Harmfulness in trading networks

Abstract

To provide a transaction support device, a method and a program that indicate an increase in toxicity in a transaction network.SOLUTION: A method for operating a distributed transaction platform comprises steps of: monitoring, in real time, via a communication network, transaction activity information indicating transaction activity of each liquidity acquirer and second participant; determining toxicity assessment for the second participant in real time; receiving an initial order via the communication network from a first participant system of a liquidity provider; automatically and in real time upon receiving the first order, determining an increase in toxicity from the toxicity assessment of each of the second participants; transmitting initial order representation information via the communication network to a second participant system of each of the second participants; and displaying, on a graphical user interface of a display of each second participant system, of display of the initial order, an increase in toxicity corresponding to the second participant.SELECTED DRAWING: Figure 2

Description

Technical Field

[0001] Cross-reference to Related Applications This application claims the benefit of U.S. Provisional Patent Application No. 62 / 721,748, filed on 23 August 2018, which is included in the full text by reference. Various embodiments of this disclosure may utilize one or more of the functions of trading platforms, exchanges, order management systems (OMS), pricing algorithms, market dynamics, and other functions of U.S. patents and applications, namely U.S. Patent No. 8,566,213, U.S. Patent Application No. 10 / 310,345 (U.S. Patent Application Publication No. 2004 / 0034591), U.S. Patent Application No. 12 / 477,549, U.S. Patent Application No. 12 / 470,431, U.S. Patent Application No. 12 / 135,479, U.S. Patent Application No. 12 / 113,602, and U.S. Patent Application No. 12 / 237,976, issued on 22 October 2013. The functions described herein are those covered by U.S. Patent Application No. 12 / 477,549, filed June 3, 2009, entitled "Products and Processes for Generating Multiple Orders"; U.S. Patent Application No. 12 / 470,431, filed May 21, 2009; U.S. Patent Application No. 12 / 135,479, filed June 9, 2008, entitled "Trading System Products and Processes"; U.S. Patent Application No. 12 / 113,602, filed May 1, 2008, entitled "Electronic Security Marketplace with Integrated Order Management System"; U.S. Patent Application No. 12 / 237,976, filed September 25, 2008, entitled "Transactions Related to Fund Formation"; and May 2008. It should also be understood that it is configured to operate within the trading systems described in U.S. Patent Application No. 12 / 113,642 filed on the 1st of the month, U.S. Patent Application No. 12 / 257,499 filed on 24 October 2008, U.S. Patent Application No. 13 / 888,352 filed on 6 May 2013 (U.S. Patent Application Publication No. 2014 / 0229353), U.S. Patent Application No. 13 / 844,779 filed on 15 March 2013, U.S. Patent Application No. 15 / 622,977 filed on 14 June 2017, U.S. Provisional Patent Application No. 62 / 444,711 filed on 10 January 2017, and U.S. Provisional Patent Application No. 62 / 445039 filed on 11 January 2017. The disclosures in these applications, patents, and publications, and all other documents referenced in this patent application, are incorporated herein by reference in their entirety.

[0002] This invention relates to harmful effects in trading networks. [Background technology]

[0003] Trading orders can be placed using various systems. For example, Patent Document 1, incorporated herein by reference, describes a system for sending anonymous trading messages from one party to a group of target counterparties. [Prior art documents] [Patent Documents]

[0004] [Patent Document 1] U.S. Patent Application No. 10 / 310,345 (U.S. Patent Application Publication No. 2004 / 0034591) [Overview of the project] [Means for solving the problem]

[0005] According to one aspect of this disclosure, a method for operating a decentralized trading platform includes, by at least one processor, monitoring trading activity information in real time via a communication network indicating the trading activity of each second participant, which is a liquidity acquirer; determining in real time a toxicity assessment of each second participant based on the trading activity information; receiving the first order from the first participant system of liquidity acquirers via the communication network; and, upon receiving the first order, automatically determining in real time an increase in toxicity from the toxicity assessment of each second participant, and transmitting the first order display information to each second participant's second participant system via the communication network, thereby displaying the first order to the second participant system. This may include controlling the following: displaying an increase in toxicity corresponding to the second participant on the graphical user interface (GUI) of the display of each of the second participant systems; receiving a counter-order from a given second participant system via a communication network; transmitting the counter-order to the first participant system via the communication network upon receiving the counter-order; receiving a notification from the first participant system via the communication network indicating that the quantity of the financial instrument displayed in the first order is reserved; and, upon receiving the notification that the quantity of the financial instrument is reserved, simplifying the execution of the transaction to complete at least a portion of the counter-order and the first order, respectively.

