Large block trading

Abstract

To provide systems and methods for performing arrangement for administering trade orders and finding a parter for performing trades for a trader.SOLUTION: A method comprises: step 302 of receiving, from a first server operated by a first trader, information including a first trade order and one or more selection criteria, the first trade order including at least one of a specified instrument, a specified quantity, and a specified price; step 304 of determining that a database of trade orders does not contain a trade order matching the first trade order; step 306 of identifying a plurality of traders satisfying the selection criteria; step 308 of sending, to a plurality of second servers, a query including at least one of the specified instrument, the specified quantity, and the specified price; step 310 of receiving, from a one of the plurality of second servers operated on behalf of a second trader, a positive response to the query; and step 312 of facilitating execution of a trade between the first trader and the second trader for the specified instrument at the specified price.SELECTED DRAWING: Figure 3

Description

[Technical Field]

[0001] CROSS-REFERENCE TO RELATED APPLICATIONS This application claims priority to U.S. Patent Application Serial No. 60 / 988,426, filed November 15, 2007, and entitled "Transaction System Products and Processes." [Background technology]

[0002] The accompanying drawings are not intended to be drawn to scale. In the drawings, each of the same or similar components shown in various figures is represented by a like reference numeral. For purposes of clarity, not all components have necessarily been labeled or operationally identified. [Brief explanation of the drawings]

[0003] [Figure 1] FIG. 1 illustrates a computer system architecture that can be used to perform one or more operations according to some embodiments. [Figure 2] FIG. 1 illustrates a network of servers that can be used to perform one or more operations, according to some embodiments. [Figure 3] FIG. 1 illustrates an example of a process that can be performed by some embodiments. [Figure 4] FIG. 10 illustrates an example of another process that may be performed by some embodiments. [Figure 5] FIG. 10 illustrates an example of another process that may be performed by some embodiments. DETAILED DESCRIPTION OF THE INVENTION

[0004] Traders of financial instruments are sometimes reluctant to reveal information to the market regarding securities they are interested in buying or selling. This is especially true for large transactions, where the disclosure of information that several entities are interested in arranging large transactions for a financial instrument could affect the market for that security before the transaction occurs. Traders' reluctance to post information about large orders can hinder market liquidity.

[0005] Systems and methods are described herein for managing trade orders and arranging for traders to find counterparties to trade with. One advantage of some embodiments of the systems and methods described herein is that they keep more information confidential, and can keep it confidential for longer than conventional systems.

[0006] Sections I through X below provide a guide for interpreting this application.

[0007] (I. Terminology) The term "product" means any machine, manufacture and / or assembly of matter, unless otherwise specified.

[0008] The term "process" means any process, algorithm, method, etc., unless otherwise specified.

[0009] Each process (whether referred to as a method, algorithm, or otherwise) inherently comprises one or more steps, and thus, all references to "steps" of a process have inherent basis in the mere recitation of "process" or similar terminology. Accordingly, any reference in a claim to a "step" of a process has sufficient basis.

[0010] Unless otherwise specified, the term "invention" or the like means "one or more inventions disclosed in this application."

[0011] "An embodiment," "an embodiment," "the embodiment," "one or more embodiments," "some embodiments," "particular embodiments," "one embodiment," "other embodiments," etc., mean "one or more (but not all) embodiments of the present invention," unless expressly stated otherwise.

[0012] A "variant" of an invention means an embodiment of the invention, unless otherwise specified.

[0013] Reference to "other embodiments" in the description of embodiments does not imply that the referenced embodiment is mutually exclusive with other embodiments (e.g., embodiments described before the referenced embodiment) unless otherwise specified.

[0014] The terms "including" and "having" and variations thereof mean "including but not limited to," unless otherwise specified.

[0015] The terms "a" and "the" mean "one or more" unless otherwise specified.

[0016] The term "plurality" means "two or more" unless otherwise specified.

[0017] The term "herein" means "in this application, including anything incorporated by reference," unless otherwise specified.

[0018] 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 otherwise specified. For example, the phrase "at least one of gadgets, automobiles, and wheels" means either (i) gadgets, (ii) automobiles, (iii) wheels, (iv) gadgets and automobiles, (v) gadgets and wheels, (vi) automobiles and wheels, or (vii) gadgets, automobiles, and wheels. The phrase "at least one of," when such phrase modifies a plurality of items, does not mean "one of each" of the plurality.

[0019] Numerical terms such as "1," "2," etc., when used as a cardinal number indicating the quantity of something (e.g., 1 widget, 2 widgets, etc.), mean the quantity indicated by the numerical term, but not less than the quantity indicated by the numerical term. For example, the phrase "1 widget" does not mean "at least 1 widget," so the phrase "1 widget" does not cover, for example, 2 widgets.

[0020] The phrase "based on" does not mean "based only on," unless otherwise specified. That is, the phrase "based on" means 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."

[0021] The term "represents" and similar terms are not exclusive unless otherwise specified. For example, the term "represents" does not mean "represents only" unless otherwise specified. That is, the phrase "The data represents a credit card number" means both "The data represents only a credit card number" and "The data represents a credit card number and something else as well."

[0022] The term "by" is used only to precede a clause or other series of words that express solely the intended result, purpose, or outcome of something previously and expressly recited. Thus, when the term "by" appears in a claim, the clause or other words that it modifies do not specifically further limit that claim or limit the meaning or scope of that claim.

[0023] The term "for example" and similar terms mean "for example," and therefore do not limit the terms or phrases they describe. For example, in the sentence "a computer transmits data (e.g., instructions, data structures) over the Internet," "for example" explains that "instructions" are an example of "data" that a computer can transmit over the Internet, and that "data structures" are also an example of "data" that a computer can transmit 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."

[0024] The term "respective" and similar terms mean "taken individually." Thus, when two or more things have "respective" properties, each of those things has its own property, and these properties can be, but need not be, different from one another. For example, the phrase "each of two machines has a respective function" means that the first such machine has a function and the second such machine also has a function. The functionality of the first machine may or may not be the same as the functionality of the second machine.

[0025] The term "that is," and similar terms, mean "that is," 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 "that is," describes the "instructions" as the "data" that a computer sends over the Internet.

[0026] Any numerical range is intended to include integers and fractions within that range. For example, the range "from 1 to 10" is intended to specifically include integers between 1 and 10 (e.g., 1, 2, 3, 4, ..., 9) and non-integer numbers (e.g., 1.1, 1.2, ..., 1.9).

[0027] The phrase "facilitating the execution of a transaction" means "performing any functions necessary for the transaction to be completed." For example, "facilitating the execution of a transaction" may include transmitting data to an appropriate clearing house to cause a transaction in a particular security to be executed between two entities at a particular price (e.g., without further opportunity for negotiation).

[0028] The phrase "in communication with" means "capable of sending and / or receiving data from." For example, a first server "in communication with" a second server may be connected to the second server through a network such as the Internet. A server may "communicate with" another server if it "communicates with" the other server.

[0029] The term "security" means any financial instrument traded in any market. For example, "security" may include securities, stocks, bonds, futures, options, forwards, calls, puts, swaps, collars, currency contracts, and / or others.

[0030] The term "key" means "any segment of data, such as a packet, string, etc., that can be interpreted by a receiving server and indicates whether a response from that server is desired or will be discarded."

[0031] The phrase "market price" means "the price in the market for a particular security at which it can be purchased or sold." The phrase "market price" refers to the market price at the time an offer is made, an offer is accepted, or the transaction is settled, the market price at the market open or close on the day an offer is made or accepted, or at any other time. The phrase "market price" also includes the market price at the time an offer is made, an offer is accepted, or the transaction is settled, the market price at the market open or close on the day an offer is made or accepted, or the market midpoint at any other time. The market midpoint is the price exactly midway between the best bid and best ask in the market.

[0032] The phrase "matching trade order" means "a second trade order that shares sufficient parameters with a first trade order that they can be traded together." A matching trade order only partially fulfills the trade order that it fulfills. For example, if a first trade order offers to buy 10,000 shares of Microsoft stock at $50 per share and a second trade order offers to sell 5,000 shares of Microsoft stock at the same price, it may be a matching trade order even though it only partially fulfills the first trade order. If the specific security, specific quantity, or specific price of the first trade order fluctuates or changes (see the definitions of specific security, specific quantity, and specific price), the second trade order may be a matching trade order by being within the range or enumeration set forth in the first trade order. For example, if a first trade order offers to buy 10,000 shares of Microsoft stock at less than $50 per share, a second trade order to sell 10,000 shares of Microsoft stock at $49 per share is a matching trade order.

[0033] The phrase "order management system" means "any computer configured to execute trading orders for financial instruments, whether by buyers or sellers, institutional traders or brokers, and any computer associated with a market participant."

[0034] The phrase "discreet trade order" means "a trade order stored on a server such that, when the server receives information regarding the availability of another trade order that matches the stored trade order, the server indicates (e.g., by transmitting information) its intent to trade the stored trade order against the matching trade order."

[0035] A computer "operable" to submit offers or participate in transactions on behalf of a trader may, in some embodiments, submit offers or participate in transactions on behalf of a trader in response to receiving input from a user. In other embodiments, a computer "operable" to submit offers or participate in transactions on behalf of a trader may submit offers or participate in transactions on behalf of a trader without receiving input from a user.

[0036] The phrase "affirmative response" means "a response to a query that indicates interest in conducting a trade with the parameters provided in the query (specific securities, specific quantities, and / or specific prices)." A positive response may be a binding acceptance, such as when the query includes a firm offer. If the query (or corresponding trade order) does not specify all parameters, or if the query specifies ranges for some parameters, a positive response may include some or all of the parameters necessary to define the trade. For example, if the query includes an offer to sell up to 30,000 shares of a security, a positive response may indicate an intent to buy 10,000 shares of the security.

[0037] The phrase "positive response rate" means "the percentage of queries previously received by a server to which the server gave a positive response."

