties are properly authorized. The clearing house may notify the market, broker, and / or party that a transaction has occurred. The market may notify the party and / or broker that a transaction has occurred. If a party does not have a contract in place and is required to have one, the clearing house may reject the transaction by notifying the party, broker, and / or market that the transaction will not be permitted. A market receiving such a notification may forward the notification to the party. Brokers may track at the clearing house that they are authorized to use to facilitate the process that parties are engaged in in a transaction.

[0027] In some embodiments, a marketplace may require that a broker has authorization to trade on behalf of a party. The marketplace may require that a broker identify that it has such authorization. For example, a broker may be required to submit a copy of its authorization to trade to the marketplace before the broker is permitted to submit orders for clients.

[0028] It should be understood that the example of Figure 1 is provided as a non-limiting example only. Other embodiments may take other forms and / or include other components. For example, in some embodiments, a broker may not be used, but rather parties may participate in the market directly. Some embodiments may include an exchange, a non-exchange trading venue, a matching engine, a broker computing device, a market with self-paying features, and / or some other desired components.

[0029] 3, 4, and 5 illustrate example methods that may be performed in some embodiments. Such methods may be performed by a marketplace, such as marketplace 101, and / or by a user computing device (e.g., via a broker's interface program that communicates with the marketplace to submit information).

[0030] As shown in FIG. 3, some embodiments may receive an instruction for a swap agreement from a market participant. The instruction may be received by the market from a broker (or a party that is a participant in the market). The instruction may include an announcement of a requested cross. The instruction may identify two interest rates (e.g., a fixed rate and a floating rate). For example, a 7-year semi-annual note may be identified as a fixed rate and a U.S. 3-month LIBOR may be identified as a floating rate. The instruction may identify a clearing house to be used. For example, the instruction may identify LCH as a clearing house. Such information may be submitted by a broker or party by using an interface, such as one as illustrated in FIG. 2.

[0031] In some embodiments, the instructions for the swap agreement may include an indication of a ticker symbol that identifies a clearing house to be used for transactions in the swap agreement. Figure 4 illustrates a method for including such a ticker symbol. Figure 7 is an example layout of such a ticker symbol.

[0032] As shown in FIG. 3, some embodiments may announce a potential cross of swap agreements to multiple market participants in response to receiving an indication of the swap agreement. For example, the potential cross may be published by the market for the participants to view. Information may be sent to each of the multiple participants identifying some aspect of the potential cross. The request may identify the term of the traded contracts. For example, the clearing house, the fixed rate portion, and the floating rate portion of the traded contract may be identified within the market listing. A listing structure that may be used is shown in FIG. 7. The listing may be determined and published in response to receiving an indication by the market. The announcing includes announcing some characteristics of the cross, such as, for example, the identity of the contracts. In some embodiments, only such identity may be revealed. In other embodiments, more information about the announced cross (e.g., parties, size, etc.) may be revealed.

[0033] As shown in FIG. 3, some embodiments may enforce the facilitation of a request for a cross in a swap agreement by the market over a period of time in response to receiving an indication of the swap agreement. In some embodiments, a request for a cross may only be permitted to be offered and / or determined if it is received after an issued request for a quote is generated. A request for a cross may be required to be acted upon or submitted within a period of time (e.g., within 25 seconds, within 5 seconds, within 1 minute, within 5 minutes, within 30 minutes, within 1 hour, within 1 day, etc.) after the issuance of the request for a quote. In some embodiments, a GUI interface such as FIG. 2 may disable a submit button until after a period of time has elapsed. Some embodiments may include enabling the ability to submit a request for a cross in response to a period of time having elapsed after the announcement of the request for a quote. It should be understood that after the announcement contemplates some or all of, for example, after receipt of the announcement by the market, after sending of the announcement to the market, after processing by the market, and / or after the market makes a public announcement.

[0034] As shown in FIG. 3, some embodiments may permit a market participant to facilitate a request for a cross in a swap contract after a period of deliberate delay has elapsed. For example, the GUI may be enabled to permit submission. Some embodiments may bind to all time except for a period after the announcement period. For example, the announcement period may last for 1 millisecond, 1 second, 5 seconds, 10 seconds, 30 seconds, 1 minute, 5 minutes, 1 hour, 1 day, etc. (e.g., a request for a quote may be generated and the time thereafter may count as the announcement period). After the announcement period, the ability to request a cross and / or determine the requested cross may be enabled for some period (e.g., 5 seconds, 25 seconds, 1 minute, 1 hour, etc.).

[0035] As shown in FIG. 3, some embodiments may receive a request for a cross from the market, where the request for a cross confirms a price and a quantity. The market may determine that the request is generated during an allowed period (e.g., 25 seconds after the announcement period ends). The market may then determine the request as being generated during the allowed period. The market may refuse to determine requests that are not generated during the allowed period. The request for a cross may confirm a price, a size, and / or parties to the contract. For example, a request for a cross may confirm that a first party and a second party wish to engage in a trade with a float size of 60 basis points over a threshold for 50 contracts, with a notional value of $1 million. The notional value may be a standard value by the exchange. Such a request may be received (through the use of an interface such as that of FIG. 3) from a broker and / or parties to the trade.

[0036] The market may assign a numerical identifier to the announced cross. When a request for a cross is received, it may be required to have a numerical identifier that matches the one assigned to the requested quote to ensure that a proper announcement is made. Other embodiments may not include such limitations. For example, a broker may announce a cross of a particular contract and then, in some embodiments, may change the parties and / or size of the cross from the original intent. A broker may, in some embodiments, be limited to a single cross per announcement and / or may be permitted to make any number of crosses during an allowed period. A scheme that limits crosses per announcement may give the market a true view of the activity at the cross before the cross is executed. A scheme that allows any number of crosses per announcement may allow a faster rate of crosses for spectators.

[0037] As shown in Figure 3, some embodiments may determine that there is no better price in the market for a request for a cross for either of the two parties. Also, as shown in Figure 3, some embodiments may determine that there is the same price in the market for a request for a cross for one of the two parties with a better time priority than the cross. These determinations may be a single determination, similar determinations, and / or different determinations.

[0038] In such an instance, the same price would be treated as a worse order. This could disrupt standard price and time priority standards. For example, if an interloper order has the same price but is pending before the requested cross, the requested cross may be executed despite having the interloper order matched (because it was pending first) by the standard price and time priority mechanisms.

[0039] On the other hand, the market may observe orders for the contract received before and after the announcement until a request for a cross is received and / or acted upon. If an order is pending with a better price for either party to the requested cross than the price of the requested cross, the order may be used to fulfill at least a portion of the requested cross rather than a specifically negotiated cross confirmed by the request for the cross.

[0040] For example, a requested cross may be received with a 60 basis point premium on the floating side and asking for 15 contracts. An order may be received during the announcement asking for the fixed side and offering a 59 basis point premium for three contracts. The market may match the requested cross with the 59 basis point order, giving a better deal for three of the 15 requested contracts on the floating rate side of the cross.

[0041] In some embodiments, the fixed rate side of the requested cross may be left with three unfulfilled contracts. The twelve remaining contracts may be matched in the requested cross. In other embodiments, the twelve remaining requested by the floating rate side and the full fifteen requested by the fixed rate side may not be fulfilled. A scheme to match orders in parts may allow orders to be filled sooner. A scheme to cancel unfulfilled orders allows the parties to control the totality of these orders and ensures that orders that are only partially fulfilled will not get stuck. Some embodiments may ensure that the parties to the requested cross confirm the handling of the portion of the unfulfilled order and act according to such confirmed handling.

