Method and system for measuring comparative data

Abstract

A method and corresponding system for determining comparative data is provided. [Solution] In at least one embodiment, the method and corresponding system include a function for determining a first time point when a first request is received by the exchange; a function for determining a second time point when a second request is received by the exchange, where the second request specifies a request to cancel the first request; a function for determining a third time point when a third request is received by the exchange, where the third request corresponds to the first request; a function for calculating a first difference between the second time point and the third time point; a function for storing the first difference in a data storage device, where the data storage device includes a plurality of differences; and a function for analyzing the plurality of differences to generate comparison information.

Description

Technical Field

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

Background Art

[0002] Generally, an exchange represents a market where various securities are traded. The aforementioned securities may include shares, options and / or futures such as stocks, bonds, commodities, indices, etc. Major securities exchanges in the United States include the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), the NASDAQ Stock Market, the Chicago Mercantile Exchange (CME) and the Cantor Fitzgerald Spectrum and Tower Exchange.

Disclosure of the Invention

Problems to be Solved by the Invention

[0003] To provide a method and system for measuring and analyzing data information related to trading activities in order to provide comparison information on trading.

Means for Solving the Problems

[0004] (Terms) The term "product" in the original descriptions of this specification and the claims represents a machine, a product and / or a composition of matter, unless otherwise specified. The term "process" in the original descriptions of this specification and the claims represents a process, an algorithm, a method, etc., unless otherwise specified. Each of the above "processes" inherently includes one or more steps (whether a method, an algorithm, or something with another name), and thus, all descriptions of "step" of the process in the original descriptions of this specification and the claims inherently have a prior basis in the description of the term "process" or a similar term. Therefore, the descriptions of the above "step" of the above "process" in the claims have a sufficient prior basis. In this specification and in the original claims, the term "invention" means "one or more inventions disclosed in this application," unless otherwise specified. The words "an embodiment," "embodiment," "embodiments," "the embodiment," "the embodiments," "one or more embodiments," "some embodiments," "certain embodiments," "one embodiment," and "another embodiments," as used in this specification and the original claims, mean "one or more embodiments (but not all) of the invention described herein," unless otherwise specified. The term "variation" as used in this specification and the original claims means an embodiment of the present invention unless otherwise specified. Unless otherwise specified, any reference to "another embodiment" in the original description of an embodiment implies that the referenced embodiment is mutually exclusive with another embodiment (for example, an embodiment described before the referenced embodiment). The words “including,” “comprising,” and variations thereof as used in this specification and the original claims, unless otherwise specified, mean “including, but not limited to, those included.” In this specification and in the original claims, the words "a," "an," and "the" mean "one or more" unless otherwise specified. As used in this specification and the original claims, the term "plurality" means "two or more" unless otherwise specified. The term "herein" as used in this specification and the original claims means "in this application, including the provisions that may be incorporated by reference," unless otherwise specified. The phrase "at least one of" as it appears in this specification and the original claims means one or any combination of the aforementioned items when the phrase modifies multiple items (such as an enumeration list of items). For example, the phrase "at least one of a widget, a car and a wheel" as it appears in this specification and the original claims means any of (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a widget, (v) a widget and a widget, (vi) a car and a wheel, or (vii) a widget, a car and a wheel. The phrase "at least one of" as it appears in this specification and the original claims does not mean "one of each" of the multiple items when the phrase modifies multiple items. The numerals such as "one," "two," etc., as used in this specification and the original claims, when used as cardinal numbers to indicate the quantity of something (e.g., one tool, two tools), mean the quantity indicated by the numeral, but not necessarily mean the quantity indicated by the numeral. For example, the phrase "one widget" as used in this specification and the original claims does not mean "at least one tool," and therefore the phrase "one widget" does not cover, for example, two tools. The phrase "based on" in this specification and the original claims does not mean "based solely on" unless otherwise specified. That is, the phrase "based on" can mean "based solely on" or "based at least on." The phrase "based at least on" in this specification and the original claims is equivalent to the phrase "based at least partially on." The words “represent” and similar words as used in this specification and the claims are not exclusive unless otherwise specified. For example, the word “represents” as used in this specification and the claims does not mean “to represent only that” unless otherwise specified. That is, the phrase “the data represents a credit card number” as used in this specification and the claims means “data that represents only a credit card number” and “the data represents a credit card number, and the data also represents other things.” The word “whereby” as used in this specification and the claims is used only before a clause or other group of words that expresses only the intended result, purpose or consequence of something that has been previously expressed. Therefore, when the word “whereby” is used in a claim, the clause or other words modified by the word “whereby” do not define any further specific limitation of the claim, nor do they otherwise limit the meaning or scope of the claim. The word “eg” and similar words in this specification and the original claims mean “for example” and are not intended to limit the words or phrases being described. For example, in the sentence “the computer sends data (eg, instructions, a data structure) over the Internet” in this specification and the original claims, the word “eg” means an example of “data” that a computer can send over the Internet, and also explains that “a data structure” is an example of “data” that a computer can send over the Internet. However, “instructions” and “data structures” are merely examples of “data,” and other things besides “instructions” and “data structures” can also be “data.”