[0038] The term "query" means "any data transmitted from one computer to another, such as, for example, a data transmission containing a trade order or a portion of a trade order."

[0039] The term "selection criteria" means any criteria by which an entity submitting a trade order can identify parameters, behaviors, preferences, or other aspects of other entities with which a first trader is interested in communicating trade offers. The selection criteria may apply to a server receiving a query regarding a trade order, a trader executing a trade order, or any combination thereof.

[0040] The term "server" means any computer or similar facility that can be programmed to perform a specific function, such as sending, receiving, or processing data; writing information to or retrieving information from a database; or determining whether data meets specific criteria.

[0041] The phrase "particular securities" includes a selection of identified securities, such as a specific security (e.g., Coca-Cola stock) or group of securities (e.g., Fortune 100 stocks); an enumerated set of securities (e.g., Coca-Cola stock or Pepsi stock; Coca-Cola stock or Microsoft derivatives); any group of securities sharing a particular characteristic or set of characteristics (e.g., airline stocks; oil futures; stocks of companies reporting profits of $1 billion or more); a set of securities whose prices correlate with the prices of other particular securities (e.g., Coca-Cola stock or any stock whose value correlates 0.50 or more with the value of Coca-Cola stock); and / or any combination thereof.

[0042] The phrase "specific price" means "sufficient information to determine an acceptable price or range of prices at which a trader is interested in making a transaction." The specific price may be a specific unit price (e.g., $50 per share), a minimum unit price (e.g., above $50 per share), a maximum unit price (e.g., below $50 per share), a range of unit prices (e.g., $49 to $51 per share), and / or any combination thereof. The specific price may be a specific bulk price (e.g., $50,000), a minimum bulk price (e.g., above $50,000), a maximum bulk price (e.g., below $50,000), a range of bulk prices (e.g., $49,000 to $51,000), and / or any combination thereof. The specific price may be given in terms of a market price, such as the time the offer is made, the time the offer is accepted, the time the transaction is settled, the market open or close on the day the offer is made or accepted, or any other time. The specified price may be a price or range of prices determined by reference to market price (e.g., market price plus or minus ½ point; market price or higher). The specified price may be a market midpoint price or a price specified by reference to the market midpoint price. If a specified price is not provided, the trading system may default to the market price at the time the offer is made or accepted, the time the trade is settled, or other time. Alternatively, if a specified price is not provided, the trading system may default to the market midpoint price at the time the offer is made or accepted, the time the trade is settled, or other time.

[0043] The phrase "specific quantity" means "specifying in some manner an acceptable amount or range of amounts of a security in which a trader is interested in transacting." A specific quantity can mean a concrete amount (e.g., 10,000 shares), a minimum amount (e.g., 5,000 shares or more), a maximum amount (e.g., 10,000 shares or less), a range of amounts (e.g., 5,000 to 10,000 shares), and / or any combination thereof. A specific quantity can also include increments (e.g., 500 share increments for 5,000 to 10,000 shares, 1,000 share increments for 5,000 shares or less).

[0044] The phrase "trade order" means any offer to buy or sell a security, for example, an offer to buy or sell a particular quantity of a particular security at a particular price. A trade order may be a firm offer or a conditional offer.

[0045] The term "trader" means "any person or entity that can participate in transactions to buy or sell securities, or that can participate in such transactions on behalf of a trader." A trader may be a buyer or seller. A trader may submit an offer to participate in a transaction that reflects the trader's intent to complete the transaction. A trader may submit such an offer via a computer, including, but not limited to, a computer that includes or is part of an order management system. A trader may be represented by a computer operable to submit offers and / or participate in transactions on the trader's behalf. For example, such a computer may be operable to accept a binding offer and / or, if accepted, to bind the trader to the transaction. Such a computer may be operable to accept an offer with or without human input.

[0046] The term "trading history" refers to information (e.g., database records) about a trader's previous transactions and / or responses to queries. Trading history includes, but is not limited to, the securities, prices, and quantities traded by a trader, queries (and / or associated trading parameters) to which the trader responded affirmatively, and queries (and / or associated trading parameters) to which the trader responded negatively. Trading history can also include information selectable by category of trades, including (without limitation) positive response rates for specific securities, specific types of securities (e.g., stocks, mutual fund shares), securities related to specific entities, securities related to specific industries, certain market capitalizations (e.g., small caps, mid caps, large caps), and fungible securities. Trading history may also be information associated with a particular server rather than a particular trader, such as queries to which the server responded affirmatively and associated trading parameters.

[0047] Where two or more terms or phrases are synonyms (e.g., because of an illustrative illustration that the terms or phrases are synonyms), the instance of one such term / phrase does not mean that other instances of such terms / phrases must have different meanings. For example, if the description states that "include" means "including, but not limited to," the mere use of the phrase "including, but not limited to" does not mean that the term "include" means anything other than "including, but not limited to."

[0048] (II. Decide) The term "determining" and its grammatical variants (e.g., determining a price, determining a value, determining an objective to meet certain criteria, etc.) are used very broadly. The term "determining" encompasses a variety of actions; thus, "determining" can include calculating, computing, processing, deriving, investigating, examining (e.g., looking up in a table, database, or other data structure), ascertaining, etc. "Determining" can also include receiving (e.g., receiving information), accessing (e.g., accessing memory data), etc. "Determining" can also include deciding, selecting, choosing, establishing, etc.

[0049] The term "determining" does not imply certainty or absolute accuracy, and thus "determining" can include estimating, predicting, inferring, and the like.

[0050] The term "determining" does not imply that a mathematical operation must be performed, that a numerical method must be used, and that an algorithm or process must be used.

[0051] "Determining" does not imply that any particular device must be used, for example, a computer does not necessarily have to perform the decision.

[0052] (III. Sentence Form) If a limitation in a first claim covers one feature as well as two or more features (e.g., a limitation such as "at least one small device" covers one small device as well as two or more small devices), and in a second claim that depends from the first claim, the second claim uses "said" to refer to this limitation (e.g., "said small device"), this does not imply that the first claim covers only one feature, nor does it imply that the second claim covers only one feature (e.g., "said small device" can cover both one small device and two or more small devices).

[0053] When an ordinal number (such as "first," "second," "third," etc.) is used as an adjective before a term, the ordinal number (unless otherwise specified) is used merely to indicate that particular feature, such as to distinguish it from other features described by the same or similar term. For example, a "first widget" is so named solely to distinguish it from, say, a "second widget." Thus, the use of the ordinal numbers "first" and "second" before a "widget" does not indicate any other relationship between the two widgets, nor does it indicate any other feature of either or both widgets. For example, the use of a "widget" does not indicate any other relationship between the two widgets, nor does it indicate any other feature of either or both widgets. The mere use of the ordinal numbers "first" and "second" before a word (1) does not indicate that either widget comes before or after the other widget in terms of order or position; (2) does not indicate that either widget occurs or operates before or after the other widget in terms of time; and (3) does not indicate that either widget is superior or inferior in importance or quality to the other widget. Furthermore, the mere use of an ordinal number does not impose a numerical limit on the feature identified by the ordinal number. For example, the mere use of the ordinal numbers "first" and "second" before the term " Snake" does not indicate that there must be no more than two widgets.

[0054] When a single device, article, or other product is described herein, two or more devices / articles (whether or not cooperating) may be substituted for the single device / article described. Thus, functionality described as being possessed by a device may instead be possessed by two or more devices / articles (whether or not cooperating).

[0055] Similarly, when two or more devices, articles, or other products are described herein (whether or not they cooperate), a single device / article may be substituted for the two or more devices or articles described. For example, multiple computer-based devices may be replaced by a single computer-based device. Thus, various functionality described as being possessed by two or more devices or articles may instead be possessed by a single device / article.

[0056] The functionality and / or features of a single device described 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 these other embodiments may include one or more other devices that have such functionality / features.

[0057] IV. Disclosed Examples and Terminology Are Not Limiting Neither the title (which appears at the top of page 1 of this application) nor the Abstract (which appears at the end of this application) should be construed as limiting the scope of the invention in any way, nor should they be used to interpret the meaning of the claims, or to limit the scope of the claims. An Abstract has been included in this application solely because an Abstract is required by 37 C.FR § 1.72(b).

[0058] The title of this application and the section headings provided herein are for convenience only and are not to be construed as limiting the disclosure in any way.

[0059] Many embodiments are 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 disclosed invention is broadly applicable to many embodiments, as readily apparent from the disclosure. Those skilled in the art will recognize that the invention can be embodied in various modifications and variations, including structural, logical, software, and electrical changes. While certain features of the invention may be described with reference to one or more specific embodiments and / or figures, it should be understood that, unless otherwise specified, such features are not limited to use in the one or more specific embodiments or figures referenced to describe those features.

[0060] None of the method steps or product component examples described herein constitute an invention herein, or are essential to, or not coextensive with, the invention herein, unless expressly stated as such in the specification or explicitly claimed.

[0061] The preamble of a claim merely lists objects, advantages, and possible uses of the claimed invention and does not limit the claimed invention.

[0062] This disclosure is not a literal description of every embodiment of the invention, nor is it a listing of inventive features that must be present in every embodiment.

[0063] Unless otherwise specified, devices described as communicating with each other need not be in continuous communication with each other. Rather, such devices need transmit to each other only when necessary or desired, and may not actually exchange data most of the time. For example, a machine communicating with another machine over the Internet may not communicate data with the other machine for long periods of time (e.g., weeks). Furthermore, devices that communicate with each other may communicate directly or indirectly using one or more intermediary means.

[0064] A description of an embodiment with several components or features does not imply that all or any of those components / features are required. On the contrary, various optional components are described to illustrate various possible embodiments of the invention. Unless otherwise specified, no component / feature is essential or required.

[0065] Although process steps, algorithms, and the like may be described in a particular sequential order, such processes can 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 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 occurring non-concurrently (e.g., because one step is described after another). Furthermore, the illustration of a process by depicting it in a drawing does not imply that the illustrated process excludes other variations and modifications to the process, nor does it imply that the illustrated process or any of its steps are required for the invention, nor does it imply that the illustrated process is preferred.