[0042] In the absence of such a better priced order, the requested cross may be treated in its entirety. In some embodiments, a request for a cross may be treated as a block trade if it exceeds a threshold size (e.g., 1 or more contracts, 10 or more contracts, 100 or more contracts, 10,000 or more contracts, etc.).

[0043] As shown in FIG. 3, some embodiments may facilitate execution of a cross between two parties at a price and for a quantity. Some embodiments may facilitate execution of a request for a cross between two parties and through a confirmed clearing house at a price and size confirmed by the requested cross. The clearing house may be sent information to effectuate the transaction as requested (and / or decide to effect a transaction involving an interloper and a transaction involving a party at a lower size, for example). The clearing house may execute the transaction in response.

[0044] Parties may be notified of the results of requests for quotes and / or requests for crosses by the market, by brokers, and / or by clearing houses.

[0045] It should be understood that the illustrated methods are provided by way of non-limiting example only, and that other embodiments may include other actions instead.

[0046] The methods of Figures 4 and 5 include similar elements to the method of Figure 3. These methods may be combined in part or in whole together and / or in some combination with the method of Figure 6 or other elements described herein.

[0047] In the method of Figure 4, the method includes receiving an indication of a ticker symbol of a swap agreement from a market participant, the ticker symbol identifying a clearing house to be used for trading in the swap agreement. The method of Figure 4 does not explicitly include discovering that there is no interloper order, as does the method of Figure 3. This discovery occurs in some situations and not in others. As described elsewhere, such discovery may affect the manner in which the requested cross (e.g., price, interloper order to use, partial, etc.) is executed.

[0048] For example, rather than separate submissions of an announcement and a request for a cross, a single submission may be made. The single submission may be treated by the market such that the announcement is made and the requested cross is determined after the announcement period. In such a single receipt embodiment, the requested cross may be given the same time priority as when it was submitted and / or the cross may be given time priority at the end of the announcement period for purposes of interloper matching. This may be useful, for example, to minimize the time between the end of the announcement period and the execution of the cross, since rather than waiting during the submission of the cross, the cross may be automatically executed as if it had been received the moment the announcement period ended. In some such implementations, rather than determining the cross immediately after the announcement, such an indication may confirm that the cross should be determined some time (e.g., some time after the announcement period, some time after the notification is received). This may allow the submitter to introduce some delay between the announcement period and the determination of the cross if such a delay is desired (e.g., to allow time to cancel, to stimulate human activity, etc.).

[0049] As another example, some embodiments may include various order types. One exemplary order type may include orders of all types or no types. In such an order, the requested cross may indicate that the parties want all or none of the orders completed. In such a situation, if the cross has no interlopers, it performs as normal. However, if there are interlopers that would match one side of the cross, the orders may behave differently. For example, if there are a sufficient number of incoming orders to fill all of the first side of the cross, then one or more of those orders may be used to fill the first side of the cross. However, if there are not a sufficient number of orders to fill that side of the cross, then the cross may not be executed since it cannot be fully completed. The same rules may be applied to the second side of the cross under such order types. Using such rules, the parties may ensure fulfilled orders for both parties to the cross.

[0050] Other orders may include market order crosses. In such orders, the requested cross may indicate not only a preferred price, but also that the parties are willing to execute the cross at the market price. In such a situation, if there is no interloper, the cross may be executed as described above. If there is an interloper, the cross may be executed at the price of the interloper between the original parties to the cross, rather than at the preferred price. With such orders, the parties may guarantee that they will cross each other, but cannot guarantee the price of such a cross.

[0051] Yet other types of crosses may include limit order crosses. Such limit order crosses may add a level of protection to one or more sides of the cross when compared to a market order cross. In such orders, the limit may be priced at the market price. Thus, if the market price is significantly away from the preferred price, the standard interloper rules described above may apply. This limit may be in either direction and / or only one direction of the price from the preferred price. This limit may protect one or both parties to the cross from crossing at a price far from the expected price. If there is an interloper and the market price is within the limit, the cross may execute as a market order cross.

[0052] Although the market and limit crossing examples are given with respect to a preferred price, other embodiments may use a price based on some price mechanism (eg, midpoint, last executed cross, etc.).

[0053] The market may receive these or other types of crosses and may determine the manner in which such crosses should be matched based on the duration of the type of cross and the presence of some interlopers (e.g., what the price is with or without one or more interlopers, etc.) Other types may be combined in any desired combination (e.g., all or none of the limit order crosses).

[0054] In yet another example, in some embodiments, when an interloper exists and is matched with one side of the cross, there may be excess demand on the other side of the cross that is not fulfilled. In some embodiments, the excess demand may be converted into a pending order. In other embodiments, the excess demand may be canceled.

[0055] As yet a further example, the duration of the announcement may have various characteristics. For example, in some embodiments, a payment may be required to make the announcement. Such a payment may discourage constant or frivolous announcing. A broker may be mandated by the market to make the announcement. In some embodiments, such a mandate may occur if there is no cross after the announcement. In some embodiments, such a mandate may occur after a number of announcements (e.g., 1, 2, 5, 10, 100). In some embodiments, such a mandate may occur after a number of announcements (e.g., 1, 2, 5, 10, 100) without a cross. Other entities, such as the market or the broker's computing device, may track such information and apply the mandate as desired.

[0056] In some embodiments, each submitted cross may be required to be paired with a unique announcement. In other embodiments, the announcement may allow any number of crosses to be made during the following period. In some such embodiments, when an announcement is made by a broker, it may be understood to be in effect for all entities in the market (e.g., all brokers working for the trader making the announcement) and / or all members of the trading entity until the end of the period (e.g., 25 seconds after the announcement). During this time, anyone may submit a cross without an additional announcement.

[0057] In some embodiments, a user may wish to have the ability to submit a cross as quickly as possible. Thus, a user (e.g., a broker or other trader such as an algorithmic trading computer) may maintain a set of continuing announcements. For example, in a situation where the announcement period is 5 seconds and the permitted submission period after the announcement period is 25 seconds, the user may maintain a chain of announcements that time as follows: FIG. 5 illustrates an example manner in which a continuing chain of announcements may be made. To start the chain, a first announcement may be made. A first submission period may begin after the first announcement period of 5 seconds. 20 seconds into the first submission period, another announcement may be made. Thus, during the last 5 seconds of the first submission period, a second announcement period may begin. Thus, when the first submission period ends after 25 seconds, the second announcement period may also end and the second submission period will begin. Similarly, when this second submission period is 5 seconds away from its end, a third announcement may be made. This cycle may continue until a cross is submitted. Thus, a window for submission may remain open for the submission of a cross. Combining this embodiment with a cost per announcement embodiment may result in a higher cost for keeping the window open all the time than for using a window of announcements only when a cross is specifically desired.

[0058] In the method of Figure 5, the method begins similarly to the method of Figure 3. The method does not explicitly include a clearing house as in the method of Figure 4, although it may include such a clearing house and ticker symbol. The method ends without explicitly checking an interloper or explicitly using a confirmed clearing house, although in some embodiments, some may do so.

[0059] The method of Figure 5 includes a first time prior to the expiration of the second time period, receiving a second confirmation of the swap agreement from the market participant. The first time period may correspond to the announcement period mentioned above. The second time period may correspond to the submission period mentioned above.

[0060] The method of Figure 5 includes re-announcing the potential cross of the swap agreements to a plurality of market participants in response to receiving a second confirmation of the swap agreements. Such a re-announcement may be similar to the initial announcement. Some embodiments may not include or require such a re-announcement.

