Method and system for measuring comparison data

Abstract

To provide a method for measuring comparison data and a corresponding system.SOLUTION: A method and a corresponding system comprise: a function for determining a first time point when a first request is received by an exchange; a function such that a second request specifies a request to cancel the first request, which is a function to determine a second time point when the second request is received by the exchange; a function such that a third request corresponds to the first request, which is a function to determine a third time point when the third request is received by the exchange; a function to calculate a first difference between the second time point and the third time point; a function such that a data storage device comprises a plurality of differences, which is a function to store the first difference in the data storage device; and a function to analyze the plurality of differences to generate comparison information.SELECTED DRAWING: Figure 1

Description

[Technical Field]

[0001] The present invention relates to a method and system for measuring comparative data. [Background technology]

[0002] Generally, an exchange refers to a marketplace where various securities are bought and sold (traded). Such securities may include stocks, bonds, commodities, shares of indexes, options, and / or futures. Major stock exchanges in the United States include the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), the National Stock Exchange (NASDAQ), the Chicago Mercantile Exchange (CME), and the Cantor Fitzgerald Spectrum and Tower Exchange. DISCLOSURE OF THE INVENTION [Problem to be solved by the invention]

[0003] A method and system for measuring and analyzing data information related to trading activity to provide comparative trading information is provided. [Means for solving the problem]

[0004] (term) The term "product" as used herein and in the claims, unless otherwise specified, refers to a machine, an article of manufacture, and / or a composition of matter. The term "process" as used herein means a process, algorithm, method, or the like, unless expressly stated otherwise. Each such "process" (whether a method, algorithm, or otherwise) inherently includes one or more steps, and thus, any reference to a "step" of a process in the original text of this specification and claims inherently has an antecedent basis in the mere reference to the word "process" or similar term. Thus, any reference to a "step" of a "process" in a claim is sufficient to have an antecedent basis. In the present specification and claims, the word "invention" means "one or more inventions disclosed in this application," unless otherwise specified. In the original text of this specification and claims, the terms "an embodiment," "embodiment," "embodiments," "the embodiment," "the illustration," "one or more illustrations," "some illustrations," "certain illustrations," "one illustration," "another illustration," and the like mean "one or more (but not all) embodiments of the invention described in this application," unless otherwise specified. The term "variation" as used in the present specification and claims means an embodiment of the invention, unless otherwise specified. A reference to "another embodiment" in the original text of the description of an embodiment means that the referenced embodiment is mutually exclusive with another embodiment (e.g., an embodiment described before the referenced embodiment), unless otherwise specified. In this specification and claims, the words "including," "comprising," and variations thereof mean "including but not limited to," unless expressly stated otherwise. In this specification and claims, the words "a," "an," and "the" mean "one or more," unless otherwise specified. In the present specification and claims, the term "plurality" means "two or more" unless otherwise specified. In the present specification and claims, the word "herein" means "in this application, including any content that may be incorporated by reference," unless otherwise specified. The phrase "at least one of," when used herein to modify a plurality of items (such as an enumerated list of items), means any combination of one or more of the items. 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 car, (vi) a car and a wheel, or (vii) a widget, a car, and a wheel. The phrase "at least one of," when used herein to modify a plurality of items, does not mean "one of each" of the items. Numerical terms such as "one," "two," etc. in the original text of this specification and claims, when used as cardinal numbers to indicate the quantity of something (e.g., one tool, two tools), mean the quantity indicated by the numerical term, but do not mean at least the quantity indicated by the numerical term. For example, the phrase "one widget" in the original text of this specification and claims does not mean "at least one tool," and therefore the phrase "one widget" does not cover, for example, two tools. The phrase "based on" in the original specification and claims does not mean "based solely on," unless expressly stated otherwise. That is, the phrase "based on" means "based only on" and "based at least on." The phrase "based at least on" in the original specification and claims is equivalent to the phrase "based at least in part on." The word "represent" and similar words in the specification and claims are not exclusive unless expressly stated otherwise. For example, the word "represents" in the specification and claims does not mean "represents only" unless expressly stated otherwise. That is, the phrase "the data represents a credit card number" in the specification and claims means "data representing only the credit card number" and "the data represents the credit card number, and the data represents other things as well." The word "whereby" in the specification and claims is used only as a clause or other group of words that express only the intended result, purpose, or outcome of something previously stated. Thus, when the word "whereby" is used in a claim, the clause or other word that it modifies does not further limit the claim or otherwise restrict the meaning or scope of the claim. The word "eg" and similar words used in the original text of this specification and claims mean "for example," and thus do not limit the described word or phrase. For example, in the sentence "the computer sends data (e.g., instructions, a data structure) over the Internet," the word "eg" explains that this is an example of "data" that a computer can send over the Internet, and also explains that "a data structure" is an example of "data" that a computer can send over the Internet. However, both "instructions" and "data structures" are merely examples of "data," and things other than "instructions" and "data structures" can also be "data."