[0066] Although a process may be described as including multiple steps, this does not imply that all or any of these steps are preferred, essential, or required. Various other embodiments within the scope of the present invention may include other processes that omit some or all of the steps described. Unless otherwise specified, no steps are essential or required.

[0067] Although a process may be described in isolation 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 other business models. Such interaction may be provided to enhance the flexibility or desirability of the process.

[0068] Although a product may be described as including multiple components, aspects, qualities, properties, and / or characteristics, this does not mean that any or all of those multiple components 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 components described.

[0069] An enumerated list of items (which may be numbered or unnumbered) does not imply that any or all of the items are mutually exclusive unless otherwise specified. Similarly, an enumerated list of items (which may be numbered or unnumbered) does not imply that any or all of the items are inclusive of any category unless otherwise specified. For example, a list of "computers, laptops, and PDAs" 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.

[0070] Additionally, 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 substitute for one another.

[0071] All examples are illustrative and do not imply that the invention or examples have been made or performed wherever possible.

[0072] (V. Calculation) It will be readily apparent to those skilled in the art that the various processes described herein can be performed, for example, by appropriately programmed general-purpose computers, special-purpose computers, and computing devices. Generally, 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 specified by those instructions. The instructions may be embodied, for example, in one or more computer programs, one or more scripts, etc.

[0073] "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, Microprocessor without Interlocked Pipeline Stages, pipeline arrangement, simultaneous multithreading).

[0074] Thus, a description of a process is also a description of apparatus for performing the process, which may include, for example, processors suitable for performing the process and their input and output devices.

[0075] Furthermore, programs implementing these methods (as well as other types of data) can be stored and transmitted in numerous ways using a variety of media (e.g., computer-readable media). In some embodiments, hard-wired circuitry or custom hardware can be used in place of, or in combination with, some or all of the software instructions that can implement the processes of various embodiments. Thus, various combinations of hardware and software can be used in place of software alone.

[0076] The term "computer-readable medium" refers to any medium, media, or combination of different media that participates in providing data (e.g., instructions, data structures) that may 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 persistent memory. Volatile media include dynamic random access memory, which typically constitutes 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, a floppy disk, a flexible disk, a hard disk, 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, RAM, PROM, EPROM, Flash EEPROM, any other memory chip or cartridge, a carrier wave as described below, or any other medium from which a computer can read.

[0077] Various forms of computer-readable media may be involved in carrying data (e.g., sequences of instructions) to a processor. For example, data may (i) be sent from RAM to the processor; (ii) be carried over a wireless transmission medium; (iii) be formatted and / or transmitted in accordance with numerous formats, standards, or protocols, such as Ethernet (or IEEE 802.3), SAP, ATP, Bluetooth, TCP / IP, TDMA, CDMA, and 3G; and / or (iv) be encrypted in any of a variety of ways known in the art to ensure privacy or prevent fraud.

[0078] Thus, a description of a process is also a description of a computer-readable medium that stores a program for performing that process. The computer-readable medium can store (in any suitable format) program elements that are suitable for performing the method.

[0079] Just as the description of various steps in a process does not indicate that all of the steps described are required, an apparatus embodiment may include a computer / computing device operable to perform some, but not necessarily all, of the described processes.

[0080] Similarly, just as the description of various steps in a process does not indicate that all of the steps described are required, 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 processes described.

[0081] When describing databases, it will be apparent to those skilled in the art that (i) alternative database structures may be readily employed, and (ii) other memory structures other than databases may be readily employed. Any illustrations or descriptions of any sample databases presented herein are exemplary configurations for storing and representing information. For example, any number of other configurations may be employed in addition to those suggested by tables illustrated in the drawings or elsewhere. Similarly, any database entries illustrated represent example information only, and those skilled in the art will recognize that the number and content of such entries may differ from those described herein. Furthermore, despite the depiction of a database as a table, other formats (including relational databases, object-based models, and / or distributed databases) may be used to store and manipulate the data types described herein. Similarly, database object methods or behaviors may be used to implement various operations described herein. Additionally, the databases may be stored locally or remotely from devices accessing data in such databases, in known manners.

[0082] Various embodiments can 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 can communicate with these 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 communications lines, commercial online service providers, bulletin board systems, satellite communications links, or any combination thereof). Each device can itself include a computer or other computing device, such as one based on an Intel Pentium or Centrino processor, employed to communicate with the computer.

[0083] In some embodiments, a server computer or central authority may not be necessary or desirable. For example, the present invention may, in some embodiments, be practiced on one or more devices without a central authority. In such an embodiment, any functions described herein as being performed by a server computer or data described herein as being stored on a server computer may be performed by or stored on one or more such devices.

[0084] When describing a process, in one embodiment the process may operate without user intervention, while in another embodiment the process may involve some human intervention (e.g., steps performed by or with the assistance of a human).

[0085] (VI. Calculation use) The present 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 the present application, but may nevertheless be claimed in one or more continuing applications claiming priority from this application.

[0086] Applicant intends to file additional applications and pursue patent prosecution of subject matter disclosed and enabled but not claimed in this application.

[0087] (VII.35U.SC§112 (U.S. Patent Law Section 112) Paragraph 6) Any claim limitation containing "means for" or "step for" means that the sixth paragraph of 35 U.S.C. 112 applies to that limitation.

[0088] Any claim limitation that does not contain a "means for" or a "step for" means that 35 U.S.C. 112, paragraph 6 does not apply to that limitation, regardless of whether the limitation recites a function without reciting structure, materials, or acts for performing that function. For example, the mere use of "step for" in a claim, or the use of "step for" with reference to one or more steps in that claim or any other claim, does not mean that 35 U.S.C. 112, paragraph 6, applies to those steps.

[0089] 112, sixth paragraph, with respect to means or steps for performing a specified function, the corresponding structure, material, or acts described in the specification, and their equivalents, can perform additional functions as well as the specified function.

[0090] Computers, processors, computing devices, and similar products are structures capable of performing a wide variety of functions. Such products are operable to perform specific functions by executing one or more programs, such as programs stored in the product's memory device or in memory devices accessed by the product. Unless otherwise specified, such programs need not be based on a specific algorithm, such as any specific algorithm that may be disclosed in this application. Those skilled in the art will recognize that a specific function can be realized by different algorithms, and that any of a number of different algorithms is merely a design choice for performing that specific function.

[0091] Thus, with respect to means or steps for performing a specified function under 35 U.S.C. 112, sixth paragraph, structure corresponding to the specified function includes any product programmed to perform that function, regardless of whether such product is programmed with (i) the disclosed algorithm to perform that function, (ii) an algorithm similar to the disclosed algorithm, or (iii) a different algorithm to perform that function.

[0092] Where a method describes a means for performing a function, one structure for performing the method includes a computing device (e.g., a general-purpose computer) programmed and / or configured to perform the function in conjunction with appropriate hardware.

[0093] It will also be apparent to those skilled in the art that this includes a computing device (eg, a general-purpose computer) programmed and / or configured to perform the functions by other algorithms in conjunction with appropriate hardware.

[0094] (VIII. Waiver) Multiple references to a particular embodiment do not imply a disclaimer or denial of additional, different embodiments, and similarly, references to descriptions of embodiments that entirely include a particular feature do not imply a disclaimer or denial of embodiments that do not include that particular feature. Any explicit disclaimer or denial in this application will be prefaced by "does not include" or "cannot perform."

[0095] IX. References Any patents, patent applications, or other documents incorporated herein are incorporated by reference into and as part of this patent application for written description and availability purposes only pursuant to 35 U.S.C. § 112, first paragraph, and should in no way be used to limit, define, or otherwise interpret the terms of this application, except to the extent that the ordinary meaning is not ascertainable by one of ordinary skill in the art without incorporation of such reference. One of ordinary skill in the art need in no way be limited by any examples provided in the references.

[0096] The incorporation of any document by reference does not, as such, imply endorsement, ratification or acquiescence of any statement, opinion, rebuttal or characterization contained in the incorporated patent, patent application or other document unless expressly identified in the patent application.

[0097] (X. Application History) In interpreting this application (including the claims), a person of ordinary skill in the art shall refer to the prosecution history of this application, and not to the prosecution history of any other patents or patent applications, regardless of whether there are any other applications which may appear to be related to this application and regardless of whether there are any other patent applications which share a priority claim with this application.

[0098] XI. ADDITIONAL EXAMPLES Various embodiments disclosed herein relate to systems and methods for facilitating trading of financial instruments between entities, allowing the entities to offer to trade without revealing their identities or the total volume of securities the entities wish to trade. In some embodiments, for example, a first server acting on behalf of a first trader transmits a trade order to a second server. The trade order may include an offer to trade a specific security at a specific price and a specific quantity. The second server then queries one or more third servers to see if any traders associated with the third servers are interested in the trade indicated in the trade order. The query need not include all of the information in the trade order. If one of the third servers responds affirmatively to the query, a trade is facilitated between the first trader and a second trader associated with the third server. In some embodiments, the facilitated trade occurs according to the parameters specified in the trade order and / or query, without further negotiation between the first and second traders. Such embodiments provide the benefit of concealing certain information regarding offers to trade at least until the trade is completed, thereby avoiding the market impact of placing large orders for certain securities before those offers are filled, which encourages traders to place orders, particularly large orders, thereby increasing market liquidity.

[0099] 2 illustrates an example server configuration 200 capable of implementing methods of some embodiments. Server 202 communicates with a central server 206 via network 204. Central server 206 communicates with a server 214 via network 210. In some embodiments, networks 204 and 210 may be a single network or may form part of a single network. In other embodiments, networks 204 and 210 may be two separate networks that are unconnected except by their common connection to central server 206. In yet other embodiments, networks 204 and 210 may be connected via a larger network, such as the Internet.