[0061] The method of Figure 5 includes permitting facilitation of requests for crosses in the swap agreements by market participants for a second time period after receiving the second instruction, such that the total time for facilitation of requests for crosses permitted by the market participants in response to receiving the second instruction of the swap agreement includes twice the second time period based on the first and second instructions of the swap agreement. This corresponds, for example, to permitting the submission period to open for 50 seconds in the 25 second submission window example described above. Several numbers of successive announcements may be made in this manner to open the submission period for as long as desired according to desired market parameters.

[0062] In some embodiments, when a cross is submitted, the announcement may be put into an used state so that no further crosses can be submitted from the announcement. A new set of announcements may be required to submit another announcement. Such a set may be similar to the set described above that keeps the submission window open. In some states, a cross may be submitted at a time between the announcement's periods and at a time between the submission periods. In such states, both the previous announcement and the announcement that triggered the period may be put into a used state. In other embodiments, only the previous announcement may be put into a used state. Thus, the period of the most recent announcement may still trigger the period to be submitted when it passes. Thus, when a new set of announcements starts, it may start based on the previously submitted announcement. Thus, the period of the first announcement of the second set may be effectively shorter than 5 seconds since it started as part of the previous set of announcements.

[0063] In some embodiments, the broker's device may track such actions and provide such announcements by recording events, displaying interface information, and providing information (e.g., to the market) to generate the potential for such functionality. For example, a broker or other trader may instruct a computing device to keep a window of announcements open. The device may operate to provide an announcement to keep the window open until a time other than that shown (e.g., until a request to cross is indicated). In some embodiments, the market may facilitate such functionality by making such announcements and tracking such information on behalf of the broker.

[0064] In some embodiments, the amount of time a set of announcements may continue to remain open and make announcements (e.g., 2, 5, 10, 100, 2000, etc.) may be limited. Such limits may be established by the market and / or broker. In some embodiments, after such an amount of announcements, a break may be required to be taken (e.g., a new set starting with the full duration of the announcements, some time (e.g., 5 seconds, 10 seconds, 1 minute, 1 hour, etc.) during which no announcements are required). In other embodiments, a commitment may occur after such a threshold number of additional announcements in the set.

[0065] It should be understood that the example periods of 5 and 25 seconds may be given without limitation, other embodiments may include any desired time period, and one of ordinary skill in the art will understand how such examples may be applied to them.

[0066] In some embodiments, algorithmic traders may be users of such markets to engage in trades. Such algorithms may be configured to open and / or close a set of announcements when a match is deemed to exist. For example, such an algorithm may determine an opportunity at which it wishes to engage in a cross at some length of time in the future. If the opportunity exceeds some threshold (e.g., 50%, 90%, etc.), the algorithm may initiate a set of announcements in response. If the algorithm then determines it wishes to engage in a cross, it may submit the cross that is offered immediately, which is after the period of the initial announcement in the set of announcements. This may reduce delays for the algorithm. If the algorithm, on the other hand, determines that the opportunity falls below the threshold, the set of announcements may be closed (e.g., without further announcements in the set being submitted). This may reduce costs in embodiments of commissioning for announcements.

[0067] FIG. 2 illustrates an example of a GUI interface that may be used in some embodiments to facilitate the submission of a request for a cross. As shown, the interface includes an announce button that allows a broker to submit a request for a quote that initiates a period of announcements. A timeline indicates the current state of the submission of the trade. For example, the red / leftmost portion may indicate that a request for a cross is not available for submission. When such functionality is blocked, the submit cross button may be disabled. After the timeline has passed this first period, the blue / second portion may be achieved. During this second portion, a request for a cross may be submitted. During this second period, the request for a cross button may be enabled. When the second period has ended, the request for a cross submission functionality may again be disabled. The interface may allow input of parameters for the trade (e.g., price, size, parties, clearing house, etc.). In some embodiments, the parameters may be set outside of such an interface (e.g., the default clearing house for the broker may be set elsewhere). As shown, the interface includes a cross submit button that allows the broker to submit a request for a cross with defined parameters for a second time period.

[0068] It should be understood that this exemplary display is non-limiting and other embodiments may include other interfaces.

[0069] 6 illustrates an example methodology that may be used to facilitate the functionality of an interface in some embodiments. Such methods may be performed by and / or using a computing device, such as a computing device of an electronic marketplace and / or broker or other market participant.

[0070] As shown, the method of FIG. 6 may include receiving a request to announce a potential cross between two parties. Such a request may be received, for example, in response to clicking an announce button in the interface of FIG. 2. As shown, the method of FIG. 6 may include, in response to receiving the request for the announcement, sending the announcement to the market, adjusting to indicate a countdown period for the announcement, and controlling the interface to prevent submission of requests for a cross during the period of the announcement. For example, a broker's computer may send a request for the announcement to the market. As another example, the interface of FIG. 2 may be controlled and / or adjusted such that a progress bar indicates a countdown period for the announcement and a cross submission button is inactive (e.g., grayed out). The sending may include sending a ticker symbol identifying the requested clearing house.

[0071] As shown, the method of FIG. 6 may include adjusting the interface to indicate that the announcement period is ending, adjusting the interface to indicate a countdown of a submission period during which requests for crosses are permitted to be submitted in response to the end of the announcement period, and adjusting the interface to permit submission of requests for crosses during the submission period. For example, the interface of FIG. 2 may be adjusted such that the cross submission button is activated, a countdown of the cross submission period is shown (e.g., as a progress bar), and the announcement timer is hidden (e.g., as a progress bar exceeding a threshold). Examples of these adjustments are shown in FIG. 2.

[0072] 6 may include receiving a request to submit a request for a cross to the market via an interface during a submission period. For example, a user may click a submit cross button.

[0073] 6 may include transmitting a request for a cross of swap contracts to a market in response to receiving a request to submit a request for a cross during a submission period. For example, a broker's computer may transmit the request for the cross over a network to an electronic market.

[0074] In some embodiments, a user of the interface may generate changes to one or more parties before submitting a request for a cross. In some embodiments, the interface may be used to establish an open submission period. For example, a user may use the interface to request an extension to the time of submission. Such a request may be received in sufficient time to generate a subsequent request, such as in the various examples of extensions of time for submission discussed elsewhere (e.g., with respect to FIG. 5). The computing device may submit additional requests to announce the potential cross to the market to help keep the submission window open for the extended time. This may continue for a number of cycles as desired (e.g., until the cross is submitted).

[0075] It should be understood that elements of such methods may not all be implemented in some embodiments, for example, there may not be a timer for announcements, there may not be a timer for submissions, there may not be coordination regarding cross-submit buttons, and / or other elements may differ as desired.

[0076] FIG. 7 illustrates an example of a listing format that may be used by a marketplace to list swap contracts. In response to receiving a request for a quote and / or other instructions that may prompt the listing or publication of a contract, the marketplace may list or publish the contract for trading. To list the contract, the marketplace may use a standardized symbol format that allows traders to easily identify the listed contract. The format may include the parameters of the contract so that traders can quickly understand what is being listed without needing further information. The marketplace may use the illustrated standard to determine the symbol for listing.

[0077] For example, a standard indicates that the symbol begins with a clearing house indicator to be used following a break. An example break is -. The symbol then includes a fixed rate portion section. The fixed rate portion section identifies the term and interest rate type for the fixed rate portion. These two portions of information are separated by a break in the form of _. The symbol then includes a floating rate portion section. The floating rate portion section identifies the frequency and interest rate for the floating rate side of the trade. These two portions of information are separated by a break in the form of _. The fixed and floating rate portions are separated by a break in the form of "_v_".