[0005] The word “respective” and similar words in this specification and the original claims mean “to be interpreted individually.” Therefore, if two or more things have “individual” characteristics, each of the aforementioned things has its own characteristics, and these characteristics may or may not be different from one another. For example, “each of two machines has a respective function” in this specification and the original claims means that the first such machine has one function, and the second such machine also has one function. The function of the first machine may or may not be the same as the function of the second machine. The word “ie” and similar words in this specification and the claims mean “that is,” and thus limit the word or phrase being described. For example, in the original text of this specification and the claims, “the computer sends data (ie, instructions) over the Internet,” the word “ie” means that “instructions” are “data” that the computer sends over the Internet. Any specific numerical range includes all numbers and fractions within that range. For example, the range "1 to 10" shall be interpreted to specifically include all numbers between 1 and 10 (e.g., 1, 2, 3, 4, ... 9) and non-all numbers between 1 and 10 (e.g., 1.1, 1.2, ... 1.9). When two or more words or phrases are synonymous (for example, because it is explicitly stated that the words or phrases are synonymous), the aforementioned instance of one item / phrase does not mean that another aforementioned word / phrase must have a different meaning. For example, if a sentence makes the meaning of "includes it" synonymous with "includes it, but not limited to it," then simply using the phrase "includes it, but not limited to it" does not mean that the word "includes it" means something other than "includes it, but not limited to it." (judgement) The term "determining" as used in this specification and the original claims, and its grammatical variations (e.g., price determination, value determination, determination of an object that meets a specific criterion), are used in a very broad sense. The term "determining" encompasses a wide range of actions and therefore may include calculation, calculation, processing, derivation, investigation, lookup (e.g., lookup in a table, database or another data structure), confirmation, etc. Furthermore, "determining" may include receiving (e.g., receiving information), access (e.g., accessing data in memory), etc. Furthermore, "determining" may include resolution, selection, selection, setting, etc. The term "determining" does not imply certainty or absolute accuracy; therefore, "determining" can include estimation, extrapolation, prediction, inference, etc. The term "determining" does not imply that mathematical processing must be performed, that numerical methods must be used, or that algorithms or processes must be used. The term "determining" does not imply that a specific device must be used. For example, a computer does not necessarily have to perform the determination. (Sentence format) If the limitation of claim 1 includes one configuration and two or more configurations (e.g., limitation such as "at least one tool" and two or more tools), and claim 2, which is dependent on claim 1, uses the definite article "the" to express the limitation (e.g., "the tool"), this does not imply that claim 1 includes only one configuration, nor does it imply that claim 2 includes only one configuration (e.g., "the tool" may include one tool and two or more tools). When ordinal numbers (such as "first," "second," "third," etc.) are used as adjectives preceding a word, they are used (unless otherwise specified) solely to indicate a particular structure (to distinguish a particular structure from other structures represented by the same or similar words). For example, "first tool" is named so simply to distinguish it from, for example, "second tool." Therefore, simply using the ordinal numbers "first" and "second" before the word "tool" does not indicate any other relationship between the two tools, nor does it indicate any other characteristic of either or both of the tools. For example, simply using the ordinal numbers "1st" and "2nd" before the word "tool" does not (1) indicate that one tool comes before or after another in order or position, (2) indicate that one tool occurs or operates before or after another in time, or (3) indicate that one tool is of a higher or lower rank than another in importance or quality. Furthermore, simply using ordinal numbers does not define a numerical limit for the configuration identified by the ordinal numbers. For example, simply using the ordinal numbers "1st" and "2nd" before the word "tool" does not indicate that there must be no more than two tools. Where a single device, article, or other product is described herein and in the claims, two or more devices / articles (whether they work together or not) may be used as substitutes for the single device / article described. Similarly, where two or more devices, articles, or other products (whether they work together or not) are described herein and in the claims, a single device / article may be used as a substitute for the two or more devices or articles described. For example, multiple computer-based devices can be replaced by a single computer-based device. Therefore, various functions described as being possessed by two or more devices or articles can be possessed by a single device / article. The functions and / or configurations of a single device described may be implemented by one or more other devices described as having the aforementioned functions / configurations but not explicitly stated. Therefore, other embodiments do not necessarily include the described device itself, but other embodiments may include one or more other devices having the aforementioned functions / configurations. (Non-exclusive, disclosed examples and terminology) Neither the title (as stated at the beginning of the first page of the original text of this application) nor the abstract (as stated at the end of the original text of this application) should be construed as limiting the scope of the disclosed invention in any way. The original text of this application includes an abstract because, under 37 CFR §1.72(b), an abstract of less than 150 words is required.

[0006] The title of the original text of this application and the chapter headings included in the original text of this application are for convenience only and are included solely for illustrative purposes.

[0007] Numerous embodiments are described in this application and are presented solely for illustrative purposes. The embodiments described are not intended to limit in any sense, nor are they intended to limit in any sense. The invention described in this application is broadly applicable to numerous embodiments, as readily apparent from this specification and the claims. Those skilled in the art will recognize that the invention described in this application can be carried out with various modifications and alterations, such as structural modifications, logical modifications, software modifications, and electrical modifications. Certain configurations of the invention described in this application may be described with reference to one or more specific embodiments and / or drawings, but unless otherwise specified, the aforementioned configurations are not limited to the use in the one or more specific embodiments or drawings that refer to such description. Unless otherwise specified in the specification or claims of this application, none of the embodiments of the method steps or product elements described in this application constitute, are not essential to, or represent the same subject matter as the claimed invention. The preamble to the claims describes only the purpose, effect, and applicability of the claimed invention and does not limit the claimed invention. This specification and claims are not a complete description of all embodiments of the present invention. Furthermore, this specification and claims are not an enumeration of configurations of the present invention that must be present in all embodiments.