[0100] Server 202 may be, but is not limited to, a sell-side server. Server 212 may be, but is not limited to, a buy-side server. Server 202 or 212 may be operated by or on behalf of one or more traders 218 or 216 (respectively). In an embodiment, one or more of servers 202 and 212 is an order management system. Generally, servers 202 and 212 may be any server programmed to communicate with central server 206, as described below. Either server 202 or 212 includes or communicates with database 220 or 214 (respectively). Database 214 may contain information regarding one or more trades in which a trader 216 associated with the server (e.g., on whose behalf the server operates) is interested in transacting. Such information may include specific securities that the trader is interested in buying or selling. Such information may also include a specific quantity of the security that the trader wishes to trade. Such information may also include a specific price at which the trader wishes to transact the specific security.

[0101] In this description, server 206 is referred to as a "central" server; however, in an embodiment, the functions performed by central server 206 may be performed by any suitably programmed server, including a buy-side server or a sell-side server. In an embodiment, central server 206 includes or is in communication with a registration server and / or a database of registered traders 208, with which central server 206 communicates to receive trading orders and send queries. Central server 206 also includes or is in communication with a database of trading orders submitted to the central server, for example, by one of servers 202 or 212. The database of trading orders may include trading orders that have been submitted but not yet filled. The database of trading orders may be hosted together with or separately from the registration server and / or the database of registered traders.

[0102] In some embodiments, server 202 submits a trade order to central server 206. The trade order includes an offer to trade, which may be a binding offer or a conditional offer. Central server 206 may respond to receiving the trade order by sending a query to one or more of servers 212, as described in more detail below. (Note that in various embodiments, a server may be capable of both submitting trade orders and receiving queries; however, for clarity, this specification will refer to order submission server 202 and query reception server 212 separately.) As a feature of some embodiments, server 212 (or the trader 218 on whose behalf server 212 acts) is not required to submit the trade order to an open market platform, and therefore, the trade order need not be publicly known. In some embodiments, no server other than central server 206 is required to receive the identity of server 212 (or trader 218) before the offer to trade is accepted and the transaction is completed.

[0103] As described in further detail below, server 212, which receives the query sent by central server 206, evaluates the query and determines whether to accept the offered trade. In some embodiments, the trade may be presented to a user, who, in turn, may be trader 216 or a trader's agent, decides whether to accept the offered trade and enters that decision into a terminal in communication with server 212. In another embodiment, server 212 queries database 214 to determine whether the database contains an entry for the desired trade that matches the offered trade. If an affirmative response is indicated (with or without human input), server 212 returns the affirmative response to central server 206. Central server 206 then facilitates execution of the trade with the trade parameters (e.g., a specific security, a specific quantity, and / or a specific price) indicated in the trade order submitted by server 202. A feature of some embodiments is that server 214 (or trader 216 on whose behalf server 214 acts) does not have to submit to the open market platform the trades that it is interested in making, thus preventing its desire to make a trade in a particular security from becoming public knowledge. No server other than central server 206 is required to receive the identity of server 214 (or trader 216) before an offer to make a trade is accepted and the trade is completed.

[0104] 3 illustrates an example process 300 that may be performed by some embodiments. At block 302a, a trade order is received. As described above, the trade order is submitted by server 202 and received by central server 206. (Again, for clarity, this description uses the term "central server," but the functions attributed to central server 206 in this description may be performed by any appropriately programmed server.) The trade order may be received as part of a communication that includes other information apart from the trade order itself. Typically, a completed trade is the purchase or sale of a specific quantity of a specific security at a specific price, as described further below, although in embodiments, the initially received trade order may not include all of this information.

[0105] In an embodiment, in response to receiving a trade order, central server 206 searches database 208 for a matching trade order that can fulfill or partially fulfill the received trade order (block 304). As described above, database 208 may include unfilled trade orders previously submitted by any server or trader. If a matching trade order that can fulfill or partially fulfill the received trade order is found, central server 206 facilitates execution of a trade between the received trade order and the entity indicated in the matching trade order (block 314). Facilitating execution of the trade may include, for example, transmitting parameters of the trade to a clearing house to execute the trade.

[0106] If a matching trade order is not found in database 208 (step 304), or if the found matching trade order satisfies only a portion of the received trade order, central server 206 sends a query to one or more servers 212. (In some embodiments, central server 206 does not search database 208 before sending the query, but instead skips to block 306.) The query may include some or all of the conditions of the received order, such as a specific security, a specific quantity, and / or a specific price. In embodiments, the query does not include information that can identify the server or trader submitting the trade order. In further embodiments, the query does not include a specific quantity. An advantage of such an embodiment is that if the trade order is seeking a particularly large amount of securities, neither uploading the trade order nor sending the query will reveal to the market as a whole that any entity is seeking such a large amount of securities.

[0107] Upon sending a query, central server 206 identifies recipients of the query (block 206). In an embodiment, the query is sent to all recipients known to central server 206 or to a subset of that set. For example, database 208 may include a database of servers 212 registered to receive queries from central server 206. This database may include traders 216 registered to receive queries, along with IP addresses and / or other identifying information that central server 206 can use to send queries to servers 212 associated with, operated by, or on behalf of traders 216. (Note that more than one trader 216 may be associated with a single server 212.) In an embodiment, central server 206 identifies a subset of recipients according to selection criteria (block 306), as described further below. Once the set or subset of recipients is identified, the query is sent (block 308).

[0108] Upon receiving a query from central server 206, server 212 determines whether an affirmative response to the query is appropriate and / or required. An example process by which server 212 determines whether to send an affirmative response to a query is described below.

[0109] If one or more of the servers 212 sends a positive response to the query, the central server 206 receives the positive response (block 310). In response to receiving the positive response, the central server 210 may facilitate execution of the transaction (block 312).

[0110] An affirmative response, in embodiments, may be any response from server 212 indicating intent to execute a trade on at least one of the parameters indicated in the query. An affirmative response may indicate intent (e.g., of the entity on whose behalf server 212 is acting) to be bound by the trade with the terms indicated in the trade order. In embodiments in which the trade order itself does not contain sufficient information to specify a complete trade, the affirmative response may supply the missing information so that the trade may be executed. For example, if the trade order does not contain a specific quantity or contains a partially specified quantity, such as "up to 50,000 shares, in increments of 5,000 shares," the affirmative response may include a more specific quantity, such as "25,000 shares."

[0111] In an embodiment, the trade order and affirmative response together provide the parameters of the trade with sufficient specificity to allow the transaction to be completed without further negotiation between the entity indicated by the trade order and the entity indicated by the affirmative response. For example, the specified security in the trade order may be "stock of a large-cap energy company," the specified price may be "less than or equal to $50 per share," and the specified quantity may be "at least 50,000 shares." In an embodiment in which the affirmative response must provide sufficient information to allow the transaction to be completed without further negotiation, an acceptable affirmative response must provide further specificity to the security, price, and quantity. An example of a suitable affirmative response is an affirmative response specifying 70,000 shares of Exxon-Mobil stock at $48 per share. Upon receiving such a positive response (and determining whether the selection criteria, if any, are met), central server 206 facilitates the transaction identified in the trade order (e.g., buy or sell) for 70,000 shares of Exxon-Mobil stock at $48 per share between the entity indicated in the trade order and the entity indicated in the positive response.

[0112] In some embodiments, the query and affirmative response together provide all parameters of the transaction other than the price with sufficient specificity that the transaction can be completed without further negotiation, and in some such embodiments, the system may provide a default price, such as the market price.

[0113] In a further embodiment, the trade order provides no information other than the specific security. In yet a further embodiment, the query sent to server 212 may include less information than the trade order submitted to server 206 on which the query is based. Thus, for example, a trade order may include an offer to sell 50,000 shares of Microsoft stock, while the corresponding query may only ask whether any traders want to buy Microsoft stock without specifying a quantity. In either case, in embodiments where the query does not include a specific quantity, the affirmative response may indicate at least the specific security to be traded (if necessary) and the quantity the entity indicated in the affirmative response wishes to be bound for.

[0114] The affirmative response may also supply a price for a trade not specified in the query. If the affirmative response does not include a price, the central server 206 (or the clearinghouse to which the server directs the transaction for execution) may supply a default price, such as the market price of the security being traded. In general, there are no restrictions on the information that must be included in the query or the affirmative response, provided that the query, affirmative response, and any system defaults together provide sufficient specificity to complete the transaction. In an embodiment, the query, affirmative response, and system defaults together provide sufficient specificity to complete the transaction without further negotiation. The following are some additional examples of query and affirmative response combinations that are sufficient to complete a transaction:

[0115] Example 1: A trade order (and query) makes an offer to sell 50,000 shares of Microsoft stock at $50 per share. A positive response accepts the offer. A trade of 50,000 shares of Microsoft stock at $50 per share is facilitated.

[0116] Example 2: A trade order (and query) offers to sell 50,000 shares of Microsoft stock at $50 per share. An affirmative response indicates an offer to buy 30,000 shares. In some embodiments, the affirmative response is rejected because it does not fulfill the trade order. In other embodiments, the affirmative response is accepted and the trade for 30,000 shares is facilitated as long as there is another affirmative responder willing to buy the outstanding 20,000 shares. In still further embodiments, the affirmative response is accepted and the trade for 30,000 shares is facilitated regardless of whether other affirmative responses are received.

[0117] Example 3: A trade order (and query) makes an offer to sell 50,000 shares of Microsoft stock and does not specify a price. A positive response accepts the offer without further specification. In some embodiments, the trade is facilitated at a default price supplied by the central server 206 or the clearinghouse executing the trade.

[0118] Example 4: A trade order (and query) makes an offer to sell Microsoft stock at $50 per share. A positive response makes an offer to buy 20,000 shares of Microsoft stock at $50 per share. Because the positive response provided the specific quantity required and the specific price, a trade is facilitated for 20,000 shares of Microsoft stock at $50 per share.