[0006] In one alternative, the given increase in harm caused by a second participant to a given second participant may be determined as a function of the given harm level corresponding to the given second participant.

[0007] In one alternative, the given increase in harm from a second participant to a given second participant may be determined from a lookup table showing the given increase in harm relative to each harm level.

[0008] One alternative is that trading activity information may include real-time market data received from remote market data providers via a communication network.

[0009] In one alternative, the given increase in the second participant's harmfulness may be transmitted to the given second participant's system via a communication network as part of the given display information.

[0010] In one alternative, an amount equal to the sum of the given increase in harm of the second participant and the price of the first order may be transmitted to the given second participant system of the given second participant via a communication network as part of the given display information.

[0011] One alternative is that the display may show the initial order along with the respective increase in harm, displayed separately from the price of the initial order.

[0012] One alternative is that the display may show the initial order along with the respective increase in harm, which is incorporated into the display of the initial order price.

[0013] One alternative is to transmit the initial order information to a second participant system via a communication network, which may simultaneously display the price of the initial order along with different increases in harm on the display of each second participant system.

[0014] In one alternative, the method may further include, via a communication network, controlling the display of a shot clock on the GUI of the display of at least one of the second participant systems, showing a countdown of the remaining available time for at least one second participant corresponding to at least one second participant system, to respond to the first order.

[0015] In one alternative, the method may further include, by at least one processor, automatically responding to the determination that there is no time remaining for at least one second participant, reacting to the initial order, and via a communication network, controlling (i) a shot clock to indicate that the available time has expired, and (ii) reloading the display on the GUI such that an operable display requesting execution of a trade to fill the initial order displayed on the GUI is replaced with an operable display requesting a reload of the initial order.

[0016] In one alternative, the method may further include controlling, by at least one processor, to simplify the execution of a trade that completes at least a portion of each of the opposing and initial orders by automatically receiving a notification that a second quantity of the financial instrument displayed in the initial order has been reserved, in response to a determination that the display of a request to reload the initial order has been manipulated.

[0017] In one alternative, the method may further include, by at least one processor, controlling the determination of an updated increase in toxicity for a given second participant from the toxicity assessment of each given second participant, and, in response to the determination of the updated increase in toxicity, transmitting the updated increase in toxicity to each given second participant system in real time via a communication network, causing each given second participant system to reload its graphical user interface and display the updated increase in toxicity instead of the corresponding increase in toxicity on each given second participant system.

[0018] In one alternative, the method may further include controlling, by at least one processor, whether a second participant is eligible to see the first order.

[0019] In one alternative, the method may further include, by at least one processor, controlling the transmission of the initial order display information over a communication network to display each of the second participant system's stamps on a GUI as operable buttons for accepting the initial order in which an increase in malpractice is observed.

[0020] In one alternative, the method may further include controlling, by at least one processor, the secure storage in a database of the liquidity provider's trading intentions received from the first participant system via a communication network.

[0021] In one alternative, the transaction intent may be encrypted when received over a communication network, and at least one processor may control the decryption of the transaction intent and the storage of the transaction intent in a database in the decrypted form.

[0022] In one alternative, the initial order display information may be encrypted and transmitted to the second participant system.