[0008] Devices described as communicating with each other do not need to communicate with each other continuously unless otherwise specified. On the other hand, the aforementioned devices only need to transmit to each other as needed or desired, and in fact, they can refrain from exchanging data for most of the time. For example, a machine communicating with another machine via the internet may not transmit data to the other machine for long periods (e.g., several weeks at a time). Furthermore, devices communicating with each other can communicate directly or indirectly through one or more means. The description of embodiments with several components or configurations does not imply that all or any of the aforementioned components / configurations are necessary. Rather, various optional components are described to illustrate a wide range of possible embodiments of the present invention. Unless otherwise specified, components / configurations are not essential or required. Although the processing steps, algorithms, etc., are described in a specific order in the specification or claims, the aforementioned processing can be configured to be performed in various orders. That is, no sequence or order of processes that can be specified in the specification or claims necessarily indicates that the processes must be performed in that order. The processes of the processing described herein and in the claims can be performed in any conceivable order. Furthermore, certain processes can be performed simultaneously even if they are described or suggested not to occur simultaneously (for example, because one process is described after another). Moreover, the illustration of a process in the drawings does not suggest that the illustrated process excludes its variations and modifications, nor does it suggest that the illustrated process or any of its steps is necessary for the present invention, nor does it suggest that the illustrated process is preferable. Although the process is described as involving multiple steps, this does not imply that any or all of the steps are preferred, essential, or necessary. Various other embodiments within the scope of the invention described include other processes that omit some or all of the described steps. Unless otherwise specified, none of the steps are essential or necessary. While processes may be described in isolation or without reference to other products or methods, in one embodiment, a process may interact with other products or methods. For example, such interactions may include linking one business model to another. Such interactions may provide increased flexibility or desirability of the process. Products may be described as comprising multiple components, aspects, characteristics, properties, and / or features, but this does not imply that any or all of them are preferred, essential, or necessary. Various other embodiments within the scope of the described invention include other products that omit some or all of the described components. An enumeration of items (with or without numbers) does not imply that any or all of the items are mutually exclusive unless otherwise specified. Similarly, an enumeration of items (with or without numbers) does not imply that any or all of the items encompass any category unless otherwise specified. For example, the enumeration "computers, laptops, PDAs" does not imply that any or all of the three items in that list are mutually exclusive, nor does it imply that any or all of the three items in that list encompass any category. The enumeration of items (whether numbered or not) does not suggest that any or all of the items are equivalent to or readily interchangeable with one another. All examples are illustrative and do not imply that the present invention or any of its embodiments have been carried out as applicable. (Computer processing) Those skilled in the art will readily see that the various processes described herein and in the claims can be implemented, for example, by appropriately programmed general-purpose computers, application-specific computers and computer devices. Typically, a processor (e.g., one or more microprocessors, one or more microcontrollers, one or more digital signal processors) receives instructions (e.g., from memory or similar devices), executes the aforementioned instructions, and thereby performs one or more processes defined by the aforementioned instructions. Instructions can be implemented, for example, in a computer program.

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

[0010] Therefore, the description of the process is similarly a description of the apparatus that performs the process. The apparatus that performs the process may include, for example, a processor suitable for executing the process, as well as input and output devices. Furthermore, programs that implement the aforementioned methods (as well as other types of data) can be stored and transmitted using various media (e.g., computer-readable media). In certain embodiments, wired circuits or custom hardware can be used in place of some or all of the software instructions that can implement the processing of the various embodiments, or in combination with them. Thus, various combinations of hardware and software can be used instead of software alone. The term "computer-readable medium" refers to any medium, its plural form, or a combination of various media that is involved in providing data (e.g., instructions, data structures) that can be read by a computer, a processor, or a similar device. The aforementioned media can take many forms (including, but not limited to, non-volatile media, volatile media, and transmission media). Non-volatile media includes, for example, optical or magnetic disks and other permanent memories. Volatile media typically includes dynamic random access memory (DRAM) that constitutes the main memory. Transmission media includes coaxial cables, copper wires, and optical fibers including the wiring with a system bus coupled to a processor. Transmission media can include or convey acoustic waves, light waves, and electromagnetic radiation such as those generated during radio frequency (RF) and infrared (IR) data communications. General forms of computer-readable media include, for example, floppy (registered trademark) disks, flexible disks, hard disks, magnetic tapes, any other magnetic media, CD-ROMs, DVDs, any other optical media, punch cards, paper tapes, any other physical media with punched patterns, RAM, PROM, EPROM, flash EEPROM, any other memory chip or cartridge, the carrier wave described below, or any other media that can be read by a computer.

[0011] Various forms of computer-readable media may be involved in transporting data (e.g., a series of instructions) to a processor. For example, data may be (i) supplied from RAM to a processor, (ii) transported via a wireless transmission medium, (iii) formatted and / or transmitted by a number of forms, standards or protocols (such as Ethernet (or IEEE 802.3), SAP, ATP, Bluetooth®, and TCP / IP, TDMA, CDMA, and 3G), and / or (iv) encrypted to ensure confidentiality or prevent tampering in any of the various methods well known in the art. Therefore, the description of the process is similar to the description of a computer-readable medium that stores a program to perform the process. The computer-readable medium is capable of storing program elements appropriate for performing the method (in any appropriate format). Just as the description of various steps in a process does not indicate that all of the described steps are necessary, the examples of the apparatus include a computer / computer device capable of performing some (but not all) of the described processes. Similarly, embodiments of computer-readable media for storing programs or data structures include computer-readable media for storing programs that, when executed, can cause a processor to perform some (but not all) of the described processes, just as the description of various steps in a process does not indicate that all of the described steps are necessary. When a database is described, those skilled in the art will understand that (i) it is possible to easily use a database structure different from the one described, and (ii) it is possible to easily use other memory structures than databases. Any illustration or explanation of any sample database described in this specification and the claims is an illustrative configuration of a stored representation of information. Any number of other configurations can be used other than those suggested by, for example, tables shown in the drawings or elsewhere. Similarly, any illustrated entry in a database represents only exemplary information. Those skilled in the art will understand that the number and content of the entries can be different from those described in this specification and the claims. Furthermore, regardless of any depiction of a database as a table, other forms (including relational databases, object-based models, and / or distributed databases) can be used to store and operate on the data types described in this specification and the claims. Similarly, various processes such as those described in the present invention and the claims can be realized using the object methods or behaviors of a database. Furthermore, the database can be stored in a device that accesses the data in the aforementioned database locally or remotely in a known manner. The various embodiments can be configured to be implemented in a network environment that includes a computer communicating with one or more devices (e.g., a communication network). The computer can communicate with the device directly or indirectly via any wired or wireless medium (e.g., the Internet, LAN, WAN, or Ethernet (registered trademark), token ring, telephone line, cable line, wireless channel, optical communication line, commercial online service provider, bulletin board system, satellite communication link, any combination of the above). Each device itself can include a computer or other computer device based on, for example, an Intel (registered trademark) Pentium (registered trademark) or Centrino (trademark) processor adapted to communicate with a computer. Any number and type of device can communicate with a computer. In one embodiment, a server computer or centralized organization may be unnecessary or undesirable. For example, in one embodiment, the present invention can be implemented for one or more devices without a central organization. In the aforementioned embodiment, any function described herein and in the claims as being performed by a server computer, or data described as being stored on a server, may instead be performed by or stored on the aforementioned one or more devices. Where a process is described, in one embodiment, the process can be performed without any user intervention. In another embodiment, the process involves some degree of human intervention (for example, the process is performed with or with human assistance).