[0119] Example 5: A trade order offers to sell 100,000 shares of Microsoft stock at at least $50 per share. A central server sends a query offering to sell Microsoft stock at at least $50 per share, without specifying the overall quantity of shares being offered for sale. A positive response offers to buy 20,000 shares of Microsoft stock at $50 per share. Because the positive response provided the specific quantity required and the specific price, a trade is facilitated for 20,000 shares of Microsoft stock at $50 per share.

[0120] In an embodiment of Example 5, central server 206 is configured for additional confidentiality by querying minimal information. In Example 5, a trade for a certain number of shares can be completed without revealing the total quantity of shares offered. Thus, in an embodiment, a trade order can include the maximum number of shares offered for the trade (e.g., so that the central server can assess whether the trade order can be fully filled), and the query sent to server 212 hides that information.

[0121] Once a response sufficient to complete the trade is received, central server 206 facilitates execution of the trade by, for example, forwarding the trade parameters to a clearing house that executes or arranges for execution of the trade (block 312). In an embodiment, a positive response sufficient to complete the trade binds the entity indicated by the positive response. In an embodiment, the entity may be the trader operating server 212 or the institution on whose behalf the trader operates server 212. Server 212 may operate on behalf of one entity or multiple entities that have access to server 212 or that authorize server 212 to place orders and / or receive queries and submit binding or non-binding affirmative responses.

[0122] When the central server 206 sends a query to multiple servers 212, it may receive multiple positive responses. In some embodiments, the central server 206 indicates these positive responses with the received order. For example, if the first positive response received is sufficient to complete the trade and facilitate the trade, the central server 206 facilitates execution of the trade. If the trade fully fulfills the trade order, further positive responses may be ignored. If the trade order is not at least partially fulfilled after completing the trade with the first positive responder, the central server 206 may proceed to the second positive response received. The central server 206 processes the positive responses in the order in which they were received until the trade order is fully fulfilled. Alternatively, the central server 206 may prioritize the received positive responses in an order other than the order in which they were received. For example, in some embodiments, if none of the positive responses indicate a large enough quantity to fulfill the trade order, the received positive responses may be prioritized according to the quantities specified in the positive responses, such that the responder offering the largest quantity executes the trade first. In yet another embodiment, the received positive responses may be prioritized according to criteria provided by the server 202 that submitted the trade order. In yet another embodiment, the received positive responses may be prioritized according to criteria provided by the entity on whose behalf server 202 submitted the trade order. In either of the latter two cases, the priority criteria may be provided along with the trade order. Alternatively, the priority criteria may be stored in an entry in database 208 that includes the trading priorities of server 202 and / or the entity on whose behalf server 202 operates.

[0123] In some embodiments, if there are outstanding affirmative responses after a trade order has been filled, the central server 206 may send a notification to any servers 212 that provided affirmative responses that did not result in the completion of the trade. In some embodiments, the central server 206 may send a notification to any servers 212 that provided affirmative responses that did result in the completion of the trade. In yet another embodiment, the central server 206 may send an appropriate message to any servers 212 that provided affirmative responses.

[0124] In embodiments, if a trade order remains at least partially unfilled after all positive responses have been processed, even after one or more trades have been facilitated in response to receiving positive responses, either because there were no positive responses, because there were not enough positive responses to complete the trade, or because the order was at least partially unfilled, etc., central server 206 may store the unfilled trade order in database 208. In such embodiments, once stored in database 208, the trade order may be available for matching to other incoming trade orders.

[0125] In another example, the central server 206 can transmit additional queries based on unfilled or partially unfilled trade orders. The additional queries can include adjustments to trade parameters that can facilitate a positive response. For example, if a first query includes an offer to trade shares of a security in 10,000 share increments, and processing a response to the first query leaves the partially unfilled trade order on which the query was based, a second query can be transmitted offering shares of the security in 5,000 share increments. In another example, the central server 206 can be configured to repeat the query or transmit additional queries corresponding to at least partially unfilled trade orders at a specific time (e.g., 4:45 p.m., or six hours after the initial query), or after a specific time, such as a specific time before the close of business for that day, a specific time after the opening of another market, or other time.

[0126] In embodiments, what to do with unfilled or partially unfilled trade orders may be configurable by information from server 202. Instructions for handling unfilled or partially unfilled trade orders may be specified, for example, in a communication submitted along with the trade order or as part of the process of submitting the trade order. Central server 206 may store default instructions for handling unfilled or partially unfilled trade orders for each server 202 or each entity on whose behalf each server 202 acts. These default instructions may, in embodiments, be overridden by instructions sent for a particular trade order.

[0127] As previously mentioned, in some embodiments, potential trading partners for a trade order submitted to the central server may be filtered based on selection criteria (block 302). In some embodiments, the central server 206 may filter query recipients based on selection criteria (block 306). For example, the central server 206 may evaluate potential query recipients to determine whether they meet certain requirements before sending the query to the recipients.

[0128] In another example, the central server 206 can send a query to a set of recipients and filter the positive responses based on selection criteria. For example, upon receiving a positive response from server 212, the central server 206 can evaluate whether server 212 meets the selection criteria and, only if the selection criteria are met, facilitate a trade based on the server 212's positive response. An example embodiment of a process for filtering positive responses based on search criteria is shown in FIG. 4. As in the process of FIG. 3, a trade order is received (block 402). Also as in the process of FIG. 3, the central server 206 optionally searches the database 208 for a matching trade order (block 404) and, if a matching trade order is found, facilitates the trade (block 414). If a matching trade order is not found or if the trade order remains at least partially unfulfilled after the trade is facilitated, the central server 206 sends a query to a set of recipients, such as server 212 (block 406). Upon receiving a positive response from server 212 (block 408), the central server determines whether server 212 meets the selection criteria (block 410). If the selection criteria are met, a trade is facilitated between the entity indicated in the trade order and the entity indicated in the positive response (block 412).

[0129] Whether applied before a query is sent or applied to a received positive response, the selection criteria can be received by the server in a variety of suitable ways (blocks 302, 402). In blocks 302 and 402, the selection criteria can be received from server 202, read from database 208, or obtained or provided by central server 206 in any other manner.

[0130] In an embodiment, for a particular trade order, the selection criteria may be provided by server 202. In such an embodiment, the selection criteria may be transmitted by server 202 along with the trade order to central server 206, e.g., as part of a communication containing the trade order. For example, server 202 may transmit the trade order to central server 206 along with information that effectively tells central server 206 how to select servers 212 that will receive queries based on the trade order. (Forms that the selection criteria may take are further described below.) In another embodiment, central server 206 is in communication with database 208, which stores selection criteria preferred for server 202. For example, in an embodiment in which server 202 registers with central server 206 before submitting a trade order to server 206, the registration process may store a record in database 208 that includes information about server 202, including trading priorities. These trading priorities may include selection criteria that apply to all trade orders submitted by server 202. Alternatively, database 208 may store default selection criteria that apply to server 202 only if server 202 does not submit specific selection criteria for a particular trade order. Selection criteria may be stored for each server 202 and / or entity on whose behalf the server 202 submits trade orders.

[0131] In some embodiments, the selection criteria relate to aspects of the trading history of the server 212 or trader 216 or other entity on whose behalf a positive response is submitted. In such embodiments, the central server 206 may have access to a database (e.g., database 208) that stores information about the trading history of potential responder servers 212 or traders or entities associated with server 212. Queries may be sent only to servers (or traders or entities) whose trading history meets certain requirements. For example, it may be desirable to limit query recipients to only those most likely to respond, thereby controlling access to trade order information. Thus, the selection criteria may include servers (or entities) with a positive response rate above a certain rate. In some embodiments, the selection criteria are based on the positive response rate of queries for a particular security. Examples of possible selection criteria are described below.

[0132] Example 1: Servers or entities with the lowest overall positive response rate; servers or entities with an overall positive response rate above 50%.

[0133] Example 2: A server or entity with a minimum positive response rate for a specific security, including the specific security in the trade order or a different specific security; a server or entity with a positive response rate for Microsoft stock greater than 60%; a server or entity with a positive response rate for Exxon-Mobil derivatives greater than 75%.

[0134] Example 3: Servers or entities with a minimum positive response rate for securities related to a particular entity; servers or entities with a positive response rate of greater than 50% for IBM-related securities.

[0135] Example 4: Servers or entities with minimum positive response rates for securities related to specific industries: Servers or entities with a positive response rate of greater than 50% for energy trading related securities; Servers or entities with a positive response rate of greater than 75% for oil futures.

[0136] Example 5: Servers or entities with a minimum positive response rate for securities with a particular market capitalization; servers or entities with a positive response rate for large cap stocks greater than 60%.

[0137] Example 6: A server or entity with a minimum positive response rate for securities for a set of listed securities; a server or entity with a positive response rate for Coca-Cola stock and Pepsi put options greater than 50%; a server or entity with a positive response rate for stocks and options greater than 60%; a server or entity with a positive response rate for Dell, Gateway, and IBM greater than 40%.

[0138] Example 7: A server or entity with a minimum positive response rate for securities characterized by specific parameters; a server or entity with a positive response rate of greater than 50% for stocks related to companies with a price-earnings ratio of 20 or greater; a server or entity with a positive response rate of greater than 70% for NASDAQ-listed securities.

[0139] Example 8: A server or entity with a minimum positive response rate for a particular security or alternative security.

[0140] Example 9: A server or entity with a minimum positive response rate for orders above a certain value; a server or entity with a positive response rate above 50% for orders worth $10M or more; a server or entity with a positive response rate above 30% for orders of 1,000,000 shares or more.

[0141] Selection criteria based on the trading history of a server or entity may be any criterion or combination of criteria for which trading history records are stored. Selection criteria need not be based on a minimum positive response rate, but may be based on aspects of trading history such as trading volume, trading frequency, or a history of trading at or above a particular volume or overall value.

[0142] Example 10: A server or entity that participated in at least one transaction with a total value exceeding $10M during the previous month; a server or entity that participated in at least three transactions with a total value exceeding $1M.