[0023] According to one aspect of the present disclosure, a decentralized trading system includes a first participant system of a liquidity provider, the first computing device configured to control: identifying an initial order for decentralized order matching input to a trader interface of the first participant system; and transmitting the initial order to a central system of the decentralized trading system via a communication network. The central system is configured to control: monitoring in real time, via a communication network, trading activity information indicating trading activities of each second participant who is a liquidity acquirer; determining in real time a harmfulness assessment for each second participant based on the trading activity information; receiving the initial order from the first participant system via the communication network; automatically and in real time determining an increase in harmfulness from the harmfulness assessment of each second participant upon receiving the initial order; transmitting initial order display information to each second participant system of each second participant via the communication network to display an increase in harmfulness corresponding to the second participant on a graphical user interface of a display of each second participant system of the second participant system for displaying the initial order; receiving a counter order via the communication network from a given second participant system of the second participant system; transmitting the counter order to the first participant system via the communication network upon receiving the counter order; receiving a display indicating that the quantity of the financial product displayed in the initial order is reserved via the communication network from the first participant system; and simplifying the execution of a trade that consummates at least a portion of each of the counter order and the initial order upon receiving the display indicating that the quantity of the financial product is reserved. The first computing device is configured to control: receiving a counter order via the communication network; and transmitting a display indicating that the quantity of the financial product displayed in the initial order is reserved via the communication network.

[0024] In one alternative, the trading system further includes a second participant system, each of the second participant systems being configured to receive initial order display information via a communication network, render a display of an initial order having an increased harmfulness corresponding to a second participant on a graphical user interface, and transmit a given counter order via the communication network, and includes a third computing device configured to control the same.

Brief Description of Drawings

[0025] [Figure 1] Shows a system according to at least one embodiment of the systems disclosed herein. [Figure 2] Shows a flowchart according to at least one embodiment of the methods disclosed herein. [Figure 3] A diagram showing a pop-up element that can be part of a graphical user interface in some embodiments. [Figure 4] A diagram showing another pop-up element that can be part of a graphical user interface in some embodiments.

Modes for Carrying Out the Invention

[0026] Various embodiments are directed to trading networks and / or interfaces. In some embodiments, a distributed system interacts with one or more order management systems to determine orders available to a first one or more participants. In some embodiments, a distributed system interacts with an order management system to determine orders among the available orders for which a match should be sought from a second plurality of participants. Various embodiments improve the speed, efficiency, and ease of use of conventional trading systems and conventional trading interfaces.

[0027] In one exemplary embodiment, memory stores instructions that, when executed, can direct at least one processor to perform a variety of actions. The processor may receive information about the first order in a market participant's order management system (OMS). Based on the contents of a second market participant's order management system, the processor may search for a match to the first order when handling or executing the first order for each second market participant by displaying the first order to each second market participant. If a match is found, the processor may attempt to reserve the order in the OMS and / or execute the trade.

[0028] Some embodiments may include systems and methods for interacting with market participants' order management systems and / or execution management systems to simplify the matching of target orders. Figure 1 shows a system according to at least one such embodiment. It should be noted that the elements and arrangement of the illustrated system are illustrative only. Other embodiments may include more, fewer, different, or different elements and arrangements.

[0029] The distributed system 100 in Figure 1 includes a first participant 101. In some embodiments, the first participant may include a buyer entity. The first participant may have a set of trading desires (e.g., buying and / or selling various financial instruments in pursuit of a trading strategy).

[0030] Such trading intentions are generally securely held in the order management system of a first participant. Figure 1 shows a first participant including an order management system 103. In some embodiments, such a system 103 may be an order execution management system (EMS), or may include an order execution management system (EMS). Order management systems and order execution management systems are known in the art and may be used interchangeably for the purposes of this disclosure. Some examples of OMS / EMS may include the Fidessa order management system, the Charles River OMS, and the Bloomberg order execution management system. The OMS may track order status and may allow order reservation, order reading, order cancellation, display of completed orders, entry of new orders, etc.

[0031] Such an order management system may include an application programming interface (API) that provides authorized systems with read, write, and / or modify functionality to the OMS. A trader using the trader interface may have the authority to input, receive, and / or modify information within the OMS. The first participant system 107 may have the authority to input, receive, and / or modify information within the OMS. The OMS may receive instructions through the API and enable such read, write, and / or modify in response to those instructions.