[0005] The word "respective" and similar words herein mean "considered individually." Thus, when two or more things have "distinct" characteristics, each of those things has its own characteristic, and those characteristics may, but need not, differ from one another. For example, "each of two machines has a respective function" herein means that the first such machine has a function and the 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. The term "ie" and similar terms used in this specification and claims mean "i.e.," and thus limit the described word or phrase. For example, in the original sentence "the computer sends data (i.e., instructions) over the Internet," the term "ie" explains that the "instructions" are the "data" that the computer sends over the Internet. Any specified numerical range includes whole and fractional numbers within that range. For example, the range "1 to 10" is intended to specifically include whole numbers between 1 and 10 (e.g., 1, 2, 3, 4, ..., 9) and non-whole numbers (e.g., 1.1, 1.2, ..., 1.9). Where two or more words or phrases are synonymous (e.g., because the words or phrases are specified as synonymous), the instance of one such term / phrase does not mean that another such term / phrase must have a different meaning. For example, if a sentence makes the meaning of "including" synonymous with "including but not limited to," the mere use of the phrase "including but not limited to" does not mean that the words "including" mean anything other than "including but not limited to." (judgement) The term "determining," as used herein and in the claims, and its grammatical variations (e.g., determining a price, determining a value, determining an object that meets certain criteria), is used very broadly. The term "determining" encompasses a wide range of actions, and thus "determining" can include calculating, computing, processing, deriving, investigating, looking up (e.g., looking up in a table, database, or other data structure), verifying, etc. Furthermore, "determining" can include receiving (e.g., receiving information), accessing (e.g., accessing data in memory), etc. Furthermore, "determining" can include resolving, selecting, choosing, setting, etc. The term "determining" does not imply certainty or absolute precision, and thus "determining" can include estimation, extrapolation, prediction, inference, etc. The term "determining" does not imply that mathematical processing must be performed, that numerical methods must be used, or that an algorithm or process must be used. The term "determining" does not imply that a particular device must be used; for example, a computer does not necessarily have to make the determination. (Sentence format) If a limitation of claim 1 includes one feature as well as two or more features (e.g., limitations such as "at least one tool" as well as two or more tools), and claim 2 depends from claim 1, and claim 2 uses the definite article "the" to express the limitation (e.g., "the tool"), this does not suggest that claim 1 includes only one of the features, and this does not suggest that claim 2 includes only one of the features (e.g., "the tool" can include one tool as well as two or more tools). When ordinal numbers (such as "first," "second," "third," etc.) are used as adjectives before words, they are used (unless otherwise specified) merely to indicate a particular configuration (i.e., to distinguish a particular configuration from another configuration represented by the same or similar word). For example, a "first tool" is so named merely to distinguish it from, say, a "second tool." Thus, the mere use of the ordinal numbers "first" and "second" before the word "tool" does not indicate any other relationship between the two tools, nor does it indicate any other characteristics of either one or both of the tools. For example, the mere use of the ordinal numbers "first" and "second" before the word "tool" does not (1) indicate that any tool comes before or after any other in order or position, (2) indicate that any tool occurs or operates before or after any other in time, or (3) indicate that any tool ranks higher or lower in importance or quality than any other. Furthermore, the mere use of ordinal numbers does not define numerical limits on the constructs identified by the ordinal numbers. For example, the mere use of the ordinal numbers "first" and "second" before the word "tool" does not indicate that there must be no more than two tools. Where a single device, article or other product is described herein and claimed, two or more devices / articles (whether or not they cooperate) may alternatively be used in place of the single device / article described. Similarly, where two or more devices, articles or other products (whether or not they cooperate) are described herein and claimed, the single device / article may alternatively be used in place of the two or more devices or articles described. For example, multiple computer-based devices may be substituted for a single computer-based device, and thus various functions described as being possessed by more than one device or article may alternatively be possessed by a single device / article. The functionality and / or features of a single described device may alternatively be performed by one or more other devices that are described but not explicitly described as having the described functionality / features. Thus, other embodiments may not include the described device itself, but may include one or more other devices that have the described functionality / features in other embodiments. Non-limiting disclosed examples and terms Neither the Title (at the top of the first page of this application) nor the Abstract (at the end of this application) shall be construed as limiting in any way on the scope of the disclosed invention. This application includes an Abstract because 37 CFR § 1.72(b) requires an Abstract of 150 words or less.

[0006] The title of this application and the section headings contained herein are for convenience only and are included for illustrative purposes only.

[0007] Numerous embodiments have been described herein and are presented for illustrative purposes only. The described embodiments are not, and are not intended to be, limiting in any sense. The invention described herein is broadly applicable to numerous embodiments, as readily apparent from the specification and claims. Those skilled in the art will recognize that the invention described herein can be implemented with various modifications and alterations, including structural, logical, software, and electrical modifications. Although particular configurations of the invention described herein may be described with reference to one or more specific embodiments and / or figures, such configurations are not intended to be limited to the use in the one or more specific embodiments or figures referenced in the description, unless expressly stated otherwise. Unless expressly stated in the specification or claims of this application, no embodiment of a method step or product element described in this application constitutes, is not essential to, or represents the same subject matter as the claimed invention(s). The preambles of the claims only recite the purpose, advantages, and applicability of the claimed invention, and do not limit the claimed invention. The present specification and claims are not a complete description of all embodiments of the present invention, nor are the present specification and claims a recitation of features of the present invention that must be present in all embodiments.