[0143] Example 11: Servers or entities that have purchased at least 30M shares in the aggregate during the previous month; Servers or entities that have purchased at least 1M shares in the energy industry during the previous month; Servers or entities that sold at least $30M in total value during the week.

[0144] Example 12: A server or entity that participates in at least 10 trades per day; a server or entity that participated in at least 10 trades per day during the previous month; a server or entity that participated in at least 10 trades in the energy sector during the last week; a server or entity that has not purchased any Microsoft stock during the previous year.

[0145] In general, the selection criteria can be any criteria that can select query recipients (e.g., the embodiment of FIG. 3) or filter positive responders (e.g., the embodiment of FIG. 4).

[0146] 5 illustrates an example process that may be performed by server 212 receiving a query sent by central server 206 in response to receiving a query sent by central server 206. In an embodiment, as described above, central server 206 sends a query in response to receiving a trade order from server 202. Also as described above, central server 206 may send the query to all registered recipients 212 or select recipients 212 based on selection criteria. Server 212 receives the query (block 502).

[0147] In some embodiments, the central server 212 sends a query to a set of recipients, including recipients that do not meet the selection criteria; in some such embodiments, only positive responses from a server of a recipient (or on behalf of a certain entity) reach the central server 206, which facilitates the transaction. As described above, in some such embodiments, the central server 206 filters the positive responses by determining whether the server (or entity indicated by the positive response) sending the positive response meets the selection criteria. In another embodiment, the query includes a key that the recipient server 212 can interpret to determine whether the server 212 is the intended recipient of the query, i.e., whether a positive response from it will reach the central server 206, which facilitates the transaction. The key can be any string of data that can be interpreted by the recipient server 212. The key can be sent along with the query, or before or after the query is sent.

[0148] Once the recipient server 212 receives the key (block 504), the server 212 interprets the key (block 506) to determine if it is the intended recipient, i.e., whether the positive response will be accepted by the central server 206 and lead to the central server 206 facilitating the transaction. If the key indicates that the server 212 is not the intended recipient, no further action by the server 212 is required.

[0149] If the key indicates that server 212 is the intended recipient, server 212 may determine whether an affirmative response to the query is required, i.e., whether the trader or other entity associated with server 212 will accept the offer indicated in the query received from central server 206. In some embodiments, server 212 may search database 214 for trades in which the trader or other entity associated with server 212 is interested in executing (block 508). If database 214 contains a matching trade, server 212 may send an affirmative response (block 514). In some embodiments, before sending the affirmative response, server 212 requests approval of the transaction from a human operator (block 512). For example, server 212 may display the request for approval on a terminal operated by the human operator and receive input from the human operator indicating approval or disapproval of the transaction. If additional parameters are required to complete the transaction (e.g., the quantity of a particular security being traded), server 212 may request these additional parameters from the human operator and receive them as input from the human operator. Upon receiving approval from the human operator (along with parameters provided by the human operator to fully identify the transaction), server 212 may transmit an affirmative response to the query (block 514). Central server 206 may receive the affirmative response and process it in any of the manners described above, including facilitating the transaction between the entity that submitted the initial transaction order and the entity indicated by the affirmative response. In an embodiment, transmitting the affirmative response binds the entity indicated by the affirmative response to the transaction without further negotiation.

[0150] In some embodiments, the steps of receiving and interpreting the key (blocks 504 and 506) may be omitted. In embodiments in which a key is used, server 212 may search database 214 for matching transactions (block 508) and / or request approval of the transaction (block 512) before interpreting the key. Server 212, in some embodiments, may request approval from a human operator before searching database 214 for matching transactions. In further embodiments, server 212 may request approval from a human operator and not search for matching transactions at all.

[0151] XII. Additional Examples The following description should be construed as examples, not as claims.

[0152] 1. A method comprising: receiving, from a first server acting on behalf of a first trader, information including one or more selection criteria, a first trading order including at least one of a specific security, a specific quantity, and a specific price; determining that a database of trading orders does not include a second trading order that matches the first trading order; identifying a plurality of second traders that meet the selection criteria; sending a query including at least one of the specific security, the specific quantity, and the specific price to a plurality of second servers, each acting on behalf of one or more of the plurality of second traders; receiving a positive response to the query from one of the plurality of second servers acting on behalf of one of the plurality of second traders; and facilitating execution of a trade for the specific security at the specific price between the first trader and one of the plurality of second traders.

[0153] 2. The method of claim 1, wherein identifying a plurality of second traders includes determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria.

[0154] 3. The method of claim 2, wherein the trading history of each of the plurality of second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate of each of the plurality of second traders is equal to or greater than the minimum positive response rate.

[0155] 4. The method of claim 2, wherein the trading history of each of the plurality of second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of each of the plurality of second traders is equal to or greater than the minimum positive response rate to the specific security.

[0156] 5. The method of claim 2, wherein the trading history of each of the plurality of second traders includes a positive response rate for a set of securities, the selection criteria include a minimum positive response rate for a set of securities, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate for the set of securities of each of the plurality of second traders is equal to or greater than the minimum positive response rate for the set of securities.

[0157] 6. The method of claim 5, wherein the set of securities includes securities relating to a particular entity.

[0158] 7. The method of claim 5, wherein the set of securities includes securities relating to a particular industry.

[0159] 8. The method of claim 5, wherein the set of securities includes securities associated with entities having a particular market capitalization.

[0160] 9. The method of claim 5, wherein the set of securities comprises an enumerated set of securities.

[0161] 10. The method of claim 5, wherein the set of securities includes any securities characterized by a particular parameter.

[0162] 11. The method of claim 5, wherein the set of securities includes the specified security and securities fungible for the specified security.

[0163] 12. The method of claim 1, wherein the first server includes an order management system.

[0164] 12a. The method of claim 1, wherein the first server is in communication with an order management system.

[0165] 13. The method of claim 1, wherein at least one of the plurality of second servers includes an order management system.

[0166] 13a. The method of claim 1, wherein at least one of the plurality of second servers is in communication with an order management system.

[0167] 14. The method of claim 1, wherein the step of sending a query further comprises the step of formatting the query into a format that is easy for an order management system to read.

[0168] 15. A method comprising: receiving, from a first server, information including a trade order and one or more selection criteria indicating an intent of a first trader to trade a specific security at at least one of a specific quantity and a specific price; identifying a plurality of second traders that satisfy the selection criteria; sending a query including the specific security, the specific quantity, and at least one of the specific price to at least one second server, each second server operable to participate in a trade on behalf of one or more of the plurality of second traders; receiving from one of the at least one second server a positive response to the query indicating an intent of one of the plurality of second traders to trade the specific security at the specific price; and facilitating execution of a trade of the specific security at the specific price between the first trader and one of the plurality of second traders.

[0169] 15a. The method of claim 15, wherein at least one of the second servers is operable to participate in a trade on behalf of one or more of the plurality of second traders in response to input from a user.

[0170] 15b. The method of claim 15, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders without input from a user.

[0171] 16. The method of claim 15, wherein identifying a plurality of second traders includes determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria.

[0172] 17. The method of claim 16, wherein the trading history of each of the plurality of second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate of each of the plurality of second traders is equal to or greater than the minimum positive response rate.

[0173] 18. The method of claim 17, wherein the trading history of each of the plurality of second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of each of the plurality of second traders is equal to or greater than the minimum positive response rate to the specific security.

[0174] 19. A method comprising: receiving information from a first server, the information including a trade order including at least one of a specific security, a specific quantity, and a specific price, and one or more selection criteria; identifying at least one second server that satisfies the selection criteria; sending a query to the at least one second server, the query including at least one of the specific security, the specific quantity, and the specific price; receiving a positive response to the query from one of the at least one second server; and facilitating execution of the trade order for the specific security at the specific price.

[0175] 20. The method of claim 19, wherein identifying at least one second server includes determining that the transaction history of the at least one second server satisfies one or more of the selection criteria.

[0176] 21. The method of claim 20, wherein the transaction history of the at least one second server includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the transaction history of the at least one second server satisfies one or more of the selection criteria includes determining that the positive response rate of the at least one second server is equal to or greater than the minimum positive response rate.

[0177] 22. The method of claim 20, wherein the trading history of the at least one second server includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of the at least one second server satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of the at least one second server is equal to or greater than the minimum positive response rate to the specific security.

[0178] 23. A method comprising: receiving, from a first server acting on behalf of a first trader, information including one or more selection criteria, a first trading order including at least one of a specific security, a specific quantity, and a specific price; determining that a database of trading orders does not include a second trading order that matches the first trading order; sending a query to a plurality of second servers, each acting on behalf of one of a plurality of second traders, the query including at least one of the specific security, the specific quantity, and the specific price; receiving a positive response to the query from one of the plurality of second servers acting on behalf of one of the plurality of second traders; determining that one of the plurality of second traders meets the selection criteria; and facilitating execution of a trade for the specific security at the specific price between the first trader and one of the plurality of second traders.

[0179] 24. The method of claim 23, wherein determining that one of the plurality of second traders meets the selection criteria includes determining that a trading history of one of the plurality of second traders meets the selection criteria.

[0180] 25. The method of claim 24, wherein the trading history of one of the plurality of second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of one of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate of one of the plurality of second traders is equal to or greater than the minimum positive response rate.

[0181] 26. The method of claim 24, wherein the trading history of one of the plurality of second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the plurality of second traders is equal to or greater than the minimum positive response rate to the specific security.

[0182] 27. A method comprising: receiving information from a first server, the information including a trade order and one or more selection criteria, the trade order indicating an intent of a first trader to trade a specific security at at least one of a specific quantity and a specific price; sending a query to a plurality of second servers, each operable to participate in trades on behalf of one or more second traders, the query including the specific security, the specific quantity, and at least one of the specific price; receiving from one of the plurality of second servers a positive response to the query indicating an intent of one of the one or more second traders to trade the specific security at the specific price; determining that the one or more second traders meet the selection criteria; and facilitating execution of a trade of the specific security at the specific price between the first trader and one of the one or more second traders.