[0012] (Continuing application) This specification and claims provide to those skilled in the art some embodiments and / or a practical description of the invention. Some of the embodiments and / or inventions described herein may not be included in the claims of this application, but may be included in the claims of one or more successive applications claiming priority of this application. The applicant intends to file further applications to obtain patents relating to subject matter described and made available in this application, but not included in the claims. (35 U.S.C. § 112(6)) In the original claims of the patent claims, any limitation of a claim that includes the phrase “means for” or the phrase “step for” means that 35 U.S.C. § 112(6) applies to that limitation. In the original claims, any limitation of a claim that does not include the phrase “means for” or “step for” means that 35 U.S.C. § 112(6) does not apply to that limitation, regardless of whether the limitation describes a function that does not describe a structure, material or operation for performing that function. For example, the mere use of the phrase “step of” or “steps of” in a claim, referring to one or more steps of one or more steps of another claim, does not mean that 35 U.S.C. § 112(6) applies to that step. With respect to means or processes for performing a particular function, as described herein and in the claims, the corresponding structures, materials or actions, and their equivalents, may perform further functions and prescribed functions. Computers, processors, computing devices, and similar products are structured to perform a wide range of functions. Such products may be able to operate to perform specified functions by executing one or more programs, such as programs stored in the product's memory devices or in memory devices accessed by the product. Unless otherwise specified, such programs do not have to be based on any particular algorithm, such as any specific algorithm that may be described in this application. It is well known to those skilled in the art that specified functions can be achieved by various algorithms, and that some of these algorithms are merely design choices for performing the specified invention. Therefore, with respect to means or processes for performing a specified function, as defined in 35 U.S.C. §112(6), a structure corresponding to a specified function includes any product programmed to perform that specified function. The aforementioned structure includes a programmed product that performs the function, regardless of whether the aforementioned product is programmed by (i) the algorithm described for performing the function, (ii) an algorithm similar to the algorithm described, or (iii) another algorithm for performing the function. Where a method describes means for performing a function, a structure for performing this method includes a computer device (e.g., a general-purpose computer) programmed and / or configured with hardware appropriate for performing that function. This also includes a computer device (e.g., a general-purpose computer) programmed and / or configured with appropriate hardware to perform its function via other algorithms, as will be understood by those skilled in the art. (Disclaimer) Numerous references to specific embodiments do not constitute a disclaimer or disclaimer of further separate embodiments, and similarly, references to descriptions of embodiments that include all of a particular configuration do not constitute a disclaimer or disclaimer of embodiments that do not include that particular configuration. Any obvious disclaimer or disclaimer in this application shall be preceded by the phrase “does not include” or the phrase “cannot do.” (Citation by reference) The patents, patent applications, and other documents referenced in this specification and the original claims are for the sole purpose of fulfilling the descriptive and enablement requirements of 35 U.S.C. § 112(1), but their contents should not be incorporated into this application as part of this specification and the original claims, or used in any way to limit, define, or otherwise interpret the terms of this application. This application would not be unable to provide verifiable meaning without the foregoing references, but it would have enabled it to provide verifiable meaning of the foregoing terms. Therefore, this application was not limited to any embodiment or method described in any of the above references by a person skilled in the art.

[0013] Unless otherwise stated in this patent application, no reference by reference implies any endorsement, approval, or tacit approval of any expression, idea, gist, or description contained in the cited patent, patent application, or other document. (Application history) In interpreting this application (including the claims), a person skilled in the art will refer to the application history of this application, but not to the application history of any other patent or patent application, regardless of whether there are other patent applications that are deemed to be related to this application, and regardless of whether there are other patent applications that share a priority claim with the present invention. [Brief explanation of the drawing]

[0014] [Figure 1] This figure shows a system according to at least one embodiment of the system described herein and in the claims. [Figure 2] This figure shows one example of a trading system in which a cancellation request is received before an offer request. [Figure 3] This figure shows one example of a trading system in which cancellation requests are received after an offer request. [Modes for carrying out the invention]