[0078] The clearing house portion is one character in size. The period portion of the fixed rate portion may be two characters in size. The rate type portion of the fixed rate portion may be two characters in size. The frequency portion of the floating rate portion may be two characters in size. The rate portion of the floating rate portion may be three characters in size. As an example, L-7Y_sb_v_3M_USL may indicate that the LCH clearing house is used for a swap having a fixed rate portion based on a 7-year semi-annual bond and a floating rate portion based on the US 3-month LIBOR.

[0079] The market may receive a ticker symbol as part of an order, and may also receive a request for a cross or according to a standard such as that of Figure 7. The market may analyze the ticker symbol to determine elements of the methodology for executing the trade. For example, the market may compare a portion of a clearing house table with a clearing house to determine which clearing house to use to facilitate the execution of the cross in response.

[0080] It should be understood that this example format is non-limiting and other embodiments may include other formats, for example, the size, position, and / or character of the breaks may be altered in some embodiments.

[0081] Other embodiments may not use such a ticker format at all. In such embodiments, requests for crosses, instructions for swap agreements, etc. may be identified with the clearing house in any manner desired or not at all. For example, the clearing house may be separately identified, separately negotiated, etc. In still other embodiments, the clearing house may be treated as a fungible or an insignificant part of the listing.

[0082] Some embodiments may describe an event as being responsive to a timer, a time, and / or a trigger. For example, the time or trigger may occur when a transmission (e.g., a transmission to a period of an announcement) is made, at the receipt of a request (e.g., at the receipt of a request to make an announcement), and / or at the time when the progress ends (e.g., when the announcement is sent to others, received by others, published). The example of a time beginning or an event triggering at one such time is given as a non-limiting example, and it should be understood that the time may begin or the event may be triggered as desired in any of such instances. Also, some embodiments may describe an event that may be required to occur after the end of a period or the end of an event. The occurrence of such an event may include the transmission of the request to occur, the progress of such a request, and / or the receipt of such a request. Such a description of one such timing should likewise be understood as a non-limiting example.

[0083] The various methods, systems, and interfaces are provided by way of non-limiting examples only. The examples may be combined in any manner. The examples may take any order, exclude any elements, or include any additional elements as desired.

[0084] Section IX, below, provides guidance in interpreting this application.

[0085] I. Terminology The term "product" means any machine, manufacture and / or composition of matter, unless expressly specified otherwise.

[0086] The term "process", unless expressly specified otherwise, means any process, algorithm, methodology, or the like.

[0087] Each process (whether referred to as a method, algorithm, or otherwise) inherently includes one or more steps, and thus all references to a "step" or "steps" of a process have inherent antecedent in the mere description of the process or in the mere recitation of the term "process" or similar term. Thus, any reference in a claim to a "step" or "steps" of a process has sufficient antecedent.

[0088] The term "invention" and similar terms mean "the invention or inventions disclosed in this application," unless expressly specified otherwise.

[0089] The terms "an embodiment," "embodiment," "embodiments," "the embodiment," "the embodiment," "one or more embodiments," "some embodiments," "certain embodiments," "one embodiment," "another embodiment," and similar terms mean "one or more (but not all) embodiments of the invention," unless expressly specified otherwise.

[0090] The term "variant" of the invention means an embodiment of the invention, unless expressly specified otherwise.

[0091] A reference to "another embodiment" in a description of an embodiment does not imply that the referenced embodiment is mutually exclusive with the other embodiment (e.g., an embodiment described before the referenced embodiment), unless expressly specified otherwise.

[0092] The terms "including," "comprising," and variations thereof, unless expressly specified otherwise, mean "including, but not necessarily limited to." Thus, for example, the sentence "The portfolio includes a red widget and a blue widget" means that the portfolio includes a red widget and a blue widget, but could include others.

[0093] The term "consisting of" and variations thereof mean "including, and limited to," unless expressly specified otherwise. Thus, for example, the sentence "The portfolio consists of red widgets and blue widgets" means that the portfolio includes red widgets and blue widgets, but nothing else.

[0094] The term "compose" and variations thereof, unless expressly specified otherwise, means "to constitute a part of, to constitute a component of, or to constitute a member of." Thus, for example, the sentence "The red widget and the blue widget comprise a portfolio" means that the portfolio includes the red widget and the blue widget.

[0095] The term "exclusively comprises" and variations thereof, unless expressly specified otherwise, means "exclusively comprises a component of, is the only component of, or is the only member of." Thus, for example, the sentence "The red widget and the blue widget exclusively comprise the portfolio" means that the portfolio consists of (i.e., includes no other items) the red widget and the blue widget.

[0096] The singular terms "a," "an," and "the" mean "one or more," unless expressly stated otherwise.

[0097] The term "plurality" means "two or more" unless expressly specified otherwise.

[0098] The term "herein" means "in this application, including anything that may be incorporated by reference," unless expressly specified otherwise.

[0099] The phrase "at least one of," when such phrase modifies a plurality of items (such as an enumerated list of items), means any combination of one or more of those items, unless expressly specified otherwise. For example, the phrase "at least one of a widget, a car, and a wheel" means either (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car, (v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, a car, and a wheel. The phrase "at least one of," when such phrase modifies a plurality of items, does not mean "each one of" the plurality of items.

[0100] Numeric terms such as "one," "two," and the like, when used as a cardinality to indicate a quantity of something (e.g., one widget, two widgets), refer to the quantity denoted by the numerical term, but not to at least the quantity denoted by the numerical term. For example, the phrase "one widget" does not mean "at least one widget," and thus the phrase "one widget" does not encompass, for example, two widgets.

[0101] The phrase "based on" does not mean "based only on," unless expressly specified otherwise. In other words, the phrase "based on" refers to both "based only on" and "based at least on." The phrase "based at least on" is equivalent to the phrase "based at least in part on."

[0102] The term "represents" and similar terms are not exclusive unless expressly specified otherwise. For example, the term "represents" does not mean "represents only," unless expressly specified otherwise. That is, the phrase "data represents a credit card number" encompasses both "data represents only a credit card number" and "data represents a credit card number and data represents other things as well."

[0103] The term "whereby" is used herein only to precede a clause or other set of words that express only the intended result, purpose, or consequence of what is expressly described preceding the term "whereby." Thus, when the term "whereby" is used in a claim, the clause or other word that it modifies will not place any further specific limitations on the claim or otherwise limit the meaning or scope of the claim.

[0104] The term "eg" and similar terms mean "for example," and thus do not limit the term or phrase that it describes. For example, in the sentence "A computer transmits data (e.g., instructions, data structures) over the Internet," the term "eg" explains that "instructions" are an example of "data" that a computer can transmit over the Internet, and further explains that "data structures" are an example of "data" that a computer can transmit over the Internet. However, both "instructions" and "data structures" are merely examples of "data," and other things can be "data" in addition to "instructions" and "data structures."

[0105] The term "respective" and similar terms mean "taken individually." Thus, when two or more things have "respective" properties, each such thing has its own property, and these properties can, but need not, differ from one another. For example, the phrase "each of two machines has a respective function" means that a first such machine has a function and that a second such machine also has a function. The function of the first machine may or may not be the same as the function of the second machine.

[0106] The term "ie" and similar terms mean "i.e.," and thus limit the term or phrase it describes. For example, in the sentence "A computer sends data (i.e., instructions) over the Internet," the term "ie" describes that the "instructions" are the "data" that a computer sends over the Internet.

[0107] Numeric ranges should include all and partial numbers within the range, for example the range "1 to 10" includes integers from 1 to 10 (e.g., 1, 2, 3, 4, ... 9) and non-integer numbers (e.g., 1.1, 1.2, ... 1.9).