[0183] 27a. The method of claim 27, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders in response to input from a user.

[0184] 27b. The method of claim 27, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders without input from a user.

[0185] 28. The method of claim 27, wherein determining that one of the one or more second traders meets the selection criteria includes determining that a trading history of one of the one or more second traders meets the selection criteria.

[0186] 29. The method of claim 28, wherein the trading history of one of the one or more second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate of one of the one or more second traders is equal to or greater than the minimum positive response rate.

[0187] 30. The method of claim 28, wherein the trading history of one of the one or more second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the one or more second traders is equal to or greater than the minimum positive response rate to the specific security.

[0188] 31. A method comprising: receiving information from a first server, the information including a trade order including at least one of a specific security, a specific quantity, and a specific price, and one or more selection criteria; sending a query to at least one second server, the query including at least one of the specific security, the specific quantity, and the specific price; receiving a positive response to the query from one of the at least one second server; determining that one of the at least one second server satisfies the selection criteria; and facilitating execution of a trade for the trade order for the specific security at the specific price.

[0189] 32. The method of claim 31, wherein determining that one of the one or more second traders meets the selection criteria includes determining that a trading history of one of the one or more second traders meets the selection criteria.

[0190] 33. The method of claim 32, wherein the trading history of one of the one or more second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the one or more second traders is equal to or greater than the minimum positive response rate to the specific security.

[0191] 34. The method of claim 32, wherein the trading history of one of the one or more second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the one or more second traders is equal to or greater than the minimum positive response rate to the specific security.

[0192] 35. A method comprising: receiving information from a first server, the information including a trade order indicating an intent of a first trader to trade a specific security at at least one of a specific quantity and a specific price; identifying a plurality of second traders that satisfy one or more selection criteria; sending a query including the specific security, the specific quantity, and at least one of the specific price to at least one second server, each second server operable to participate in a trade on behalf of one or more of the plurality of second traders; receiving a positive response to the query from one of the at least one second server indicating an intent of one of the plurality of second traders to trade the specific security at the specific price; and facilitating execution of a trade of the specific security at the specific price between the first trader and one of the plurality of second traders.

[0193] 35a. The method of claim 35, wherein at least one of the second servers is operable to participate in a trade on behalf of one or more of the plurality of second traders in response to input from a user.

[0194] 35b. The method of claim 35, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders without input from a user.

[0195] 36. The method of claim 35, further comprising receiving at least one of the one or more selection criteria from the first server.

[0196] 37. The method of claim 36, wherein said information further comprises at least one of said one or more selection criteria.

[0197] 38. The method of claim 35, further comprising retrieving at least one of the one or more selection criteria from a database.

[0198] 39. A method comprising: receiving information from a first server, the information including a trade order indicating an intent of a first trader to trade a specific security at at least one of a specific quantity and a specific price; sending a query including the specific security, the specific quantity, and at least one of the specific price to a plurality of second servers, each operable to participate in trades on behalf of one or more second traders; receiving a positive response to the query from one of the plurality of second servers indicating an intent of one of the one or more second traders to trade the specific security at the specific price; determining that the one or more second traders meet one or more selection criteria; and facilitating execution of a trade of the specific security at the specific price between the first trader and one of the one or more second traders.

[0199] 39a. The method of claim 39, wherein at least one of the second servers is operable to participate in a trade on behalf of one or more of the plurality of second traders in response to input from a user.

[0200] 39b. The method of claim 39, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders without input from a user.

[0201] 40. The method of claim 39, further comprising receiving at least one of the one or more selection criteria from the first server.

[0202] 41. The method of claim 40, wherein the information further includes at least one of the one or more selection criteria.

[0203] 42. The method of claim 39, further comprising retrieving at least one of the one or more selection criteria from a database.

[0204] 43. A method comprising: receiving, from a first server, information including a trade order indicating an intent of a first trader to trade a specific security at at least one of a specific quantity and a specific price; sending a query including at least one of the specific security, the specific quantity, and the specific price to a second server operable to participate in a trade on behalf of a second trader; receiving from the second server a positive response to the query; and facilitating execution of a trade between the first trader and the second trader for the specific security at the specific price.

[0205] 43a. The method of claim 43, wherein at least one of the second servers is operable to participate in a trade on behalf of one or more of the plurality of second traders in response to input from a user.

[0206] 43b. The method of claim 43, wherein at least one of the second servers is operable to participate in trades on behalf of one or more of the plurality of second traders without input from a user.

[0207] 44. The method of claim 43, further comprising the step of sending to the second server a key indicating that a response from the second server is desired.

[0208] 45. The method of claim 44, wherein the query includes the key.

[0209] 46. ​​A method comprising: receiving information from a first server, the information including a trade order indicating a first trader's intent to trade a specific security; sending a query indicating the specific security to a second server operable to participate in the trade on behalf of a second trader; receiving a positive response to the query from the second server; and facilitating execution of a trade between the first trader and the second trader for the specific quantity of the specific security.

[0210] 46a. The method of claim 46, wherein the trade order includes the specified quantity.

[0211] 46b. The method of claim 46, wherein the positive response to the query includes the specified quantity.

[0212] 47. The method of claim 46, wherein the trade order further includes information sufficient to determine a price for the trade, and wherein facilitating execution further includes facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at the determined price.

[0213] 48. The method of claim 47, wherein the determined price is a specific price.

[0214] 49. The method of claim 46, wherein the trade order includes a specific price, and wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specific quantity of the specific security at the specific price.

[0215] 50. The method of claim 46, wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market price.

[0216] 50aa. The method of claim 46, wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market mid-price.

[0217] 50a. A method comprising: receiving information from a first server, the information including a trade order indicating an intent of a first trader to trade a specific security; sending a query indicating the specific security to a plurality of second servers, each operable to participate in trades on behalf of one or more second traders; receiving a positive response to the query from one of the plurality of second servers indicating an intent of one of the one or more second traders to trade the specific security; determining that one of the one or more second traders meets one or more selection criteria; and facilitating execution of a trade between the first trader and one of the one or more second traders for the specific quantity of the specific security.

[0218] 50b. The method of claim 50a, wherein the trade order includes the specified quantity.

[0219] 50c. The method of claim 50a, wherein the positive response to the query includes the specified quantity.

[0220] 50d. The method of claim 50a, wherein the trade order further includes information sufficient to determine a price for the trade, and wherein facilitating execution further includes facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at the determined price.

[0221] 50e. The method of claim 50a, wherein the determined price is a specific price.

[0222] 50f. The method of claim 50a, wherein the trade order includes a specific price, and facilitating execution further includes facilitating execution of a trade between the first trader and the second trader for the specific quantity of the specific security at the specific price.

[0223] 50g. The method of claim 50a, wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market price.

[0224] 50ga. The method of claim 50a, wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market midpoint price.

[0225] 50h. The method of claim 50a, wherein determining that one of the one or more second traders meets the selection criteria includes determining that a trading history of one of the one or more second traders meets the selection criteria.

[0226] 50i. The method of claim 50h, wherein the trading history of one of the one or more second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate of one of the one or more second traders is equal to or exceeds the minimum positive response rate.

[0227] 50j. The method of claim 50h, wherein the trading history of one of the one or more second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the one or more second traders is equal to or greater than the minimum positive response rate to the specific security.

[0228] 50k. A method comprising: receiving information from a first server, the information including a trade order indicating an intent of a first trader to trade a specific security; identifying a plurality of second traders that satisfy one or more selection criteria; sending a query indicating the specific security to at least one second server, each second server operable to participate in a trade on behalf of one or more of the plurality of second traders; receiving a positive response to the query from one of the plurality of second servers indicating an intent of one of the one or more second traders to trade the specific security; and facilitating execution of a trade between the first trader and one of the one or more second traders for the specific quantity of the specific security.

[0229] 50l. The method of claim 50k, wherein the trading order includes the specified quantity.

[0230] 50m. The method of claim 50k, wherein the positive response to the query includes the specified quantity.

[0231] 50n. The method of claim 50k, wherein the trade order further includes information sufficient to determine a price for the trade, and wherein facilitating execution further includes facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at the determined price.

[0232] 50o. The method of claim 50k, wherein the determined price is a specific price.

[0233] 50p. The method of claim 50k, wherein the trade order includes a specific price, and the step of facilitating execution further includes the step of facilitating execution of a trade between the first trader and the second trader for the specific quantity of the specific security at the specific price.

[0234] 50q. The method of claim 50k, wherein the step of facilitating execution further comprises the step of facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market price.

[0235] 50qa. The method of claim 50k, wherein facilitating execution further comprises facilitating execution of a trade between the first trader and the second trader for the specified quantity of the specified security at a market midpoint price.

[0236] 50r. The method of claim 50k, wherein determining that one of the one or more second traders meets the selection criteria includes determining that the trading history of one of the one or more second traders meets the selection criteria.

[0237] 50s. The method of claim 50r, wherein the trading history of one of the one or more second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate of one of the one or more second traders is equal to or greater than the minimum positive response rate.

[0238] 50t. The method of claim 50r, wherein the trading history of one of the one or more second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of one of the one or more second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of one of the one or more second traders is equal to or greater than the minimum positive response rate to the specific security.

[0239] 51. A method comprising the steps of receiving information from a first server, the information including a key and a query including at least one of a specific security, a specific quantity, and a specific price; determining, based on the key, that a response to the query is desired; retrieving from a database a matching trade order including at least one of the specific security, the specific quantity, and the specific price; providing a request for approval to a user-operated interface; receiving a response to the request for approval from the user-operated interface; and transmitting an affirmative response to the query indicating an intent to be bound into a trade involving the specific security at the specific price.

[0240] 52. The method of claim 51, wherein the database of trading orders resides in an order management system.