[0015] [Examples] (Summary of various examples) The embodiment provides a system and method for measuring and analyzing data information related to trading activities in order to provide comparative trading information. On any given day, the exchange receives multiple orders from third-party entities. In certain embodiments, the aforementioned third-party entities are individuals or companies that trade securities on their own account. In other embodiments, the third-party entities are securities companies that trade securities on behalf of their clients. For convenience, all of the aforementioned third-party entities will be referred to below as "traders." It should be clear that the term "trader" broadly refers to any user of a trading system, whether it be a proprietary trading agent, principal, individual, legal entity (e.g., corporation), or any machine or mechanism, who can place and / or fulfill orders within the trading system. In certain embodiments, the trader uses traditional voice trading processes. In other embodiments, the trader uses electronic trading processes, where trading activities are performed by a computer via an automated order entry and matching system. In the aforementioned cases, the trader does not make daily decisions to place orders with the exchange. Instead, automated software programs (including various algorithms and models) govern the aforementioned daily decisions. A trading algorithm represents a complex set of formulas and strategies used by an automated trading agent. A trading algorithm can be adjusted with respect to any number of variables, such as the trader's risk ratio (i.e., willingness to take risks). For example, a trader may try to adjust their trading algorithm to accommodate a lower or higher tolerance for risk. Therefore, it is desirable for traders to benchmark the performance of automated programs. This is because it allows traders to adjust the trading algorithm to, for example, improve overall performance, increase profit margins, or increase or decrease risk tolerance. Traditionally, traders have had limited means to measure their success rate in canceling orders they have already placed. Typically, this success rate is measured as a percentage, particularly the percentage of successful cancellations over a given period. For example, a trader might determine that they sent 400 cancellation requests during a specific period, and 200 of those were successfully completed. Therefore, we estimate that traders have a 50% success rate in canceling sell requests. If a trader is not satisfied with the results described above, they can adjust their trading algorithm to increase their success rate. However, percentages provide limited information, and therefore it would be more effective for traders to know specific details surrounding their request cancellation attempts, such as the time window and the volume and type of entities willing to fulfill the requested requests. (Various requests) A trader can send any number of financial commands to the exchange. The aforementioned financial commands may include sending bids (or requests to purchase securities) and / or offers (or requests to sell securities). Depending on the situation, traders can place bids on the exchange as either "passive bids" or "active bids." A passive bid is a request to purchase a security. In this case, the bid remains on the exchange until it is matched with a corresponding offer. If no matching occurs after a certain period, the request is canceled by the exchange or the sender of the request. On the other hand, an active bid is a request to purchase a security. In this case, the bid is matched against all offers available on the exchange at the time the bid is generated. Typically, active bids are sent in response to active offers (described below) that have been previously placed on the exchange. Similarly, traders can also submit offers to the exchange as "passive offers" or "active offers." A passive offer is a request to sell a security. In this case, the offer remains on the exchange until it is matched with a corresponding bid. If no such match is found after a certain period, the passive offer is canceled by the exchange or the sender of the request. An active offer is a request to sell a security. In this case, the offer is matched against all bids present on the exchange at the time the offer is generated. Similar to active bids (mentioned above), active offers are generally submitted in response to active bids that have been previously submitted to the exchange. Certain additional financial commands that can be traded on the exchange may include "cancellation requests" for previously submitted bids or offers, and "modification requests" for previously submitted bids or offers. A "cancellation request" command attempts to cancel or remove a previously submitted request from the exchange. In the same vein, a "modification request" attempts to modify one or more elements of a previously submitted request, such as the price or quantity of shares to be traded. However, if the exchange has already matched a previously submitted request with a corresponding request (for example, a bid with an offer), neither a "cancellation request" nor a "modification request" can remove or modify the previously submitted request, respectively. Another financial command is a "hold request." In this case, any active buy / sell requests that are not immediately processed by the exchange are converted into passive requests. Specifically, the system waits for a certain period after receiving an active request. This period may be predetermined by the trader, the system, or another source. If the corresponding request is not sent before the above period expires, the system automatically converts the request from active status to passive status. Another type of transaction may be a "wait-and-see request." In this case, the exchange identifies potential matches for the request, but does not perform an immediate match. Instead, the exchange waits for a predetermined period, after which it determines whether another match exists (a better match than the previously determined one). If such a better match exists, this new bid or offer will surpass the previous match. The parameters used to determine what makes the new bid (or offer) "better" than the previously matched bid (or offer) are predetermined by the trader. These parameters may include any number of elements, such as a higher price or a larger selling quantity. Any of the aforementioned financial commands can be combined with orders that instruct the exchange to perform specific functions related to financial transactions. For example, an active buy / sell request can be combined with an "immediate execution" order. In this case, the exchange must cancel the submitted request unless the entire request is executed. On the other hand, an "immediate execution" order requires that the remainder of the request be canceled after the request is partially executed. Another order could be an "only-at-best" order. In this case, the exchange will only execute the request at the best market price, or cancel the request. (System Hardware) Refer to Figure 1. System 100 according to at least one embodiment of the system described herein and in the claims includes at least one computer device, such as a remote computer 102 (e.g., a server computer), a client computer 104, or a combination thereof. In this context, the term remote simply means that at least one of the remote computer 102 and the client computer 104 are separate devices. Thus, the devices can be remote even if they are in the same room. In at least one embodiment, the system includes at least one remote computer 102 connected to one or more client computers 104 via a communication network 106. One or more client computers 104 can be connected to a remote computer 102 via a firewall. In another embodiment, at least one remote computer 102 is connected to at least one other remote computer 108 via a communication network 106.