[0108] If two or more terms or phrases are synonymous (e.g., because of an express statement that the terms or phrases are synonymous), the instance of one such term / phrase does not mean that another instance of such term / phrase must have a different meaning. For example, if a statement expresses that the meaning of "including" is the same as "including, but not limited to," the mere use of the phrase "including, but not limited to" does not mean that the term "including" means anything other than "including, but not limited to."

[0109] II. Making decisions (judging, identifying) The term "determining" and its grammatical variants (e.g., determining a price, judging a value, identifying an object that meets certain criteria) are used in a very broad sense. The term "determining" encompasses a wide variety of actions, and thus "determining" can include calculating, computing, processing, deriving, investigating, examining (e.g., examining a table, database or other data structure), locating, and the like. Additionally, "determining" can include receiving (e.g., receiving information), accessing (e.g., accessing data in a memory), and the like. Additionally, "determining" can include resolving, selecting, choosing, establishing, and the like.

[0110] The term "determining" does not imply certainty or absolute precision, and thus "determining" can include approximating, estimating, predicting, inferring, averaging, and the like.

[0111] The term "determining" does not imply that mathematical operations must be performed, that a numerical method must be used, or that an algorithm or process be used.

[0112] The term "determining" does not imply that any particular device must be used, e.g., determining does not necessarily have to be performed by a computer.

[0113] III. Sentence Form Where a limitation of a first claim encompasses both one of the features and a plurality of the features (e.g., a limitation such as "at least one widget" encompasses one widget and a plurality of widgets), and where a second claim that depends from the first claim uses the definite article "the" to refer to that limitation (e.g., "the widget"), this does not imply that the first claim encompasses only one of the features, and it does not imply that the second claim encompasses only one of the features (e.g., "the widget" can encompass both one widget and a plurality of widgets).

[0114] When an ordinal number (such as "first," "second," "third," etc.) is used as an adjective before a term, the ordinal number is used (unless expressly specified otherwise) merely to indicate a particular feature, e.g., to distinguish that particular feature from another feature described by the same or a similar term. For example, a "first widget" may be so referred to, e.g., merely to distinguish it from a "second widget." Thus, the mere use of the ordinal numbers "first" and "second" before the term "widget" does not indicate any other relationship between the two widgets, nor does it indicate any other characteristics of either or both widgets. For example, the mere use of the ordinal numbers "first" and "second" before the term "widget" (1) does not indicate that either widget comes before or after the other in order or position, (2) does not indicate that either widget occurs or operates before or after the other in time, or (3) does not indicate that either widget is ranked higher or lower than the other in importance, quality, or the like. In addition, the mere use of the ordinal numbers does not specify a numerical limitation to the feature identified with the ordinal numbers. For example, the mere use of the ordinal numbers "first" and "second" before the term "widget" does not indicate that there must be no more than two widgets.

[0115] Where a single device, article or other product is described herein, multiple devices / articles (whether or not working together) may alternatively be used in place of the single device / article described. Thus, functionality described as being possessed by one device may alternatively be possessed by multiple devices / articles (whether or not working together).

[0116] Similarly, where multiple devices, articles or other products are described herein (whether they work together or not), a single device / article can alternatively be used in place of the multiple devices or articles described. For example, multiple computer-based devices can be replaced with a single computer-based device. Thus, various functionality that is described as being possessed by multiple devices or articles can alternatively be possessed by a single device / article.

[0117] The functionality and / or features of a single described device may alternatively be embodied by one or more other devices that are described but not explicitly described as having such functionality / features. Thus, other embodiments need not include the described device itself, but rather may include one or more other devices that would have such functionality / features in those other embodiments.

[0118] IV. Disclosed Examples and Terminology Are Not Limiting Neither the Title (which appears at the beginning of the first page of this application) nor the Abstract (which appears at the end of this application) should be construed in any way as limiting the scope of the disclosed invention, nor should they be used in interpreting the meaning of any claim, nor should they be used in limiting the scope of any claim. An Abstract has been included in this application solely because an Abstract is required under 37 CFR §1.72(b).

[0119] The application titles and section headings provided in this application are for convenience only and are not to be construed as limiting the disclosure in any way.

[0120] Many embodiments have been described in this application and are presented for illustrative purposes only. The described embodiments are not and are not intended to be limiting in any way. The invention disclosed herein is broadly applicable to many embodiments, as is readily apparent from this disclosure. Those skilled in the art will recognize that the disclosed invention can be practiced with a variety of modifications and alterations, such as structural, logical, software, and electrical modifications. Although certain features of the disclosed invention may be described in connection with one or more specific embodiments and / or drawings, it should be understood that such features are not limited to use in the one or more specific embodiments or drawings in connection with which they are described, unless expressly specified otherwise.

[0121] Although an embodiment may be disclosed as including certain features, other embodiments of the invention may include less than all such features. Thus, for example, claims may be written to less than the entire set of features in a disclosed embodiment, and such claims may include no more than those features expressly recited in the claim.

[0122] No embodiment of a method step or product element described in this application constitutes, is essential to, or coexists with the invention claimed in this application, unless expressly stated as such herein or expressly recited in the claims.

[0123] The preamble of the written claims shall describe only the purposes, benefits and potential uses of the claimed invention, and such preamble shall not be construed as limiting the claimed invention.

[0124] This disclosure is not a word-by-word description of all embodiments of the invention, nor is this disclosure a listing of features of the invention which must be present in all embodiments.

[0125] Not all disclosed embodiments are necessarily covered by the claims (including even all pending, amended, patented and cancelled claims). Moreover, an embodiment may (but need not) be covered by several claims. Thus, if a claim (whether pending, amended, patented and cancelled) is recited for a particular embodiment, it is not evidence that the scope of other claims does not cover that embodiment.

[0126] Devices that are described as being in communication with each other need not be in communication with each other continuously, unless expressly specified otherwise. Instead, such devices need only transmit to each other when necessary or desirable, and may in fact refrain from exchanging data most of the time. For example, a machine that is in communication with another machine over the Internet may not transmit data to the other machine for extended periods of time (e.g., weeks at a time). Moreover, devices that are in communication with each other may communicate directly or indirectly through one or more intermediaries.

[0127] A description of an embodiment with several components or features does not imply that all of such components or features are required, or even that any of such components / features are required. On the contrary, a variety of optional components are described to illustrate the wide variety of possible embodiments of the invention. Unless expressly specified otherwise, no component / feature is essential or required.

[0128] Although steps of a process, algorithm, or the like may be described or claimed in a particular order, such processes may be configured to operate in different orders. In other words, any order or sequence of steps that may be explicitly described or claimed does not necessarily indicate a requirement that the steps must be performed in that order. Steps of processes described herein may be performed in any order possible. Furthermore, some steps may be performed simultaneously even though they are described or implied as non-concurrent (e.g., because one step is described after another step). Furthermore, the description of a process by depiction in a drawing does not imply that the described process excludes other variations and modifications of the process, does not imply that the described process or any of its steps are required for the invention, and does not imply that the described process is preferred.

[0129] Although a process may be described as including multiple steps, that does not imply that all or any of the steps are preferred, essential or required. Various other embodiments within the scope of the described invention(s) include other processes that omit some or all of the described steps. No step is essential or required unless expressly specified otherwise.

[0130] Although a process may be described in isolation or without reference to other products or methods, in embodiments the process may interact with other products or methods. For example, such interactions may include linking one business model to another. Such interactions may be provided to increase the flexibility or desirability of the process.