[0241] 52a. The method of claim 51, wherein the database of trading orders is in communication with an order management system.

[0242] 52b. The method of claim 51, wherein the database of trading orders is part of an order management system.

[0243] 53. A method comprising: receiving a query from a first server, the query including at least one of a specific security, a specific quantity, and a specific price; retrieving from a database a matching trade order including the specific security, the specific quantity, and the specific price; providing a request for approval to a user-operated interface; receiving a response to the request for approval from the user-operated interface; and transmitting an affirmative response to the query indicating an intent to be bound into a trade involving the specific security at the specific price.

[0244] 54. The method of claim 53, wherein the database of trading orders resides in an order management system.

[0245] 54a. The method of claim 53, wherein the database of trading orders is in communication with an order management system.

[0246] 54b. The method of claim 53, wherein the database of trading orders is part of an order management system.

[0247] 55. A method comprising: receiving a query from a first server, the query including at least one of a specific security, a specific quantity, and a specific price; retrieving from a database a matching trade order including the specific security, the specific quantity, and the specific price; and transmitting an affirmative response to the query indicating an intent to be bound into a trade involving the specific security at the specific price.

[0248] 56. The method of claim 55, wherein the database of trading orders resides in an order management system.

[0249] 56a. The method of claim 55, wherein the database of trading orders is in communication with an order management system.

[0250] 56b. The method of claim 55, wherein the database of trading orders is part of an order management system.

[0251] 57. A method comprising the steps of receiving a query from a first server including a specific security; retrieving from a database a matching trade order including at least the specific security and a specific quantity; and transmitting an affirmative response to the query indicating an intent to be bound to trade the specific quantity of the specific security.

[0252] 58. The method of claim 57, wherein the query further includes information sufficient to price the transaction, and wherein the affirmative response further indicates an intent to be bound to the transaction at the determined price.

[0253] 59. The method of claim 58, wherein the determined price is a specified price.

[0254] 60. The method of claim 57, wherein the query further includes a specific price, and the affirmative response further indicates an intent to be bound to a transaction at the specific price.

[0255] 61. The method of claim 57, wherein the affirmative response further indicates an intent to be bound to the transaction at the market price.

[0256] 61a. The method of claim 57, wherein the affirmative response further indicates a willingness to be bound to the transaction at the market mid-price.

[0257] 62. The method of claim 57, wherein the database of trading orders resides in an order management system.

[0258] 62a. The method of claim 57, wherein the database of trading orders is in communication with an order management system.

[0259] 62b. The method of claim 57, wherein the database of trading orders is part of an order management system.

[0260] Several aspects will be described. [Aspect 1] receiving, from a first server acting on behalf of a first trader, information including a first trade order including at least one of a specific security, a specific quantity, and a specific price, and one or more selection criteria; determining that a database of trading orders does not include a second trading order that matches the first trading order; identifying a plurality of second traders that meet the selection criteria; sending a query including at least one of the specified security, the specified quantity, and the specified price to a plurality of second servers, each second server acting on behalf of one or more of the plurality of second traders; receiving a positive response to the query from one of the plurality of second servers acting on behalf of one of the plurality of second traders; facilitating execution of a trade for the particular security at the particular price between the first trader and one of the plurality of second traders; A method comprising: [Aspect 2] 2. The method of aspect 1, wherein identifying a plurality of second traders includes determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria. Aspect 3 The method of aspect 2, wherein the trading history of each of the plurality of second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate of each of the plurality of second traders is equal to or greater than the minimum positive response rate. Aspect 4 3. The method of claim 2, wherein the trading history of each of the plurality of second traders includes a positive response rate to the particular security, the selection criteria include a minimum positive response rate to the particular security, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the particular security of each of the plurality of second traders is equal to or greater than the minimum positive response rate to the particular security. Aspect 5 3. The method of claim 2, wherein the trading history of each of the plurality of second traders includes a positive response rate for a set of securities, and the selection criteria include a minimum positive response rate for a set of securities, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate for the set of securities of each of the plurality of second traders is equal to or greater than the minimum positive response rate for the set of securities. Aspect 6 6. The method of embodiment 5, wherein the set of securities includes securities related to a particular entity. Aspect 7 6. The method of embodiment 5, wherein the set of securities includes securities related to a particular industry. Aspect 8 6. The method of embodiment 5, wherein the set of securities includes securities associated with entities having a particular market capitalization. Aspect 9 6. The method of embodiment 5, wherein the set of securities comprises an enumerated set of securities. Aspect 10 6. The method of embodiment 5, wherein the set of securities includes any securities characterized by a particular parameter. Aspect 11 6. The method of claim 5, wherein the set of securities includes the specific security and securities fungible for the specific security. Aspect 12 2. The method of aspect 1, wherein the first server includes an order management system. Aspect 13 2. The method of aspect 1, wherein the first server is in communication with an order management system. Aspect 14 2. The method of aspect 1, wherein at least one of the plurality of second servers includes an order management system. Aspect 15 2. The method of embodiment 1, wherein at least one of the plurality of second servers is in communication with an order management system. Aspect 16 2. The method of aspect 1, wherein the step of sending the query further comprises formatting the query into a format that is easy for the order management system to read. Aspect 17 receiving, from the first server, information including a trade order and one or more selection criteria indicating the first trader's intent to trade a particular security in at least one of a particular quantity and a particular price; The database of trading orders does not include a second trading order that matches the first trading order. determining that; identifying a plurality of second traders that meet the selection criteria; sending a query including at least one of the specified security, the specified quantity, and the specified price to at least one second server, each second server operable to participate in a trade on behalf of one or more of the plurality of second traders; receiving, from one of the at least one second server, a positive response to the query indicating an intent of one of the plurality of second traders to trade the particular security at the particular price; facilitating execution of a trade for the particular security at the particular price between the first trader and one of the plurality of second traders; A method comprising: Aspect 18 18. The method of aspect 17, wherein at least one of the second servers is operable to participate in a trade on behalf of one or more of the plurality of second traders in response to input from a user. Aspect 19 20. The method of embodiment 17, wherein at least one of the second servers is operable to participate in the trade on behalf of one or more of the plurality of second traders without input from a user. Aspect 20 18. The method of aspect 17, wherein identifying a plurality of second traders includes determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria. Aspect 21 21. The method of claim 20, wherein the trading history of each of the plurality of second traders includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate of each of the plurality of second traders is equal to or greater than the minimum positive response rate. Aspect 22 21. The method of claim 20, wherein the trading history of each of the plurality of second traders includes a positive response rate to the specific security, the selection criteria include a minimum positive response rate to the specific security, and determining that the trading history of each of the plurality of second traders satisfies one or more of the selection criteria includes determining that the positive response rate to the specific security of each of the plurality of second traders is equal to or greater than the minimum positive response rate to the specific security. Aspect 23 receiving, from a first server, information including a trade order including at least one of a specific security, a specific quantity, and a specific price, and one or more selection criteria; identifying at least one second server that meets the selection criteria; sending a query to the at least one second server, the query including at least one of the specific security, the specific quantity, and the specific price; receiving a positive response to the query from one of the at least one second servers; facilitating execution of the trade order for the specified security at the specified price; A method comprising: Aspect 24 24. The method of aspect 23, wherein identifying at least one second server includes determining that a transaction history of the at least one second server satisfies one or more of the selection criteria. Aspect 25 The method of aspect 24, wherein the transaction history of the at least one second server includes a positive response rate, the selection criteria include a minimum positive response rate, and determining that the transaction history of the at least one second server satisfies one or more of the selection criteria includes determining that the positive response rate of the at least one second server is equal to or greater than the minimum positive response rate. Aspect 26 25. The method of claim 24, wherein the trading history of the at least one second server includes a positive response rate for the specific security, the selection criteria include a minimum positive response rate for the specific security, and determining that the trading history of the at least one second server satisfies one or more of the selection criteria includes determining that the positive response rate for the specific security of the at least one second server is equal to or greater than the minimum positive response rate for the specific security.

Claims

[Claim 1] 1. A method for facilitating electronic commerce, the method comprising: receiving, by a central server, from a first interface of a first sell-side or buy-side server acting on behalf of a first sell-side or buy-side trader, an electronic communication including a first trading order and data representing one or more selection criteria, the first trading order including a specific security, a specific quantity, and a specific price; determining, by the central server, that an electronic database of data representing trading orders does not contain a second trading order that matches the first trading order; the central server transmitting to an interface of a plurality of query receiving servers (a) a key including a string of data interpretable by each of the plurality of query receiving servers indicating whether each of the plurality of query receiving servers is an intended recipient of a query for which a positive trading response is to be facilitated, and (b) data representing a query including the specific security, the specific quantity, and the specific price, wherein at least one query receiving server of the plurality of query receiving servers is not an intended recipient of a query for which a positive trading response is to be facilitated; receiving, by the central server, from an interface of at least one query receiving server of the plurality of query receiving servers, data representing a positive response to the query to trade the quantity of the specified security at the specified price, the positive response being based on the at least one query receiving server of the plurality of query receiving servers determining, on behalf of the at least one second sell-side or buy-side trader, whether a database of trade orders associated with the at least one query receiving server of the plurality of query receiving servers includes at least one trade order from the at least one second sell-side or buy-side trader for the quantity of the specified security at the specified price; Before the central server executes a transaction between the first sell-side or buy-side trader and the at least one second sell-side or buy-side trader, the central server: (1) determines a first identification of the first sell-side or buy-side trader and a second identification of the at least one second sell-side or buy-side trader; (2) generates a proposal to prevent the first identification of the first sell-side or buy-side trader from being communicated to the at least one second sell-side or buy-side trader; and (3) generates a proposal to prevent the second identification of the at least one second sell-side or buy-side trader from being communicated to the first sell-side or buy-side trader. the central server executing the transaction between the first sell-side or buy-side trader and the at least one second sell-side or buy-side trader. method.

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