[0008] Devices described as communicating with each other need not communicate with each other continuously, unless otherwise specified. On the other hand, such devices need only transmit to each other as needed or desired, and may indeed refrain from exchanging data most of the time. For example, a machine that communicates with another machine over the Internet may not transmit data to the other machine for long periods of time (e.g., weeks at a time). Furthermore, devices that communicate with each other may communicate directly or indirectly via one or more means. The description of an embodiment with several components or features does not imply that all or any of the components / features are required. On the contrary, various optional components are described to illustrate the wide range of possible embodiments of the present invention. Unless otherwise specified, no component / feature is essential or required. Although process steps, algorithms, and the like may be described or claimed in a particular order, such processes can be configured to be performed in various orders. That is, any sequence or order of steps that may be specified in the specification or claims does not necessarily indicate a requirement that the steps be performed in that order. The steps of the processes described and claimed herein can be performed in any possible order. Furthermore, certain steps can be performed simultaneously despite being described or implied as not occurring simultaneously (e.g., because one step is described after another). Furthermore, illustrating a process by its depiction in a drawing does not imply that the illustrated process is exclusive of variations and modifications thereof, nor does it imply that the illustrated process, or any of its steps, is required by the invention, or that the illustrated process is preferred. Although a process may be described as including multiple steps, this 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 include other processes that omit some or all of the steps. Unless otherwise expressly stated, no step is essential or required. Although a process may be described singly or without reference to other products or methods, in one embodiment, the process may interact with other products or methods. For example, such interaction may include linking one business model to another. Such interaction may provide for increased flexibility or desirability of the process. Although a product may be described as including multiple components, aspects, attributes, properties, and / or characteristics, this does not imply that any or all of the multiple 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 multiple described. An enumerated list of items (whether numbered or unnumbered) does not imply that any or all of the items are mutually exclusive, unless expressly stated otherwise. Similarly, an enumerated list of items (whether numbered or unnumbered) does not imply that any or all of the items are inclusive of any category, unless expressly stated 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 inclusive of any category. An enumerated list of items (which may or may not be numbered) does not imply that any or all of the items are equivalent to or readily substituted for one another. All examples are illustrative and do not imply that the invention or any example, as the case may be, has been practiced. (computer processing) Those skilled in the art will readily appreciate that the various processes described herein and claimed 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 operations specified by those instructions. The instructions can, for example, be embodied in a computer program.

[0009] "Processor" refers to one or more microprocessors, central processing units (CPUs), computing devices, microcontrollers, digital signal processors, or similar devices, or any combination thereof.

[0010] Thus, a description of a process is also a description of an apparatus that performs the process. An apparatus that performs a process may include, for example, a processor suitable for performing the process, as well as input and output devices. Additionally, programs implementing the above-described methods (as well as other types of data) can be stored and transmitted using a variety of media (eg, computer-readable media). In particular embodiments, hard-wired circuitry or custom hardware may be used in place of, or in combination with, some or all of the software instructions capable of implementing the processes of various embodiments. Thus, various combinations of hardware and software may be used in place of software alone. The term "computer-readable medium" refers to any medium, plural media, or combination of different media that participates in providing data (e.g., instructions, data structures) that can be read by a computer, a processor, or a similar device. Such media may 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 permanent memory. Volatile media include dynamic random access memory (DRAM), which typically constitutes the main memory. Transmission media include coaxial cables, copper wire, and fiber optics, including the wires that comprise a system bus coupled to a processor. Transmission media may include or carry 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, floppy disks, flexible disks, hard disks, magnetic tape, any other magnetic media, CD-ROMs, DVDs, any other optical media, punch cards, paper tape, any other physical media with perforated patterns, RAM, PROM, EPROM, Flash EEPROM, any other memory chip or cartridge, a carrier wave as described below, or any other computer-readable medium.

[0011] Various forms of computer-readable media may be involved in carrying data (e.g., sequences of instructions) to a processor. For example, data may be (i) provided to the processor from RAM, (ii) carried over a wireless transmission medium, (iii) formatted and / or transmitted in accordance with numerous forms, standards, or protocols, such as Ethernet (or IEEE 802.3), SAP, ATP, Bluetooth, TCP / IP, TDMA, CDMA, and 3G, and / or (iv) encrypted to ensure confidentiality or to prevent tampering in any of a variety of ways known in the art. Thus, a description of a process is similar to a description of a computer-readable medium storing a program that performs the process. The computer-readable medium is capable of storing (in any suitable format) program elements that are appropriate for performing the method. Just as the description of various steps in a process does not indicate that all of the described steps are required, apparatus embodiments include computers / computing devices operable to perform some (but not necessarily all) of the described processes. Similarly, examples of computer-readable media storing programs or data structures include computer-readable media storing programs that, when executed, can cause a processor to perform some (but not necessarily all) of the described processes, just as the description of various steps in a process does not indicate that all of the described steps are required. Where a database is described, those skilled in the art will understand that (i) database structures other than those described can readily be used, and (ii) other memory structures other than a database can readily be used. Any illustrations or descriptions of any sample databases herein are illustrative configurations of stored representations of information. Any number of other configurations can be used other than those suggested, for example, by tables shown in the drawings or elsewhere. Similarly, any illustrated entries in a database represent exemplary information only. Those skilled in the art will understand that the number and content of entries can vary from those described herein. Furthermore, despite any 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, such as those described herein. Furthermore, databases can be stored locally or remotely in known manners on devices that access data in such databases. Various embodiments may be configured to practice in a network environment including a computer in communication with one or more devices (eg, a communications network). The computer may communicate with the device, directly or indirectly, through any wired or wireless medium (e.g., the Internet, LAN, WAN or Ethernet, Token Ring, telephone lines, cable lines, radio channels, optical communication lines, commercial online service providers, bulletin board systems, satellite communication links, or any combination of the above), and each device 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 can be in communication with the computer. In some embodiments, a server computer or centralized authority may not be necessary or desirable. For example, the present invention may, in one embodiment, be implemented on one or more devices without a central authority. In such embodiments, any function described herein as being performed by a server computer, or data described as being stored on a server, may instead be performed by or stored on one or more of such devices. Where a process is described, in one embodiment the process can be performed without any user intervention, while in another embodiment the process includes some degree of human intervention (e.g., steps are performed by or with human assistance).