[0131] Although a product may be described as including a number of components, aspects, qualities, properties and / or characteristics, no indication is made that any or all of those plurality are preferred, essential or required. Various other embodiments within the scope of the described invention(s) include other products that omit some or all of the described plurality.

[0132] An enumerated list of items (whether numbered or unnumbered) does not imply that any or all of the items are mutually exclusive, unless expressly specified otherwise. Similarly, an enumerated list of items (whether numbered or unnumbered) does not imply that any or all of the items are exhaustive of any category, unless expressly specified otherwise. For example, the enumerated list "computer, laptop, PDA" does not imply that any or all of the three items in the list are mutually exclusive, nor does it imply that any or all of the three items in the list are exhaustive of any category.

[0133] An enumerated list of items (which may be numbered or unnumbered) does not imply that any or all of the items are equivalent to each other or readily substituted for each other.

[0134] All embodiments are illustrative and do not imply that the invention or any embodiment has been made or performed, as the case may be.

[0135] V. Computing Those skilled in the art will appreciate that the various processes described herein can be implemented, for example, by appropriately programmed general-purpose computers, special-purpose computers, and computing devices. Typically, a processor (e.g., one or more microprocessors, one or more microcontrollers, one or more digital signal processors) receives instructions (e.g., from a memory or similar device) and executes those instructions, thereby performing one or more processes defined by those instructions. The instructions can be embodied, for example, in one or more computer programs, i.e., one or more scripts.

[0136] "Processor" means one or more microprocessors, central processing units (CPUs), computing devices, microcontrollers, digital signal processors or similar devices, or any combination thereof, regardless of architecture (e.g., chip-level multiprocessing / multicore, RISC, CISC, microprocessors with non-interlocked pipeline stages, pipeline processing configurations, simultaneous multithreading).

[0137] Accordingly, a description of a process is also a description of an apparatus for performing the process. An apparatus for performing a process may include, for example, a processor and input and output devices suitable for performing the process.

[0138] Additionally, programs implementing such methods (and other types of data) may be stored and transmitted in a variety of ways, using a variety of media (e.g., computer-readable media). In some embodiments, hardwired circuitry or custom hardware may be used in place of, or in combination with, some or all of the software instructions that can implement the processes of the various embodiments. Thus, various combinations of hardware and software may be used in place of software alone.

[0139] The term "computer-readable medium" refers to any medium, any combination of media, or various media that participate in providing data (e.g., instructions, data structures) that can be read by a computer, a processor, or a similar device. Such media can take many forms, including, but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media include, for example, optical or magnetic disks and other persistent memory. Volatile media include dynamic random access memory (DRAM), which typically constitutes the main memory. Transmission media include coaxial cables, conductors, and optical fibers, including the wires that comprise a system bus coupled to the processor. Transmission media can include or convey acoustic waves, light waves, and electromagnetic radiation, such as those generated during radio frequency (RF) and infrared (IR) data communications. Common forms of computer readable media include, for example, a floppy disk, a flexible disk, a hard disk, a magnetic tape, any other magnetic medium, a CD-ROM, a DVD, any other optical medium, punch cards, paper tape, any other physical medium with a pattern of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrier wave as described below, or any other medium from which a computer can read.

[0140] Various forms of computer-readable media may be involved in transmitting data (e.g., sequences of instructions) to a processor. For example, the data may (i) be communicated from a RAM to the processor, (ii) be sent over a wireless transmission medium, (iii) be formatted and / or transmitted in accordance with a number of formats, standards, or protocols, such as Ethernet (or IEEE 802.3), SAP, ATP, Bluetooth, and TCP / IP, TDMA, CDMA, and 3G, and / or (iv) be encrypted to ensure privacy or prevent fraud by any of a variety of methods known in the art.

[0141] Thus, a description of a process is also a description of a computer-readable medium that stores a program for performing the process. The computer-readable medium can store (in any suitable format) the appropriate program elements for performing the method.

[0142] Just as the description of various steps in a process does not indicate that all described steps are required, apparatus embodiments include computers / computing devices operable to perform some (but not necessarily all) of the described processes.

[0143] Similarly, just as the description of various steps in a process does not indicate that all described steps are required, embodiments of a computer-readable medium storing a program or data structures include computer-readable media storing a program that, when executed, can cause a processor to perform some, but not necessarily all, of the described processes.

[0144] Where a database is described, those skilled in the art will understand that (i) database structures alternative to those described can be readily used, and (ii) other memory structures other than a database can be readily used. Any illustration or description of any sample database presented herein is an example configuration for stored information representation. Any number of other configurations other than those suggested by, for example, tables, illustrated in the drawings or otherwise, can be used. Similarly, any illustrated entries of a database represent example information only. Those skilled in the art will understand that the number and content of entries can differ from those described herein. Furthermore, regardless of the depiction of a database as a table, other formats (including relational databases, object-based models, and / or distributed databases) can be used to store and manipulate the data types described herein. Similarly, object methods or behaviors of a database can be used to implement various processes as described herein. Furthermore, databases can be stored in a known manner, locally or remotely from devices that access data in such databases.

[0145] Various embodiments may be configured to operate in a network environment including a computer in communication (e.g., via a communications network) with one or more devices. The computer may communicate with the devices directly or indirectly via any wired or wireless medium (e.g., the Internet, a LAN, a WAN, or Ethernet, token ring, telephone lines, cable lines, radio channels, optical lines, commercial online service providers, bulletin board systems, satellite communications links, any combination of the above). Each of the devices may itself comprise a computer or other computing device, such as one based on an Intel®, Pentium®, or Centrino™ processor, adapted to communicate with the computer. Any number and type of devices may be in communication with the computer.

[0146] In one embodiment, a server computer or centralization may not be required or desirable. For example, the present invention may, in one embodiment, be practiced on one or more devices without centralization. In such an embodiment, any function described herein as being performed by a server computer, or data described as being stored on a server computer, may instead be performed by or stored on one or more such devices.

[0147] Where a process is described, in one embodiment the process may operate without any user intervention, while in another embodiment the process includes some degree of human intervention (e.g., steps are performed by or with the assistance of a human).

[0148] VI. Continuing Applications This disclosure provides one of ordinary skill in the art with an enabling description of several embodiments and / or inventions, some of which may not be claimed in this application, but may nevertheless be claimed in one or more continuing applications claiming benefit of priority to this application.

[0149] Applicant intends to file additional applications to pursue patents on subject matter disclosed and enabled, but not claimed, in this application.

[0150] VII.Abandonment Multiple references to a particular embodiment do not indicate a disclaimer or repudiation of additional different embodiments, and similarly, references to descriptions of multiple embodiments all including a particular feature do not indicate a disclaimer or repudiation of embodiments that do not include that particular feature. Any explicit disclaimer or repudiation in this application shall be preceded by the phrase "does not include" or the phrase "cannot perform."