[0032] In some embodiments, such an OMS receives an order intent from a first participant (e.g., via a trader interface 105), transmits the order to a first participant system 107, receives a request to guarantee liquidity for the order, attempts to guarantee liquidity by canceling liquidity that has been sufficiently guaranteed elsewhere (e.g., with other exchanges or other brokers that handle orders in the OMS), reports the result of the liquidity guarantee to the first participant system, receives a change in liquidity for the order, and / or modifies the order to reflect the liquidity for which the order has been fulfilled.

[0033] The first participant may include one or more trader interfaces. An example of such a trader interface is shown in 105. Such an interface may include a trader's workstation in which the trader can input and / or engage with trading intentions stored in the OMS 103 and / or orders handled elsewhere using a decentralized system or graphical user interface. In some embodiments, the trader interface may be used to input an aggression level, enable order matching through a decentralized system, interact with prompts from a decentralized system, and / or manage trades through an order management system. The first participant may include many trader interfaces in some implementation forms.

[0034] The first participant may include a first participant system 107 that serves as an interface between the first participant and the central system 109 of the distributed system. For example, the first participant system may interact with the OMS to read information about an encrypted order, send the encrypted order information to the central system, thereby decrypting the encrypted order information and storing the decrypted order information in the central system's database. In another example, the first participant system may interact with the OMS to reserve an order, identify when the order has been executed, or write or modify information in the OMS. To simplify such interactions, the OMS may communicate with its API and / or snoop and analyze packet communications to and from the OMS. The first participant system reads orders from the OMS, sends those orders to the central system for attempted order matching, receives information that a match has been found through the central system that will fulfill at least a portion of the orders, and upon receiving a match, attempts to secure liquidity with the OMS, notifies the OMS whether the liquidity has been secured successfully, receives an indication of order execution through the central system, and may modify the OMS to indicate that at least a portion of the orders have been fulfilled.

[0035] In some embodiments, the first participant system may interact with the trader interface 105 to control the trader interface to present information or prompt for input. In some embodiments, the first participant system may control the trader interface to display an order confirmation once an order has been executed based on the order in the OMS.

[0036] In some embodiments, the first participant system may interact with the central system 109. For example, the first participant system may send information to the central system about responses to prompt input via the trader interface and about orders and / or reservations in the OMS, and may receive information about orders being filled and / or requests for reservations from the OMS.

[0037] The identified components of the first participant may include computing devices such as processors, workstations, blades, servers, and displays. The identified components may include software and / or hardware modules capable of performing the functions described herein. The components of the first participant 101 may communicate with each other via the network of the first participant 101. Such a network is shown as 102. In some embodiments, such a network may include a LAN or other local real or virtual network with wired and / or wireless components. Communication between elements may be performed using FIX or other protocols. Communication may include encrypted communication to keep the intent of the transaction secure.

[0038] Some embodiments may include a central system 109. Such a central system may include an order matching system that attempts to simplify the execution of transactions by receiving orders from parties (e.g., a first participant) and filling those orders (e.g., matching counter orders from a second participant). Execution may, in some embodiments, be performed via an electronic clearing house which may be located remotely from the central system. The central system may receive the initial order from the first participant (e.g., from a first participant system that reads orders from the first participant's OMS). The central system may then distribute the initial order to a number of second participants by communicating with a second participant (e.g., a second participant system) when executing the first participant's initial order. Once a match is determined for the initial order (for example, by receiving an indication from the second participant's system that a confirmed order has been placed by the second participant that matches one of the initial orders), if the initial order is still pending, the central system secures or guarantees sufficient trading intent to execute the opposing order at the first participant (for example, by communicating with the first participant's system), and if sufficient liquidity is secured, executes the order (for example, by using the clearing house after receiving an indication from the first participant's system that the reservation was successful), and notifies the first and second participants of the execution (for example, by communicating with their respective participant systems).

[0039] The central system 109 may comprise computers, servers, hubs, a central processor, memory, and / or other entities within the distributed trading network. The central system 109 may configure input / output devices (e.g., network interfaces) for communicating with various other system elements 100. In some embodiments, the central system 109 may comprise a trading platform, trading, or other order processing systems. The central system may communicate with other systems using the network 110. The network may include public or private networks. The network may include wired or wireless elements. The network may include the internet. The communication may include encrypted communication to keep trading intentions secure. In some implementations, the communication may use the FIX protocol.