[0012] (Continuing Applications) This specification and claims provide one of ordinary skill in the art with an enabling description of several embodiments and / or inventions. Some of the embodiments and / or inventions may not be recited in the claims of this application, but may be recited in the claims of one or more continuing applications claiming the benefit of priority to this application. Applicant intends to file further applications to obtain patents covering subject matter described and enabled, but not claimed, in this application. (35 U.S.C. § 112(6)) In the original claims, any claim limitation containing the phrase "means for" or the phrase "step for" means that 35 USC § 112(6) applies to that limitation. In the original claims, a claim limitation that does not include the phrase "means for" or "step for" means that 35 U.S.C. §112(6) does not apply to that limitation, regardless of whether the limitation recites a function without the recitation of structure, material, or acts for performing that function. For example, the mere use in a claim of the phrase "step of" or "steps of" referring to one or more steps in the claim or one or more steps in another claim does not mean that 35 U.S.C. §112(6) applies to those steps. 35 USC § 112(6) regarding means or steps for performing a specified function, the corresponding structure, material, or acts described in the specification and claims, and their equivalents, may perform additional functions, as well as the specified function. Computers, processors, computing devices, and similar products are structures capable of performing a wide range of functions. Such products may be operable to perform the specified functions by executing one or more programs, such as programs stored in the product's memory device or in a memory device accessed by the product. Unless otherwise specified, such programs may not be based on any particular algorithm, such as any particular algorithm that may be described in this application. Those skilled in the art will recognize that the specified functions can be implemented by a variety of algorithms, and that any of the various algorithms is merely a design choice for performing the specified invention. Thus, for a means or step for performing a specified function under 35 U.S.C. § 112(6), structure corresponding to the specified function includes any product programmed to perform the specified function. Such structure includes a programmed product that performs the function, regardless of whether the product is programmed with (i) a recited algorithm to perform the function, (ii) an algorithm similar to the recited algorithm, or (iii) a separate algorithm to perform the function. Where a method recites a means for performing a certain function, one structure for performing the method includes a computing device (e.g., a general-purpose computer) programmed and / or configured with appropriate hardware to perform that function. It also includes a computing device (eg, a general-purpose computer) that is programmed and / or configured with appropriate hardware to perform its functions via other algorithms, as will be appreciated by those skilled in the art. (Disclaimer) Numerous references to particular embodiments do not constitute a disclaimer or disavowal of additional separate embodiments, and similarly, references to descriptions of embodiments all including a particular feature do not constitute a disclaimer or disavowal of embodiments that do not include that particular feature. Any explicit disclaimer or disavowal in this application will be prefaced with the phrase "does not include" or the phrase "cannot be made." (Cited by reference) Any patents, patent applications, and other documents referenced by this specification and claims are incorporated herein by reference as part of this specification and claims solely for purposes of the written description requirement under 35 U.S.C. § 112(1) and the enablement requirement under 35 U.S.C. § 112(1), and should not be used to limit, define, or otherwise construe the terms of this application in any manner. This application has made it possible to provide an ascertainable meaning for such terms, which would not have been able to provide such an ascertainable meaning without such incorporation by reference. Thus, the present application should not be limited in any way to one skilled in the art by any of the examples set forth in the foregoing references.

[0013] Unless otherwise expressly stated in this patent application, any citation by reference does not imply any endorsement, approval, or acquiescence in any statements, ideas, concepts, or descriptions contained in the cited patent, patent application, or other document. (Application process) In interpreting this application (including the claims), regardless of whether there are other patent applications that are recognized as related to this application and regardless of whether there are other patent applications that share a common priority claim with the present invention, one of ordinary skill in the art would refer to the prosecution history of this application, but not to the prosecution history of any other patents or patent applications. [Brief explanation of the drawings]

[0014] [Figure 1] 1 illustrates a system according to at least one embodiment of the system described herein. [Figure 2] FIG. 1 illustrates an embodiment of a trading system in which a cancellation request is received before an offer request. [Figure 3] FIG. 1 illustrates an embodiment of a trading system in which a cancellation request is received after an offer request. DETAILED DESCRIPTION OF THE INVENTION