[0151] [Appendix 1] 1. An apparatus comprising: one or more processors; and one or more non-transitory mediums, which when executed by the one or more processors, cause the apparatus to: receiving swap agreement instructions from market participants; responsive to receiving the indication of the swap agreement, causing a plurality of market participants to announce a potential cross of the swap agreement; In response to receiving the indication of the swap agreement, intentionally encouraging an acceleration of demands for crosses in the swap agreement by the market participants during a period; permitting said market participants to expedite said requests for crosses in said swap agreements after said period of intentional delay has elapsed; receiving the request for a cross from the market participant, the request for a cross validating a price and a quantity; determining that a better price for said request for crossing for either of said two parties does not exist in said market; determining that an equal price exists in said market for said request for a cross for one of said two parties at a better time priority than said cross; Facilitating the execution of said cross between said two parties at said price and in said amount; It contains multiple instructions, Device. [Appendix 2] 2. The apparatus of claim 1, wherein authorizing the promotion includes authorizing for a limited time period, and wherein the request for crossing is received during the limited time period. Device. [Appendix 3] 2. The apparatus of claim 1, wherein the indications of the swap agreement include a ticker symbol identifying a clearing house to be used for a transaction involving the swap agreement, and facilitating execution includes facilitating execution with the clearing house. Device. [Appendix 4] 2. The apparatus of claim 1, wherein allowing the facilitation includes allowing for a limited time period, the apparatus comprising: receiving a second indication of the swap agreement from the market participant at a time equal to the time prior to the end of the limited time period; re-announce the potential crossing of the swap agreements to the plurality of market participants in response to receiving the second indication of the swap agreements; in response to receiving the second indication of the swap agreement, continue to permit the facilitation for an additional time period after the limited time period. Device. [Appendix 5] 2. The apparatus of claim 1, wherein the market participants include a broker. Device. [Appendix 6] 1. An apparatus comprising: one or more processors; and one or more non-transitory mediums, which when executed by the one or more processors, cause the apparatus to: receiving an indication of a ticker symbol of a swap agreement from a market participant, the ticker symbol identifying a clearing house to be used for trading in the swap agreement; responsive to receiving the indication of the ticker symbols, causing a plurality of market participants to announce potential crosses of the swap agreements; In response to receiving the indication of the ticker symbols, intentionally encouraging an acceleration of requests for crosses in the swap agreements by the market participants during a period of time; permitting said market participants to expedite said requests for crosses in said swap agreements after said period of intentional delay has elapsed; receiving the request for a cross identifying the ticker symbol, the request for a cross identifying a price, a quantity, and two parties; determining the clearing house based on the ticker symbol; facilitating the execution of said cross using said clearing house; It contains multiple instructions, Device. [Appendix 7] 7. The apparatus of claim 6, wherein authorizing the promotion includes authorizing for a limited time period, and wherein the request for crossing is received during the limited time period. Device. [Appendix 8] 7. The apparatus of claim 6, comprising: determining that a same price exists in the market for the request for a cross for one of the two parties at a better time priority than the cross, and said facilitating execution includes facilitating execution of the cross between the two parties at said price and in said amount. Device. [Appendix 9] 7. The apparatus of claim 6, wherein allowing the facilitation includes allowing for a limited time period, the apparatus further comprising: receiving a second indication of the ticker symbol from the market participant at a time equal to the time prior to the end of the limited time period; re-announce the potential crossing of the swap agreements to the plurality of market participants in response to receiving the second indication of the swap agreements; in response to receiving the second indication of the swap agreement, continue to permit the facilitation for an additional time period after the limited time period. Device. [Appendix 10] 7. The apparatus of claim 6, comprising: comparing the prices to determine that a better price exists in the market for fulfilling at least a portion of the request for cross for at least one of the two parties; such that facilitating execution of the cross includes facilitating execution of the at least some at the better price. Device. [Appendix 11] 11. The apparatus of claim 10, wherein facilitating execution includes facilitating execution with the at least one party and another party different from either of the two parties. Device. [Appendix 12] The apparatus of claim 10, wherein facilitating execution includes facilitating execution between the two parties. Device. [Appendix 13] 1. An apparatus comprising: one or more processors; and one or more non-transitory mediums, which when executed by the one or more processors, cause the apparatus to: receiving a first instruction of a swap agreement from a market participant; responsive to receiving the first indication of the swap agreement, causing a plurality of market participants to announce a potential cross of the swap agreement; In response to receiving the first indication of the swap agreement, intentionally compelling an acceleration of requests for crosses in the swap agreement by the market participants during a first time; permitting the expediting of the request for a cross in the swap agreement by the market participant during a second time period after the first time period of intentional delay has elapsed; receiving a second instruction of a swap agreement from the market participant, the first time expiring prior to the second time; in response to receiving the second indication of the swap agreement, causing the plurality of market participants to re-announce the potential crossing of the swap agreement; permitting facilitation of the request for a cross in the swap agreement by the market participant during the second time period after receiving the second instruction such that a total time of facilitation of the request for a cross permitted by the market participant in response to receiving the second instruction of the swap agreement includes twice the second time period based on the first and second instructions of the swap agreement; receiving the request for a cross from the market participant, the request for a cross identifying a price, a quantity, and two parties; Facilitating the execution of the cross; It contains multiple instructions, Device. [Appendix 14] 14. The apparatus of claim 13, further comprising: receiving a third instruction of the swap agreement from the market participant at twice the second time since receiving the first instruction of the swap agreement; re-announce a potential cross of the swap agreement to the plurality of market participants in response to receiving the third indication of the swap agreement; permitting facilitation of the request for a cross in the swap agreement by the market participant during the second time period after receipt of the third instruction such that a total time of facilitation of the request for a cross permitted by the market participant in response to receiving the third instruction of the swap agreement includes three times the second time period based on the first, second, and third instructions of the swap agreement. Device. [Appendix 15] 14. The apparatus of claim 13, further comprising: determining that a same price exists in the market for the request for a cross for one of the two parties at a better time priority than the cross, and said facilitating execution includes facilitating execution of the cross between the two parties at said price and in said amount. Device. [Appendix 16] 14. The apparatus of claim 13, wherein the indications of the swap agreement include a ticker symbol identifying a clearing house to be used for a transaction involving the swap agreement, and facilitating execution includes facilitating execution with the clearing house. Device. [Appendix 17] 14. The apparatus of claim 13, further comprising: comparing the prices to determine that a better price exists in the market for fulfilling at least a portion of the request for cross for at least one of the two parties; such that facilitating execution of the cross includes facilitating execution of the at least some at the better price. Device. [Appendix 18] The apparatus of claim 17, wherein facilitating execution includes facilitating execution with the at least one party and another party different from either of the two parties. Device. [Appendix 19] The device of claim 17, wherein facilitating execution includes facilitating execution between the two parties. Device. [Appendix 20] 1. An apparatus comprising: one or more processors; and one or more non-transitory mediums, which when executed by the one or more processors, cause the apparatus to: receiving a request to announce a potential cross of swap agreements between two parties; in response to receiving the request to announce, causing a market to transmit the announcement, adjusting an interface to indicate a countdown of a period of the announcement, and controlling the interface to prevent submission of requests to cross during the period of the announcement; adjusting the interface to indicate that the announcement period is ending; adjusting, responsive to the end of the announcement period, the interface to indicate a countdown of a submission period during which requests for crosses are permitted to be submitted; and adjusting the interface to permit submission of the requests for crosses during the submission period; receiving a request to submit the request for a cross to the market via the interface during the submission period; in response to receiving the request to submit the request for a cross during the submission period, causing the market to transmit the request for a cross of swap contracts. It contains multiple instructions, Device. [Appendix 21] 21. The apparatus of claim 20, further comprising: receiving changes via the interface of one of the two parties during the submission period, and the request for cross directs the changed party instead of one of the two parties; Device. [Appendix 22] 21. The apparatus of claim 20, further comprising: receiving a request to extend the duration of the submission before the duration of the submission expires for a period of time at least equal to the duration of the announcement; submitting a second request to announce for a period of time of said submission that is at least as long as the period of said announcement before the period of said submission expires; and in response to the second request, transmitting a second announcement to the marketplace and extending a period of time for the submission. Device. [Appendix 23] 21. The apparatus of claim 20, wherein the announcement includes a ticker symbol identifying a clearing house to be used for a transaction involving the swap agreement. Device. [Appendix 24] 21. The apparatus of claim 20, wherein controlling the interface to prevent submission of the request for cross during the announcement period includes disabling a button, and adjusting the interface to allow submission of the request for cross during the submission period includes enabling the button. Device.