[0040] The distributed system in Figure 1 may include a second participant. The illustrated system includes two second participants 103a and 103b. Second participant 103a is shown in detail. Second participant 103b may include a similar or different structure. In various embodiments, there may be any number of such second participants.

[0041] A second participant, like the first participant, may have a set of trading intentions (e.g., an intention to buy / sell various financial instruments in pursuit of a trading strategy). Such trading intentions are generally securely held in the second participant's order management system. Figure 1 shows a second participant 103a including an order management system 111.

[0042] Such an order management system may include an API that provides authorized systems with read, write, and / or modify functionality to the OMS. A trader using the trader interface may have the authority to input, receive, and / or modify information within the OMS. A second participant system 115 may have the authority to input, receive, and / or modify information within the OMS. The OMS may receive instructions through the API and enable such read, write, and / or modify in response to those instructions.

[0043] In some embodiments, such an OMS receives an order intent to a second participant (e.g., via the trader interface 113), transmits the order to the second participant system 115, receives liquidity assurance indications (e.g., from the trader interface and / or the second participant system for trades approved by the trader), reports the liquidity assurance results to the second participant system, receives and / or modifies the liquidity changes for the order to reflect the liquidity of the executed order.

[0044] The second participant may include one or more trader interfaces. An example of such a trader interface is shown in 113. Such an interface may include a trader workstation that can input and / or engage with trading intentions stored in OMS 111 and orders handled elsewhere via a distributed system or using a graphical user interface. In some embodiments, the trader interface 113 may be used to receive and respond to trading prompts from the second participant system and / or manage trades via an order management system. The second participant may include many trader interfaces in some implementation forms.

[0045] A second participant may include a second participant system 115 that serves as an interface between the second participant and the central system 109. The second participant system may perform the interface between the second participant and the central system 109. For example, the second participant system may interact with the OMS to read information about orders used by the participant system and to filter orders. In another example, the second participant system may interact with the OMS to reserve orders, identify when those orders have been executed, or write or modify information in the OMS. To simplify such interactions, the OMS may communicate with its API and / or snoop and analyze packet communications to and from the OMS.

[0046] The second participant system may interact with the central system, the trader interface, and the OMS. For example, in some embodiments, such a second participant system reads orders from the OMS, receives initial orders from the central system, filters initial orders based on orders read from the second participant's OMS, presents initial orders through the second participant's trader interface, receives confirmed orders from second participants that match the initial orders, and upon receiving confirmed orders, ensures liquidity for confirmed orders in the second participant's OMS; once liquidity is ensured and / or confirmed orders are received, transmits confirmed orders to the central system, receives an indication from the central system that confirmed orders have been filled, and upon receiving the indication that confirmed orders have been filled, modifies the second participant's OMS to indicate that confirmed orders have been filled.

[0047] The identified components of the second participant may include computing devices such as processors, workstations, blades, servers, and displays. The identified components may include software and / or hardware modules capable of performing the functions described herein. The components of the second participant 103a may communicate with each other via the network of the second participant 103a. Such a network is indicated by 104. In some embodiments, such a network may include a LAN or other local real or virtual network with wired and / or wireless components. Communication between elements may be performed using FIX or other protocols. Communication may include encrypted communication to keep the intent of the transaction secure.

[0048] In some embodiments, the central system, the second participant, and / or the first participant's components may operate behind a firewall, so that users cannot see or obtain information. For example, information about the first order in the first participant's OMS may be communicated to the second participant's system at least partially encrypted so that the second participant and other external users cannot see and / or access at least some of that information (e.g., the first order which the second participant is not authorized to see). In some embodiments, a particular first order which the second participant is not authorized to see may be communicated in an encrypted message so that the second participant does not have any information that would require them to decrypt the particular first order from that message, but can see a particular second order contained in that message, either unencrypted or encrypted in a way that the second participant can decrypt.