[0016] System 100 can be implemented via any type of communication network 106, such as a local area network (LAN), a wide area network (WAN), the Internet, a telephone network (POTS), a wireless network (including cellular networks, WiFi networks, and WiMAX networks), or a combination of wired and / or wireless networks. In certain cases, the communication network 106 may be unrelated to the Internet or limited to information of a type transmitted over the Internet (such as information that poses little or no security risk if misused, or encrypted information). In a networked embodiment, the client computer 104 is preferably configured to send and receive information with remote computers 102, 108, or can send and receive information with remote computers 102, 108 in other ways. The remote computers 102 and 108 are similarly configured to send and receive information between themselves, or to send and receive information between themselves in other ways. This can be achieved by communication elements such as modems, Ethernet® interfaces, transmitters / receivers, etc., which enable wireless, wired, or a combination thereof, communication with the similarly equipped remote computers 102 and 108. The functions described herein and in the claims may be provided by remote computers 102, 108, by client computer 104, or by both, and are therefore not limited to any particular embodiment of the implementations described herein and in the claims. In at least one embodiment, client computer 104 generally provides front-end functions, and remote computers 102, 108 provide back-end functions. While various embodiments may be described in this specification and claims with respect to financial instruments, the methods and systems described herein and in claims are equally applicable to commodities, money (one or more currencies), articles, etc. The term “financial instrument” means any product (equity, stocks, fixed income, bonds, corporate bonds, certificates of interest or deposit, warrants, options, futures, forwards, swaps, or any security in general) issued by a corporation, government or any other entity representing debt or equity, and derivatives thereof. A computer device (e.g., client computer 104 and / or remote computer 102, 108) generally includes at least one processor and memory such as ROM, RAM, flash, etc. (including computer-readable memory such as hard drives, flash drives, optical or magnetic disks, etc.). The memory, or computer-readable medium, preferably includes stored software that performs and carries out one or more steps of the methods described herein and in the claims, which include the step of communicating data and commands back and forth between computers. The computers may further be associated with one or more databases 110, 112 for retrieving and / or storing the various data described herein and in the claims, including identification and verification data such as IDs and passwords, biometric data, etc., or may have access to the aforementioned one or more databases 110, 112. The client computer 104 may include, without limitation, mobile phones, PDAs, pocket PCs, personal computers, and any other purpose-specific computer or general-purpose computer. As such, the client computer 104 preferably includes a processor, memory, a display (such as a CRT or LCD monitor) for displaying information and / or graphics associated with the functions provided by the system 100, and at least one input device (such as a mouse, touch-sensitive pad, pointer, stylus, trackball, one or more buttons (e.g., alphanumeric, scroll wheel, touch-sensitive monitor, etc.), or a combination thereof) for the user to input commands and / or information appropriate to the system functions. In the case of a general-purpose client computer 104 (such as a PC or PDA), the user may access the functions provided by the system 100 by a browser application, any other general-purpose application, or by purpose-specific software intended to specifically access the functions described herein and in the claims. In at least one embodiment, the client computer 104 includes at least one biometric sensor 114, or is otherwise associated with at least one biometric sensor 114. The biometric sensor 114 is any device used to directly determine from the user at least one item of user-associated biometric data, such as a fingerprint reader, iris scanner, retinal scanner, vascular pattern reader, or face recognition camera. The biometric sensor 114 can be implemented in hardware, software, or a combination thereof. The biometric sensor 114 can further share resources with other components of the client computer 104, such as a processor, memory, camera, microphone, speaker, etc. A single biometric sensor 114 can be used to read two or more types of biometric data. For example, a digital camera can be used to acquire an image of the user's eye for iris scanning and an image of the user's face for face recognition. In this case, a single image capture of the user's face can provide data for face recognition, as well as data for iris or retinal comparison. Biometric data is generally acquired by a biometric sensor 114 and is used to authenticate the user's identity information, at least as a gateway that allows the user to access the system's functions. In this regard, the biometric data can preferably be compared with previously acquired / stored biometric data that has been verified as being associated with a particular user, and access to the system's functions can be granted based on that positive match. (Methods and Systems) According to at least one embodiment of the method described herein and in the claims, the method begins with the system 100 receiving login information. The login information may include any information used to authenticate the user and to provide the user with one or more of the functions described herein and in the claims. The login information may be, for example, a user ID, password, biometric data, etc. The login information may be submitted by the user through a user interface screen that includes at least one form element for entering login data (such as an input field or text box, a drop-down list, a check box, a radio button, an action button, a clickable image, etc.). After submission, the login information can be compared with previously obtained information, and access to one or more functions may be granted based on a positive match. Figure 2 illustrates some of the aforementioned terms (bid, offer, cancellation request, etc.) with the provided example. Assume a trader sends a bid request 205 for 100 shares of Acme at $0.05 per share. Exchange 210 receives bid 205 at time (T1) and assigns a timestamp 215 representing time (T1) to bid 205. In certain embodiments, the timestamp is stored in a database associated with the exchange and can be retrieved later. In other embodiments, the exchange sends a message to the sender of the request. This message confirms receipt of the request. The aforementioned message from the exchange may also include a display of the timestamp associated with the request. The message may take the form of email, telephone call, or electronic posting on a website. Next, let's assume that at a later point, the trader decides to cancel their original bid 205. This decision to cancel could be based on various external factors (e.g., changes in market conditions, strong demand from clients) or internal factors (e.g., intuition about the future of the stock, personal reasons). Regardless of the reason for wanting to cancel, the trader must react quickly to cancel this original bid 205. If they do not react in a timely manner, another trader may send an offer 220 to the exchange in response to bid 205, which may cause the exchange to match the original bid 205 with the corresponding offer 220. Once the exchange matches bid 205 with offer 220, the first trader may not be able to cancel or remove their original bid 205 from the exchange. The short time window in which a trader can effectively submit a cancellation request 225 can be referred to as the "cancellation window" 225. Referring to Figure 2, the exchange receives an offer request 220 and a cancellation request 225 at time (T2) and time (T3), respectively. Similarly, the exchange assigns timestamps 230 and 235 to time (T2) and time (T3), respectively. The system then calculates the time difference between each timestamp to determine whether the cancellation request successfully canceled the previously submitted bid 205. The first time difference 240 represents the difference between the time intervals (T1, T2) associated with the exchange receiving the bid 205 and offer 220. The second time difference 245 represents the difference between the time intervals (T1, T3) associated with the exchange receiving the bid 205 and cancellation request 220. (As shown in Figure 2) If the second time difference 245 is greater than the first time difference 240, it indicates that the trader did not react quickly enough and the cancellation request 220 was unable to remove the previously submitted bid 205 from the exchange. Instead, another trader replaces cancellation request 220 by submitting offer 220. This offer 220 arrives at the exchange earlier than cancellation request 220. Subsequently, a message can be sent to the trader informing them that the attempt to cancel the preceding bid 205 was unsuccessful. Similarly, the exchange may send a message to the second trader informing them that their offer of 220 has been matched with their bid of 205. Referring to Figure 2, the exchange can also calculate a third time difference representing the difference between the time intervals (T2, T3) associated with the exchange's offer 220 and the receipt of the cancellation request 220. This third time difference 250 provides a numerical measure of the trader's inability to cancel. In particular, the third time difference 250 indicates "how much time difference" the trader lost the opportunity to cancel. Furthermore, the system can collect the third time difference 250 for a particular trader over a period of time and communicate this useful information to the trader at the end of that period. For example, if a trader consistently finds that they are unable to cancel their original bid by a difference of 15 milliseconds, they can use this information to adjust their trading algorithm to compensate for the aforementioned time deficit. The information mentioned above may prove useful to traders in several ways. For example, the system could inform a trader that, on average, all cancellation requests over the past month arrived 5 seconds after the exchange matched the preceding bid with the corresponding offer. The trader could then use this information to modify their trading algorithm to compensate for this 5-millisecond delay. In another example, the system could inform a trader that a cancellation request arrived at the exchange a full minute after the match occurred. Since requests typically arrive at the exchange within very small time units (e.g., milliseconds), this information would alert the trader to a potential problem in the transmission system. For example, an internet connection might be down, resulting in longer transmission times. In certain embodiments, the system may have a predetermined threshold for the acceptable time frame for the arrival of requests to the exchange. If a request arrives within a time interval exceeding the aforementioned threshold, the system may automatically send a message to the trader notifying them of a potential error in the transmission. Various uses of this information are described below. Figure 3 shows another example in which a cancellation request 220 arrives at the exchange at time (T3') 305, preceding an offer 220 that arrives at time (T2') 310. In this case, the first time difference (T1', T2') 315 is greater than the second time difference (T1', T3') 320, thus indicating that the cancellation request 220 successfully removed the earlier sent 205 from the exchange. In Figure 3, the third time difference (T2', T3') 325 provides a numerical measure of the trader's successful cancellation of the original bid 205. In particular, the third time difference 325 indicates "how much time difference" the trader had successfully managed to cancel the preceding bid. As shown in Figure 2, the system can collect the third time difference 325 for a particular trader over a certain period and communicate this useful information to the trader at the end of the period. For example, if a trader can determine that they will barely be able to successfully cancel the bid, they can use this information to adjust their trading algorithm to compensate for the lack of time. In certain embodiments, a buy / sell request submitted by a trader may be for all or part of the original sell request. For example, in the illustrated embodiment, one buyer may submit a sell request for 25 shares, while another buyer may submit a separate buy request for 75 shares. When the exchange determines a "match" between the sell request and one or more buy requests, a transaction has occurred, and the original sell request can no longer be removed from the exchange. Therefore, the seller must respond in a timely manner to cancel their original sell request. The data measured and collected by the system can be used in several ways. As mentioned above, it is desirable for traders to benchmark the performance of their automated programs. In a particular embodiment, the system measures various time differences (e.g., a first time difference, a second time difference, and a third time difference) and transmits this information to the recipient (in an unanalyzed format). In other embodiments, the system can collect time differences over a period of time and analyze the collected data before transmitting the analyzed data to various recipients. The above period can include any incremental period, such as weeks, months, quarters, or years. Generally, the recipient could be a trader attempting to cancel a trade, or a trader who sent a request in response to a request on the exchange. However, the recipient can be any number of entities. For example, the recipient could be a newcomer to the exchange. They might want to evaluate the average cancellation time on the exchange in order to adjust their trading model to reflect standard response times. The recipient could also represent an actual trader. In certain embodiments, a trader can provide a threshold that the system can use to compare the collected data. For example, a trader can predetermine a reasonable time (e.g., 30 milliseconds) for a request to arrive at the exchange. If the request arrives after the threshold time (i.e., the reasonably determined time), the system automatically sends an error message to the trader. Generally, a request arriving after a predetermined threshold may indicate that the trader is facing an external hardware failure in their trading system. For example, it may indicate a failure in the internet transmission line. Conversely, if the threshold is not exceeded, the above information helps traders eliminate external hardware as a contributing factor. As a result, traders can respond to this information and focus on modifying various trading models or trading algorithms. In other embodiments, the threshold provides an indication that a specific level of risk tolerance has been exceeded. For example, a trader can determine in advance that they want a cancellation window of 5 milliseconds or more. If the system determines that the cancellation window between a trader's cancellation request and another trader's offer request (or offer bid) is less than 5 milliseconds, it can notify the trader of this issue. The trader can then adjust their trading algorithm to resolve this issue. In addition to measuring time lags, the system can also measure and analyze other useful information. In certain embodiments, the system measures the quantity of requests sent in response to previously sent requests. In other embodiments, the system can classify each trader into various categories (such as the size of the brokerage firm or their area of ​​expertise) and then transmit the aforementioned information to the recipient. As previously mentioned with reference to time lag information, the collected information can be automatically transmitted to the recipient or analyzed in a processed format and then transmitted to the recipient.