Claims

1. An apparatus comprising: one or more processors at a trading venue; The one or more processors are configured to control the following operations: Intentionally encouraging market participants to increase their demand for crosses in swap agreements; receiving instructions for said swap agreement from said market participants; responsive to receiving the indication of the swap agreement, publicly announcing a potential cross of the swap agreement to all of a plurality of market participants on the trading venue; in response to receiving said instruction for said swap agreement; inputting first information into a user interface of the market participant indicating a passage of time during a first time period; disabling functionality on the user interface for sending the request for crossing during the first period of time; inputting, into the user interface of the market participant, second information indicating a passage of time during a second time period subsequent to the first time period; enabling a function on the user interface for transmitting the request for crossing during the second time period; receiving the request for a cross from the market participants during the second time period, the request for a cross identifying two parties, a price, and a quantity; determining that there is no better price in the market for either of said two parties than the price of said request for crossing; determining that a price exists in the market that is equal to a price of one of the two parties that has a higher time priority than the request to cross; facilitating the execution of said cross between said two parties at said price and said amount; Device.

2. the facilitating is permitted for a limited time period, and the request for crossing is received during the limited time period.

2. The apparatus of claim 1.

3. The one or more processors are configured to control the following operations: receiving a second instruction of the swap agreement from the market participant at a time equal to the first period prior to the end of the second period; responsive to receiving the second indication of the swap agreement, publicly re-announce to the plurality of market participants the potential crossing of the swap agreement; in response to receiving the second instruction of the swap agreement, continuing to permit the facilitation for an additional period of time after the second period expires; 2. The apparatus of claim 1.

4. An apparatus comprising: one or more processors at a trading venue; The one or more processors are configured to control the following operations: Intentionally encouraging market participants to increase their demand for crosses in swap agreements; receiving from the market participant an indication of a ticker symbol for the swap agreement, the ticker symbol identifying a clearing house to be used for trading of the swap agreement; responsive to receiving the indication of the ticker symbols, publicly announcing the potential cross of the swap agreements to all of a plurality of market participants on the trading venue; in response to receiving the indication of the ticker symbol, inputting first information into a user interface of the market participant indicating a passage of time during a first time period; disabling functionality on the user interface for sending the request for crossing during the first period of time; inputting, into the user interface of the market participant, second information indicating a passage of time during a second time period subsequent to the first time period; enabling a function on the user interface for transmitting the request for crossing during the second time period; receiving the request for a cross identifying the ticker symbol during the second time period, the request for a cross identifying a price, a quantity, and two parties; determining the clearing house based on the ticker symbol; determining that a price exists in the market that is equal to the price of one of said two parties that has a higher time priority than said cross; facilitating execution of said cross between said two parties at said price and said amount using said clearing house; Device.

5. the facilitating is permitted for a limited time period, and the request for crossing is received during the limited time period.

5. The apparatus of claim 4.

6. The one or more processors are configured to control the following operations: receiving a second indication of the ticker symbol from the market participant at a time equal to the first time period prior to the end of the second time period; responsive to receiving the second indication of the swap agreement, publicly re-announce to the plurality of market participants the potential crossing of the swap agreement; continue to permit facilitation for the additional time period after the second period in response to receiving the second instruction of the swap agreement; 5. The apparatus of claim 4.

7. The one or more processors are configured to control the following operations: determining that a better price exists in the market for satisfying at least a portion of the request for a cross for at least one of the two parties as compared to the price; and facilitating the execution of the cross includes facilitating the execution of the at least some of the crosses at the better price.

5. The apparatus of claim 4.

8. said facilitating execution includes facilitating execution between said at least one party and another party different from either of said two parties; 8. The apparatus of claim 7.

9. An apparatus comprising: one or more processors at a trading venue; The one or more processors are configured to control the following operations: Intentionally encouraging market participants to increase their demand for crosses in swap agreements; receiving a first indication of the swap agreement from the market participant; responsive to receiving the first indication of the swap agreement, publicly announcing a potential cross of the swap agreement to all of a plurality of market participants on the trading venue; in response to receiving the first instruction of the swap agreement, inputting first information into a user interface of the market participant indicating a passage of time during a first time period; disabling functionality on the user interface for sending the request for crossing during the first period of time; inputting, into the user interface of the market participant, second information indicating a passage of time during a second time period subsequent to the first time period; enabling a function on the user interface for transmitting the request for crossing during the second time period; receiving a second instruction of a swap agreement from the market participant at a first time before the end of the second time period; responsive to receiving the second indication of the swap agreement, publicly re-announce the potential cross of the swap agreement to all of a plurality of market participants in the trading venue; permitting facilitation of the request for a cross of the swap agreements by the market participant for a second time period after receiving the second instruction such that a total time permitted by the market participant to facilitate the request for a cross in response to receiving the second instruction of the swap agreement comprises twice the time of the second period based on the first and second instructions of the swap agreement; receiving the request for a cross from the market participant, the request for a cross identifying a price, a quantity, and two parties; determining that there exists an equal price in the market for the request for a cross of one of the two parties that has a higher time priority than the cross; facilitating the execution of said cross between said two parties at said price and said amount; Device.

10. The one or more processors are configured to control the following operations: receiving a third instruction of the swap agreement from the market participant at a time equal to twice the second period following receipt of the first instruction of the swap agreement; re-announce a potential cross of the swap agreement to the market participants in response to receiving the third indication of the swap agreement; permitting facilitation of the request for a cross of the swap agreements by the market participant for a second total time period after receiving the third instruction, such that the total time period permitted by the market participant to facilitate the request for a cross in response to receiving the third instruction of the swap agreement comprises three times the time of the second period based on the first, second and third instructions of the swap agreement; 10. The apparatus of claim 9.

11. The one or more processors are configured to control the following operations: determining that a better price exists in the market for satisfying at least a portion of said request for a cross for at least one of said two parties as compared to said price; and facilitating the execution of the cross includes facilitating the execution of the at least some of the crosses at the better price.

10. The apparatus of claim 9.

12. An apparatus comprising: one or more processors at a trading venue; The one or more processors are configured to control the following operations: receiving a request to announce a potential cross of a swap agreement between two parties; In response to receiving the request to announce, Send an announcement to the market adjusting the interface to indicate a countdown of an announcement period during which the ability of the interface to send a request for a cross via the interface is disabled, and a submission period following the announcement period during which the ability of the interface to send a request for a cross is enabled; receiving a request to transmit the request for a cross into the market via the interface during the submission period; responsive to receiving the request to transmit the request for a cross during the submission period, sending the request for a cross of swap contracts to the market; determining that there exists an equal price in the market for the request for a cross of one of the two parties that has a higher time priority than the cross; facilitating execution of the cross between the two parties at the price and the amount of the request for a cross; Device.

13. The one or more processors are configured to control the following operations: receiving a change of one of the two parties via the interface during the submission period, the request for cross indicating the changed party instead of one of the two parties; 13. The apparatus of claim 12.

14. The one or more processors are configured to control the following operations: receiving a request to extend the submission period by a period at least equal to the announcement period before the submission period expires; sending a second request to announce the submission period for a period at least equal to the announcement period before the submission period ends; in response to the second request, sending a second announcement to the marketplace and extending the submission period; 13. The apparatus of claim 12.

15. sending the request for crossing via the interface is prevented by disabling a button during the announcement period and permitted by enabling the button during the submission period; 13. The apparatus of claim 12.

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