[0049] Some embodiments may include a data provider 117 that can provide information relating to financial instruments. Such information may be provided via the network 110 in real time at the time the information is created, or when it is first made available to the public, or at another time. The data provider 117 may provide such information in one or more different forms and means, such as video, audio (e.g., radio broadcast), text (e.g., stock ticker type information), or other data that can convey the information. The data may be provided at various different times. In some embodiments, the data may be provided periodically or continuously, for example, via a data feed (e.g., a stream of data including real-time updates of transaction-related information). In some embodiments, the data may be provided after an event, for example, the submission of a transaction or order. In some embodiments, the data provider 117 may provide transaction-related information to a central system 109. In some embodiments, the central system may distribute such information to elements of a distributed system.

[0050] It should be recognized that the various elements of System 100 are shown only as non-limiting examples. Each component, element of a component, and / or the functionality of those elements, and / or components shown or described may be different, identical, or not present in various embodiments. For example, in some embodiments, there may be multiple first participants, one second participant, and / or a remote electronic clearing house that communicates with a central system via a communication network to perform order matching for one of multiple first orders. In another example, in some embodiments, the system may communicate with a remote exchange to comply with the National Markets System (NMS).

[0051] The distributed system 100 may operate to enable a fast, efficient, secure, and available trading environment that improves liquidity distribution, interface disruption, and the use of computing resources on conventional trading systems. Trading intentions that were previously confidential may become available and be securely distributed in an encrypted state to target parties as target participants. In some embodiments, trading intentions may be encrypted and provided simultaneously to multiple target participants via a communication network, and the encrypted trading information may be selectively prepared according to predetermined hazard characteristics of selected target participants and distributed to the selected target participants. Thus, this disclosure provides technical advantages that are technical solutions to technical problems, and may broadly disseminate trading information and limit information leakage by preventing information from spreading from natural opposite parties that constitute selected target participants, limit bandwidth usage by restricting transmissions within participants to highly relevant orders only, limit interface disruption by restricting order presentations to highly relevant orders only, and enable a more optimal allocation of capital sources in a shorter time.

[0052] Some embodiments may include a certain method. Such a method may be performed by a distributed system which includes components such as one or more components of the distributed system 100. Figure 2 shows a flowchart 200 of at least one embodiment of the functionality of such a distributed system.

[0053] It should be understood that each function described in each block may be performed using one or more computer components capable of executing that function. Furthermore, the actions described in these blocks may be performed in any order (including, but not limited to, the order shown in the diagram), and it is not necessary to execute all blocks. Additionally, some blocks may be executed together, simultaneously, and / or as a single action.

[0054] In block 205, system 100 (e.g., central system 109) may monitor the trading activity of participants and determine a participant's harmfulness rating based on that activity. Monitoring of trading activity may include monitoring trading activity occurring on the distributed system 100 and / or monitoring trading activity in the broader market (e.g., through public data and / or information from other exchanges). Monitoring of trading activity may include monitoring the impact of a transaction with a particular participant on the market price of the financial instrument in which the transaction is conducted (e.g., receiving market data from data sources). Harmfulness may refer to the impact of such a transaction on the market price of the financial instrument to the other party.

[0055] In some embodiments, the system may, based on a toxicity assessment, assign a second participant to one of several toxicity levels or groups. For example, these may include a low toxicity group, an intermediate toxicity group, and a high toxicity group. The toxicity assessment may include adding each participant to one of these groups.

[0056] One example of toxicity measurement may be based on trading activity throughout the year (or longer or shorter periods, weighted so that more recent activity items are given greater importance). For example, the performance of a financial instrument 10 seconds before a trade and its performance at various points up to 30 minutes after the trade may be assessed. Alternatively, the assessment may be based on how much the price moved before and after a trade. For example, if the price of a financial instrument regularly increases for a second participant after they purchase it, the second participant has a positive toxicity level. Conversely, in a particular trade, if the price of a financial instrument falls after the second participant purchases it, that trade has a negative toxicity level for the second participant. In some embodiments, the toxicity levels of all trades over a period may be averaged (a weighted average based on time and / or quantity, linear average, etc.). For a particular second participant, for example, if the price always rises after the second participant makes a purchase, the second participant may be considered a highly toxicity and high-cost participant.