[0017] Generally, systems present all collected information in an uncharacteristic manner, or after it has been processed. This is because systems require information-providing objectives that include a desire to maintain the anonymity of their traders.

[0018] (Further examples) (1) A method comprising the steps of determining a first time point in time when a first request is received by an exchange, and determining a second time point in time when a second request is received by the exchange, A step in which the second request defines a request to cancel the first request; a step in which the third request is determined to be a third time point in time when it is received by the exchange, wherein the third request corresponds to the first request; and a step in which the first difference between the second time point and the third time point is calculated. A method comprising the steps of storing the first difference in a data storage device, wherein the data storage device has a plurality of differences, and the steps of analyzing the plurality of differences to generate comparison information.

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

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

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

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

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

[0024] (7) The method of (6) wherein the request to sell the securities remains on the exchange until it is matched with a request to purchase the securities.

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

[0026] (9) A method of the method of (6) wherein the request to purchase the securities remains on the exchange until it is matched with a request to sell the securities.

[0027] (10) A method relating to (6), wherein the request to purchase the securities is sent in response to a request to sell the securities.

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

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

[0030] (13) A method according to (1), further comprising the steps of: comparing the second difference with the third difference; outputting a command to the exchange to exclude the first request from the exchange, wherein the third difference is greater than the second difference; and transmitting a message indicating that the first request has been canceled.

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

[0032] (16) A method according to (12), further comprising the steps of comparing the second difference with the third difference, and transmitting a message indicating that the first request has not been canceled, wherein the second difference is greater than the third difference.

[0033] (17) A method according to (12), further comprising the steps of comparing the first difference with a threshold, wherein the threshold defines a period of time for which a trader determines that a request is appropriate to arrive at the exchange; determining that the first difference is greater than the threshold; and sending an error message to the trader.

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

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

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

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

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

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

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

[0041] (25) A storage medium as described in (22) wherein the financial command represents at least one of the following: a request to sell a security, a request to buy a security, a request to modify a security, a request to cancel a security, a request to observe a security, and a request to hold a security.

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

[0043] (27) A storage medium as described in (24), wherein the second difference is compared with the third difference, A storage medium further configured to send a message indicating that the first request has been canceled, wherein the third difference is greater than the second difference.

[0044] (28) A storage medium as described in (24), further configured to compare the second difference with the third difference and transmit a message indicating that the first request has not been canceled, wherein the second difference is greater than the third difference.