[0015] [Example] (Summary of Various Embodiments) Embodiments provide systems and methods for measuring and analyzing data information related to trading activity to provide comparative trading information. On any given day, the exchange receives multiple orders from third-party entities. In certain embodiments, these third-party entities are individuals or corporate entities that buy and sell securities for their own account. In other embodiments, these third-party entities are brokerage firms that buy and sell securities on behalf of their clients. For convenience, all of these third-party entities will be referred to hereinafter as "traders." It should be clear that the term "trader" broadly refers to any user of a trading system, whether a proprietary agent, principal, individual, legal entity (e.g., a corporation), or any machine or mechanism that can place and / or fill orders in a trading system. In certain embodiments, traders use traditional voice trading processes. In other embodiments, traders use electronic trading processes in which trading activities are performed by computers via automated order entry and matching systems. In these cases, traders do not make the day-to-day decisions to submit orders to an exchange. Instead, automated software programs (including various algorithms and models) govern these day-to-day decisions. A trading algorithm represents a complex set of formulas and strategies used by an automated trading agent. A trading algorithm can adjust for any number of variables, including the trader's risk ratio (i.e., willingness to take risk). For example, a trader may want to adjust his or her trading algorithm to accommodate a low or high tolerance for risk. Therefore, it is desirable for traders to benchmark the performance of automated programs, allowing traders to adjust the trading algorithm to, for example, improve overall performance, increase profit margins, or increase or decrease risk tolerance. Traditionally, traders have had limited means to measure their success in canceling previously submitted orders. Typically, this success rate is measured by a percentage, specifically the percentage of successful cancellations over a period of time. For example, a trader may submit 400 cancellation requests over a particular period of time and determine that 200 of them were successful. Thus, the trader estimates that he has a 50% success rate in canceling a sell request. If a trader is not satisfied with the aforementioned results, they can adjust their trading algorithm to increase the success rate. However, percentages provide limited information, and it would be beneficial for traders to know the specific details surrounding their request cancellation attempts, such as the time window, the amount and type of entities attempting to fulfill the submitted request, etc. (Various requests) A trader may submit any number of financial commands to the exchange. Such financial commands may include the submission of bids (or requests to buy securities) and / or offers (or requests to sell securities). Depending on the situation, traders can place bids on the exchange as either "passive bids" or "active bids." A passive bid is a request to purchase a security. In this case, the bid remains on the exchange until it is matched with a corresponding offer. If there is no such match after a certain period of time, the request is cancelled by the exchange or the originator of the request. An active bid, on the other hand, is a request to purchase a security. In this case, the bid is matched against all offers available on the exchange at the time the bid is generated. An active bid is typically submitted in response to an earlier active offer (described in more detail below) submitted to the exchange. Similarly, traders can place offers on the exchange as either "passive offers" or "active offers." A passive offer is a request to sell a security. In this case, the offer remains on the exchange until it is matched with a corresponding bid. If no such match is found after a certain period of time, the passive offer is canceled by the exchange or the sender of the request. An active offer is a request to sell a security. In this case, the offer is matched against all bids present on the exchange at the time the offer is generated. Like active bids (described above), active offers are generally submitted in response to an earlier active bid submitted to the exchange. Specific additional financial commands that may be traded on the exchange may include a "cancellation request" of a previously submitted bid or offer, and a "modification request" of a previously submitted bid or offer. A "cancellation request" command seeks to cancel or remove a previously submitted request from the exchange. In the same vein, an "modification request" seeks to modify one or more elements of a previously submitted request, such as the price or quantity of shares being bought or sold. However, if the exchange has already matched the previously submitted request with a corresponding request (e.g., a bid with an offer), neither a "cancellation request" nor an "modification request" can remove or modify, respectively, the previously submitted request. Another financial command is a "hold request." In this case, any active buy or sell request that is not immediately processed by the exchange is converted into a passive request. In particular, the system waits a certain period of time after receiving an active request. This period can be predetermined by the trader, the system, or another source. If a corresponding request is not sent before the expiration of the period, the system automatically converts the request from active to passive status. Yet another type of transaction may be a "look-and-see request." In this case, the exchange identifies potential matches for the request but does not immediately match it. Instead, the exchange waits a predetermined period of time and then determines whether another match exists (a match that is better than the previously determined match). If such a match exists, the new bid or offer will outperform the previous match. The parameters for determining what makes a new bid (or offer) "better" than the previously matched bid (or offer) are predetermined by the trader. Such parameters may include any number of factors, such as a higher price, a larger sale quantity, etc. Any of the aforementioned financial commands can be combined with instructions that instruct the exchange to perform a specific function related to a financial transaction. For example, an active buy or sell request can be combined with an "immediate execution" instruction, in which case the exchange must cancel the submitted request unless the entire request is bought or sold. On the other hand, an "immediate execution" instruction requires that the remainder of the request be canceled once the request is partially executed. Another instruction can be an "only-at-best" instruction, in which case the exchange will only execute the request at the best price in the market, or cancel the request otherwise. (System Hardware) Referring to Figure 1, a system 100 according to at least one embodiment of the system described herein includes at least one computing device, such as a remote computer 102 (e.g., a server computer), a client computer 104, or a combination thereof. The term remote, in this context, simply means that the remote computer 102 and at least one of the client computers 104 are separate devices. Thus, the devices may be remote even if they are in the same room. In at least one embodiment, the system includes at least one remote computer 102 connected to one or more of the client computers 104 via a communications network 106. One or more of the client computers 104 may be connected to the remote computer 102 through a firewall. In another embodiment, at least one remote computer 102 is connected to at least one other remote computer 108 via a communications network 106 .