[0057] The level of toxicity may be absolute and / or hedge-based. For example, the level of toxicity may be related to how the S&P 500 performed during the monitoring period (or other indices). If a stock outperformed the S&P during the monitoring period, it may still be harmful even if the absolute value of its price fell (for example, fell but not as much as the S&P during that period).

[0058] In some embodiments, the toxicity level may be expressed as a spread (for example, between the best bid and best offer of a financial instrument). For example, the toxicity level may be expressed as multiple spreads. Through normal trading, one might expect toxicity to be approximately half a spread. Toxicity within that range (and / or up to one spread) is considered non-toxic or low. In some embodiments, toxicity may be considered high when the spread is twice the spread. In some embodiments, toxicity may be considered moderate when the spread is between one and two times the spread. It should be recognized that these examples of toxicity levels are just examples, and other embodiments may include other groups and / or levels.

[0059] In some embodiments, second participants may be notified of their toxicity assessments. The second participant system may receive and store toxicity level indicators and use them later to filter and / or display orders. In some embodiments, the first participant system, the second participant system, or a central system may receive the toxicity level indicators of a particular second participant as encrypted data, decrypt the encrypted toxicity level indicators, store the decrypted toxicity level indicators, and use the decrypted toxicity level indicators later for filtering and / or displaying orders. In some embodiments, each second participant's toxicity assessment may be kept secret from that second participant so that other second participants do not know each other's toxicity levels.

[0060] Transactions may be monitored over time, and the toxicity level may be updated based on new information (e.g., continuously, daily, regularly, automatically in response to transactions, etc.).

[0061] Conventional trading systems may avoid highly harmful participants. This could reduce market liquidity and efficiency. System 100 may, by enabling trading despite harmfulness, favorably enhance the speed, availability, and efficiency of the trading system of this disclosure compared to conventional systems.

[0062] In block 210, system 100 (e.g., participant system 107) may identify the first order (e.g., order management system 103) of a first participant 101 designated for order matching distributed through system 100. This identification may be performed by reading information from the order management system via an API, capturing packets of transmissions made to and from OMS 103, communication from trader interface 105 selecting the order of submission to the distributed system, and / or by other means or in response to other inputs. In some embodiments, a specific order in the OMS may be specified using the trader interface to perform order matching through the distributed system. The first order may include an order to buy or sell a certain quantity of a financial instrument (stocks, bonds, financial derivatives, etc.). For example, the first order may be an order to sell 20,000 shares of Google stock at market price. In this example, the current market price can be assumed to be $141.

[0063] In block 215, system 100 (e.g., first participant system 107) may determine the increase in toxicity of the initial order. The increase in toxicity may include a price change from the order price or market price applied based on the toxicity level of the opposing party. The increase in toxicity may be determined in many ways. For example, a user may input the increase in toxicity for the initial order through the trader interface, an order management system may store and provide the increase in toxicity, a universal increase in toxicity may apply to all orders or all orders from the first participant, a trader may set the increase in toxicity based on order parameters, and the increase in toxicity may be determined as a function of the toxicity level of a particular second participant or a particular trader who can trade through the second participant's trader interface. The increase in toxicity may, for example, indicate a price change applied to the toxicity of different levels of opposing parties (e.g., no increase for non-toxic opposing parties, small increase for low levels of toxicity, large increase for high levels of toxicity, etc.). In one embodiment, one or more lookup tables may be configured in the memory of system 100 (e.g., first participant system 107) to store the respective toxicity levels and cross-referenced toxicity increases, and also store the respective toxicity levels of each participant as an opposing party, and system 100 may use the tables to retrieve a specific toxicity increase for a particular potential opposing party, depending on the specific toxicity level of that particular potential opposing party as a second participant.

[0064] In block 220, system 100 may have the initial order and / or increase in harmfulness sent to and received by the central system 109. This may be done after identifying the initial order and / or determining the increase in harmfulness. In this way, the central system can know information that is securely hidden from the public, which may be a liquidity dark pool securely stored in the first participant's order management system. The central system may then be able to use this information to search for matching orders hidden in the liquidity of other dark pools in the second participant's OMS.