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

[0046] (30) A method comprising the step of determining a first time point in time when a first request is received by an exchange, A step of determining a second time point in time when a second request is received by the exchange, A step in which the second request specifies a request to cancel the first request, A step of determining a third time point in which a third request is received by the exchange, comprising: a step of sending the third request in response to the first request; a step of calculating a first difference between the second time point and the third time point; and a step of calculating a second difference between the first time point and the second time point. A step of calculating a third difference between the first time point and the third time point, A method comprising the steps of comparing the second difference with the third difference, and transmitting a representation of the first difference to a receiver, wherein the receiver adjusts a trading algorithm in response to the first difference.

[0047] (31) A method according to (30), the step of comparing the second request with the third request further comprising the step of outputting a command indicating that the first request is canceled, wherein the difference between the third and the second is greater than the difference between the second and the third.

[0048] (32) A method according to (30), the step of comparing the second request with the third request, further comprising the step of outputting a command to the exchange indicating that the first request should be matched with the third request, wherein the difference between the second and third requests is greater than the difference between the third and the first request has not been canceled. [Explanation of symbols]

[0049] 100 Systems 102 Remote Computer 104 Client Computers 106 Communication Networks 108 Remote Computer 110 Databases 112 Databases

Claims

1. A method in a trading system, wherein the method is: In the aforementioned trading system, the steps include receiving a request from a client computer at a first time, The transaction system includes the step of receiving a cancellation request from the client computer at a second time after the first time to cancel the request, In the aforementioned trading system, a step of receiving a corresponding request from another client computer at a third time after the second time, wherein the corresponding request corresponds to the aforementioned request. The steps include: the transaction system canceling the request and sending a notification to the client computer that the request has been canceled; The process includes the steps of storing the difference obtained by subtracting the second time from the third time in memory and transmitting the difference to the client computer, The client computer adjusts the time between sending a request for the next transaction after the third time and sending a cancellation request to the transaction system, taking the difference into consideration. method.

2. The method according to claim 1, wherein an alert is sent to the client computer when the difference is less than a predetermined threshold.

3. The steps include receiving a threshold time difference from the aforementioned client computer, The method according to claim 1, further comprising the step of sending an alert to the client computer if the difference is smaller than the threshold time difference.

4. The method according to claim 1, wherein the request represents a first financial command, and the corresponding request represents a second financial command corresponding to the first financial command.

5. The method according to claim 4, wherein the first financial command is a price index and includes either an offer to purchase a certain quantity of securities or an offer to sell a certain quantity of securities, and the second financial command is an index corresponding to the price index and includes the other of an offer to purchase a certain quantity of securities or an offer to sell a certain quantity of securities.

6. The steps include storing a first timestamp indicating the first time, A step of storing a second timestamp indicating the second time, The method according to claim 1, further comprising the step of storing a third timestamp indicating the third time.

7. The method according to claim 6, wherein the step of storing the difference includes the step of calculating the difference between the third timestamp and the second timestamp.

8. A non-temporary computer-readable medium for storing multiple instructions, wherein when the multiple instructions are executed by one or more processors, the one or more processors are made to perform multiple operations, and these multiple operations include: The steps include receiving a request from the client computer at a first time, The steps include receiving a cancellation request from the client computer at a second time after the first time to cancel the request, A step of receiving a corresponding request from another client computer at a third time after the second time, wherein the corresponding request corresponds to the aforementioned request. The steps include canceling the aforementioned request and sending a notification to the client computer that the aforementioned request has been canceled, The steps include storing the difference obtained by subtracting the second time from the third time in memory, and transmitting the difference to the client computer. The client computer takes the difference into account and adjusts the time between sending a request for the next transaction after the third time and sending a cancellation request to the trading system. A non-temporary computer-readable medium.

9. The non-temporary computer-readable medium according to claim 8, wherein an alert is sent to the client computer when the difference is less than a predetermined threshold.

10. The aforementioned multiple operations include: The steps include receiving a threshold time difference from the aforementioned client computer, The non-temporary computer-readable medium according to claim 8, further comprising the step of sending an alert to the client computer if the difference is smaller than the threshold time difference.

11. The non-temporary computer-readable medium according to claim 8, wherein the request represents a first financial command, and the corresponding request represents a second financial command corresponding to the first financial command.

12. The non-temporary computer-readable medium according to claim 11, wherein the first financial command is a price index and includes either an offer to purchase a certain quantity of securities or an offer to sell a certain quantity of securities, and the second financial command is an index corresponding to the price index and includes the other of an offer to purchase a certain quantity of securities or an offer to sell a certain quantity of securities.

13. The aforementioned multiple operations include: The steps include storing a first timestamp indicating the first time, A step of storing a second timestamp indicating the second time, The non-temporary computer-readable medium according to claim 8, further comprising the step of storing a third timestamp indicating the third time.

14. The non-temporary computer-readable medium according to claim 13, wherein the step of storing the difference includes the step of calculating the difference between the third timestamp and the second timestamp.

15. A method in a trading system, said method is The steps include: a client computer sending a request to the trading system at a first time; The client computer sends a cancellation request to the transaction system to cancel the request at a second time after the first time; The steps include: the client computer receiving an alert when the amount of time obtained by subtracting the second time from the third time when the trading system receives a corresponding request corresponding to the request falls below a threshold; The client computer, upon receiving the alert, adjusts the time between sending a request for the next transaction after the third time and sending a cancellation request to the trading system, taking into account the difference between the third time and the second time. method.

16. The method according to claim 15, further comprising the step of transmitting the threshold from the client computer to the trading system.

17. The method according to claim 15, wherein the request represents a first financial command, and the corresponding request represents a second financial command corresponding to the first financial command.

18. The method according to claim 17, wherein the first financial command is a price index and includes either an offer to buy a certain quantity of securities or an offer to sell a certain quantity of securities, and the second financial command is an index corresponding to the price index and includes the other of an offer to buy a certain quantity of securities or an offer to sell a certain quantity of securities.

19. The step of receiving the aforementioned alert is: The method according to claim 15, further comprising the step of the client computer receiving a first timestamp indicating the first time, a second timestamp indicating the second time, and a third timestamp indicating the third time.

20. The method according to claim 15, wherein the transaction system receives the corresponding request from another client terminal.

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