[0016] The system 100 may be implemented over any type of communications network 106, such as a local area network (LAN), a wide area network (WAN), the Internet, a telephone network (POTS), a wireless network (including cellular, WiFi, and WiMax networks), or a combination of wired and / or wireless networks. In certain cases, the communications network 106 may be unrelated to the Internet or may be limited with respect to the types of information transmitted over the Internet (e.g., information that poses little or no security risks if used for unauthorized purposes, information that is encrypted, etc.). In a networked embodiment, the client computer 104 is preferably configured to send information to and receive information from the remote computers 102, 108, or is otherwise capable of sending information to and receiving information from the remote computers 102, 108. The remote computers 102, 108 are similarly configured to or otherwise capable of transmitting and receiving information between themselves. This may be accomplished by communications elements such as modems, Ethernet interfaces, transmitters / receivers, etc., that enable wireless, wired, or combinations thereof, communication with similarly equipped remote computers 102, 108. The functionality described herein may be provided by the remote computers 102, 108, by the client computer 104, or by both, and is therefore not limited to any particular implementation. In at least one embodiment, the client computer 104 generally provides front-end functionality, and the remote computers 102, 108 provide back-end functionality. Although various embodiments may be described herein with respect to financial instruments, the methods and systems described herein are equally applicable to commodities, money (one or more currencies), goods, etc. The term "financial instrument" refers to any instrument issued by a corporation, government, or any other entity that represents debt or equity (such as equity, stock, fixed income, bond, debenture, certificate of interest or deposit, warrant, option, futures, forward, swap, or generally any security), and derivatives thereof. A computing device (e.g., client computer 104 and / or remote computers 102, 108) typically includes at least one processor and memory such as ROM, RAM, flash, etc. (including computer-readable memory such as hard drives, flash drives, optical or magnetic disks, etc.). The memory or computer-readable medium preferably includes stored software that, when executed, performs one or more steps of the methods described herein, including communicating data and commands back and forth between the computers. The computer may further be associated with or have access to one or more databases 110, 112 for retrieving and / or storing various data described herein, including identification and verification data such as IDs and passwords, biometric data, etc. The client computer 104 may include, without limitation, a mobile phone, a PDA, a pocket PC, a personal computer, as well as any special purpose or other general purpose computing device. As such, client computer 104 preferably includes a processor, memory, a display (e.g., a CRT or LCD monitor) for displaying information and / or graphics associated with the functionality provided by system 100, and at least one input device (e.g., a mouse, a touch-sensitive pad, a pointer, a stylus, a trackball, one or more buttons (e.g., alphanumeric, scroll wheel, touch-sensitive monitor, etc.), or a combination thereof) for a user to input commands and / or information appropriate to the system functions. In the case of a general-purpose client computer 104 (such as a PC or PDA), a user can access the functionality provided by system 100 through a browser application or any other general-purpose application, or through special-purpose software designed specifically to access the functionality described herein. In at least one embodiment, the client computer 104 includes or is otherwise associated with at least one biometric sensor 114. The biometric sensor 114 is any device used to directly determine from a user at least one item of biometric data associated with the user, such as a fingerprint reader, iris scanner, retina scanner, vascular pattern reader, facial recognition camera, etc. The biometric sensor 114 may be implemented in hardware, software, or a combination thereof. The biometric sensor 114 may further share resources with other components of the client computer 104, such as a processor, memory, camera, microphone, speaker, etc. A single biometric sensor 114 may be used to read more than one type of biometric data. For example, a digital camera may be used to capture an image of a user's eyes for an iris scan and an image of the user's face for facial recognition. In this case, a single image capture of a user's face can provide data for facial recognition as well as data for iris or retina comparison. Biometric data is typically acquired by biometric sensor 114 and used to authenticate a user's identity, at least as a gateway to allowing the user to access system functionality. In this regard, the biometric data can be compared to previously acquired / stored biometric data that has preferably been verified as associated with a particular user, and access to system functionality can be granted based on that positive match. (Method and System) According to at least one embodiment of the method described herein, the method begins with system 100 receiving login information. The login information may include any information used to authenticate a user and provide the user with one or more of the features described herein. The login information may be, for example, a user ID, a password, biometric data, etc. The login information may be submitted by a user via a user interface screen that includes at least one form element for entering login data (such as an input field, text box, drop-down list, check box, radio button, action button, clickable image, etc.). After submission, the login information may be compared to previously obtained information, and access to one or more of the features may be provided based on a positive match. 2 represents some of the aforementioned terms (e.g., bid, offer, cancellation request, etc.) with illustrative examples. Assume a trader submits a bid request 205 for 100 shares of Acme at $0.05 per share. Exchange 210 receives bid 205 at time (T1) and assigns bid 205 a time stamp 215 representing time (T1). In certain embodiments, the time stamp is stored in a database associated with the exchange so that it can be retrieved at a later time. In other embodiments, the exchange sends a message to the sender of the request, which message confirms receipt of the request. Such a message from the exchange may also include an indication of the time stamp associated with the request. The message may be in the form of an email, a telephone call, or an electronic posting on a website. Now, assume that at a later point in time, the trader decides to cancel his or her original bid 205. This decision to cancel may be based on a variety of external factors (e.g., changing market conditions, customer demand) or internal factors (e.g., a hunch about the stock's future, personal reasons). Regardless of the reason for the cancellation, the trader must react quickly to cancel this original bid 205. Failure to react in a timely manner could result in another trader submitting an offer 220 to the exchange in response to the bid 205, potentially causing the exchange to match the original bid 205 with the corresponding offer 220. Once the exchange matches the bid 205 with the offer 220, the first trader may not be able to cancel or remove his or her original bid 205 from the exchange. The short window of time during which a trader can effectively submit a cancellation request 225 can be referred to as the “cancellation window” 225 . Referring to FIG. 2 , the exchange receives the offer request 220 and the cancellation request 225 at time points (T2) and (T3), respectively. Similarly, the exchange assigns time stamps 230 and 235 to the times (T2) and (T3), respectively. The system then calculates the time difference between the time stamps to determine whether the cancellation request successfully canceled the previously submitted bid 205. A first time difference 240 represents the difference between the time intervals (T1, T2) associated with the exchange's receipt of the bid 205 and the offer 220. A second time difference 245 represents the difference between the time intervals (T1, T3) associated with the exchange's receipt of the bid 205 and the cancellation request 220. A second time difference 245 greater than the first time difference 240 (as shown in FIG. 2 ) indicates that the trader did not react quickly enough for the cancellation request 220 to remove the previously submitted bid 205 from the exchange. Instead, another trader supersedes the cancellation request 220 by placing an offer 220, which arrives at the exchange at an earlier time than the cancellation request 220. A message can then be sent to the trader informing them that their attempt to cancel the leading bid 205 was unsuccessful. Similarly, the exchange may send a message to the second trader informing them that their offer 220 has been matched with their bid 205 . Referring to FIG. 2, the exchange can also calculate a third time difference 250, representing the difference between the time intervals (T2, T3) associated with the exchange's receipt of the offer 220 and the cancellation request 220. This third time difference 250 provides a numerical measure of a trader's failure to cancel. Specifically, the third time difference 250 indicates the "time lag" by which the trader missed the opportunity to cancel. Furthermore, the system can collect a particular trader's third time difference 250 over a period of time and convey this useful information to the trader at the end of that period. For example, if a trader observes that they are consistently unable to cancel their original bid by 15 milliseconds, they can use this information to adjust their trading algorithm to compensate for the aforementioned time lag. The foregoing information may prove useful to traders in several ways. For example, the system may show a trader that, over the past month, all cancellation requests arrived, on average, five seconds after the exchange matched a previously submitted bid with the corresponding offer. The trader can use this information to modify his or her trading algorithm to compensate for this five-millisecond delay. In another example, the system may show the trader that cancellation requests arrived at the exchange one full minute after the match occurred. Because requests typically arrive at the exchange within very small time units (e.g., milliseconds), this information alerts the trader to potential problems in the transmission system. For example, an internet connection may be down, causing long transmission times. In certain embodiments, the system may have a predetermined threshold for the time frame that is acceptable for a request to arrive at the exchange. If a request arrives with an interval that exceeds this predetermined threshold, the system may automatically send a message to the trader informing them of a potential error in transmission. Various uses of this information are described below. 3 illustrates another example in which a cancellation request 220 arrives at the exchange at time (T3') 305, preceding an offer 220 arriving at time (T2') 310. In this case, the first time difference (T1', T2') 315 is greater than the second time difference (T1', T3') 320, indicating that the cancellation request 220 successfully removed the earlier submitted bid 205 from the exchange. In FIG. 3, the third time difference (T2', T3') 325 provides a numerical measure of the trader's success in canceling the original bid 205. In particular, the third time difference 325 indicates "how quickly" a trader was able to successfully cancel a prior bid. As in the case depicted in FIG. 2, the system can collect the third time difference 325 for a particular trader over a period of time and convey this useful information to the trader at the end of the period. For example, if a trader determines that they were just about to successfully cancel their bid, they can use this information to adjust their trading algorithm to compensate for the time lag. In particular embodiments, buy / sell requests submitted by traders may be for all or a portion of the original sell request. For example, in the illustrated embodiment, one buyer may submit a sell request for 25 shares, while another buyer may submit a separate buy request for 75 shares. Once the exchange determines a "match" between a sell request and one or more buy requests, a trade has occurred and the original sell request can no longer be removed from the exchange. Thus, sellers must respond in a timely manner to cancel their original sell requests. The data measured and collected by the system can be used in several ways. As previously mentioned, it may be desirable for traders to benchmark the performance of their automated programs. In certain embodiments, the system measures various time differences (e.g., the first time difference, the second time difference, and the third time difference) and transmits this information (in unparsed form) to a recipient. In other embodiments, the system may collect time differences over a period of time and analyze the collected data before communicating said analyzed data to various recipients, including any incremental period of time such as a week, month, quarter, or year. In general, the recipient may be the trader seeking to cancel the trade, or may be the trader who sent the request corresponding to the request on the exchange. However, a receiver can be any number of entities. For example, a receiver can be a newcomer to an exchange. They may want to evaluate the average cancellation time on an exchange in order to adjust their trading model to reflect the standard response time. A receiver can also represent an actual trader. In certain embodiments, a trader can provide a threshold against which the system can compare collected data. For example, a trader can predetermine a reasonable time (e.g., 30 milliseconds) for a request to arrive at an exchange. If the request arrives after the threshold time (i.e., a reasonably determined time), the system automatically sends an error message to the trader. Generally, a request arriving after the predetermined threshold indicates that the trader may be experiencing an external hardware failure in their trading system. For example, it may indicate that an Internet transmission line is failing. Conversely, if the threshold is not exceeded, the information above can help the trader eliminate external hardware as a contributing factor, allowing the trader to focus on modifications to various trading models or trading algorithms in response to this information. In another embodiment, the threshold provides an indication that a particular level of risk tolerance has been exceeded. For example, a trader may determine in advance that they would like to have a cancellation window of at least 5 milliseconds. If the system determines that the cancellation window between the trader's cancellation request and another trader's offer request (or offer-bid) is less than 5 milliseconds, the system can notify the trader of this issue. The trader can then adjust their trading algorithm to address this issue. In addition to measuring time differences, the system may also measure and analyze other useful information. In certain embodiments, the system measures the quantity of requests submitted in response to previously submitted requests. In other embodiments, the system may classify each of the traders into various categories (such as by firm size, specialty, etc.) and then communicate this information to the recipient. As discussed above with reference to time difference information, the collected information may be communicated to the recipient automatically or may be analyzed in a processed form and transmitted to the recipient.

[0017] Generally, the system presents all collected information in an uncharacteristic manner or after processing, as the system requires information provision goals that include a desire to maintain the anonymity of its traders.

[0018] Further Examples (1) A method, comprising the steps of determining a first time when a first request is received by an exchange and determining a second time when a second request is received by the exchange, the second request defining a request to cancel the first request; determining a third time at which a third request is received by the exchange, the third request corresponding to the first request; and calculating a first difference between the second time and the third time. The method comprises storing the first difference in a data storage device, the data storage device comprising a plurality of differences; and analyzing the plurality of differences to generate comparison information.

[0019] (2) The method according to (1), further comprising the step of transmitting the comparison information to a recipient.

[0020] (3) The method according to (2), wherein the recipient adjusts a trading algorithm in response to the comparative information.

[0021] (4) The method described in (1), wherein the first request and the second request are sent by a trader, and the third request is sent by another trader.

[0022] (5) The method according to (1), wherein the first request, the second request, and the third request represent financial commands.

[0023] (6) The method of (5), wherein the financial command is at least one of a request to sell the security, a request to buy the security, a request to modify the security, a request to revoke the security, a request to view, and a request to hold.

[0024] (7) The method of (6), wherein the request to sell the security remains on the exchange until matched with a request to buy the security.

[0025] (8) The method of (6), wherein the request to sell the security is sent in response to a request to buy the security.

[0026] (9) The method of (6), wherein the request to buy the security remains on the exchange until it is matched with a request to sell the security.

[0027] (10) The method of (6), wherein the request to purchase the security is sent in response to a request to sell the security.

[0028] (11) The method described in (1), further comprising the steps of the computer system assigning time stamps to the first request, the second request, and the third request, and the computer system storing the time stamps in the data storage device.

[0029] (12) The method according to (1), further comprising: calculating a second difference between the first time point and the second time point; and calculating a third difference between the first time point and the third time point.

[0030] (13) The method of (1), further comprising the steps of: comparing the second difference with the third difference; outputting a command to the exchange to remove the first request from the exchange, where the third difference is greater than the second difference; and sending an indication that the first request is being canceled.

[0031] (14) The method of (12), further comprising the steps of: comparing the second difference with the third difference; outputting a command to the exchange to match the first request with the third request, wherein the second difference is greater than the third difference; and sending an indication that the first request has not been canceled. (15) The method of (12), further comprising the steps of comparing the second difference with the third difference and sending an indication that the first request is canceled, wherein the third difference is greater than the second difference.

[0032] (16) The method of (12), further comprising the steps of comparing the second difference with the third difference and sending an indication that the first request has not been canceled, wherein the second difference is greater than the third difference.

[0033] (17) The method of (12), further comprising the steps of: comparing the first difference to a threshold value, the threshold value defining a time period within which a trader determines a request is appropriate to arrive at the exchange; determining that the first difference is greater than the threshold value; and sending an error message to the trader.

[0034] (18) The method according to (12), wherein the error message indicates a problem in sending the request to the exchange.

[0035] (19) The method according to (12), wherein the error message indicates that a risk level deemed unacceptable by the trader has been exceeded.

[0036] (20) The method according to (12), wherein the comparison information comprises a second difference comprising a difference between the first time point and the second time point, and a third difference comprising a difference between the first time point and the third time point.

[0037] (21) A storage medium containing machine instructions readable by a computer system having a data storage device for configuring the computer system to perform the method described in (1).

[0038] (22) The storage medium according to (21), further configured to transmit the comparison information to a recipient.

[0039] (23) A storage medium according to (22), wherein the receiver adjusts a trading algorithm in response to the comparison information.

[0040] (24) A storage medium according to (22), wherein the first request, the second request, and the third request represent financial commands.

[0041] (25) A storage medium according to (22), wherein the financial command represents at least one of a request to sell securities, a request to buy the securities, a request to modify the securities, a request to cancel the securities, a request to view the securities, and a request to hold.

[0042] (26) The storage medium according to (22), further configured to calculate a second difference between the first time point and the second time point, and to calculate a third difference between the first time point and the third time point.

[0043] (27) The storage medium according to (24), further comprising: comparing the second difference with the third difference; The storage medium further configured to send an indication that the first request has been cancelled, wherein the third difference is greater than the second difference.

[0044] (28) The storage medium according to (24), further configured to compare the second difference with the third difference and send an indication that the first request has not been cancelled, wherein the second difference is greater than the third difference.

[0045] (29) A storage medium according to (24), wherein the comparison information comprises a second difference comprising the difference between the first time point and the second time point, and a third difference comprising the difference between the first time point and the third time point.

[0046] (30) A method, comprising: determining a first time at which a first request is received by an exchange; determining a second time at which a second request is received by the exchange; the second request defining a request that cancels the first request; determining a third time at which a third request is received by the exchange, the third request being sent in response to the first request; calculating a first difference between the second time and the third time; and calculating a second difference between the first time and the second time; calculating a third difference between the first time point and the third time point; comparing the second difference to the third difference; and transmitting an indication representing the first difference to a recipient, wherein the recipient adjusts a trading algorithm in response to the first difference.

[0047] (31) The method according to (30), wherein the step of comparing the second request with the third request further comprises the steps of: outputting a command to cancel the first request, where the third difference is greater than the second difference; and sending an indication that the first request has been canceled.

[0048] (32) The method of (30), wherein the step of comparing the second request with the third request further comprises the steps of: outputting a command to the exchange to match the first request with the third request, wherein the second difference is greater than the third difference; and transmitting an indication that the first request has not been canceled. [Explanation of symbols]

[0049] 100 systems 102 Remote Computer 104 client computers 106 Communication Network 108 Remote Computer 110 databases 112 databases

Claims

[Claim 1] 1. A method in a trading system, the method comprising: receiving a request at a first time from a client computer in the trading system; receiving, at the trading system, from the client computer a cancellation request to cancel the request at a second time after the first time; receiving, in the trading system, a corresponding request from another client computer at a third time after the second time, the corresponding request corresponding to the request; the trading system canceling the request and sending a notification to the client computer that the request has been canceled; storing the difference between the third time and the second time in a memory and transmitting the difference to the client computer; the client computer adjusts the time between sending a request in the next transaction after the third time and sending a cancellation request to the trading system, taking into account the difference; method.

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