[0065] In block 225, information regarding the initial order may be transmitted to a second participant by system 100. The order may be sent from the central system to each of the multiple second participants' respective second participant systems. The second participant systems may receive the order. In some embodiments, sending the order may include sending an increase in the harmfulness for the order.

[0066] In block 230, system 100 (for example, a second participant system 115) may determine the orders of the second participant in the OMS. This may be done for each second participant who is a participant in the distributed system 100. These orders may be determined by reading information from an order management system via an API, capturing packets of transmissions made to and from the OMS 111, communication from a trader interface 113 that selects the order of submission to the distributed system, and / or by other means or in response to other inputs. In some embodiments, a specific order in the OMS may be specified using a trader interface to perform order matching through the distributed system.

[0067] In block 235, system 100 (for example, second participant system 115) may determine whether the second participant has the authority to view the first order. Each second participant system of each second participant may perform a similar determination.

[0068] In some embodiments, determining whether a second participant has the authority to view an order may include determining whether the second participant has a counter-order against the first order in their order management system by referring to the information received from block 225. If there is a counter-order that matches the first order, the second participant may be determined to have the authority to view the first order.

[0069] In block 240, system 100 (e.g., second participant system 115 and / or trader interface 113) may present information about the initial order to the second participant (e.g., a trader using trader interface 113). This information may be displayed through the graphical user interface of the trader interface. Pop-ups or prompts may prompt the second participant to place a confirmed order that completes at least a portion of the initial order. Figure 3 shows an example of a pop-up interface that may be used in several embodiments. This provides the second participant with an efficient, secure, and user-friendly interface experience, enabling advanced information exchange and rapid interaction with the decentralized trading system.

[0070] In some embodiments, the presentation of information may be carried out by each of the second participants who have the authority to view the first order.

[0071] Some embodiments may include determining which of the toxicity increases to apply to the order. For example, the first order may be received by the second participant system along with its toxicity increases. In some embodiments, the toxicity increases may be provided to the second participant system as an amount added to the price of the first order, and the toxicity increases may be provided in the same communication message as the price of the first order, or separately. In some embodiments, an amount equal to the sum of the toxicity increases and the price of the first order may be provided to the second participant system.

[0072] In some embodiments, the second participant system may determine what toxicity level the second participant is currently at. Using the determined toxicity level and the toxicity increase, which is determined from a table in memory as described above or as a function of the toxicity level, the second participant system may apply an appropriate toxicity increase (e.g., an increase in toxicity relative to the participant's toxicity level) to the order price to determine what price to offer for the order. The second participant system adds a premium to the offer presented to the second participant, according to the participant's class.

[0073] In some embodiments, a pop-up window (e.g., a graphical user interface 300) may prompt an authorized trader, through the trader interface 113, to execute or reject an order. For example, the pop-up window may display an option to participate in an offer, such as a button 301. This could also be an option to bid (as in the example) or to cancel the offer, depending on the first participant's trading side of the initial order in the OMS. The pop-up window may also display an option to reject the offer, such as a button 303. The pop-up window may include an option to adjust its size, such as a size interface 305. The pop-up window may also include a display of the price 307 (e.g., the price with increased hazard applied).

[0074] In some embodiments, the central system 109 may monitor the trading activities of second participants in system 100 in real time based on at least one of trading activity information received in real time from data provider 117 via one or more of the network 110 and external communication networks of system 100, or real-time trading activities occurring on system 100. Based on the real-time monitoring of trading activities, the central system 109 may determine different harm levels for each second participant in real time, dynamically and automatically update the harm increase applied to orders for each second participant, and cause the GUI on the display to automatically reload in real time to present the first order with the updated harm increase instead of the first order with the previously determined harm increase.

[0075] In another embodiment, referring to Figure 4, a pop-up window (e.g., a graphical user interface 400) may display a price 402 with an indication of the amount of harm increase applied to the offer price (e.g., +0.02), and this display may be shown on the same or a different display as the display showing the GUI 400.

[0076] In some embodiments where the price is linked to a market price (e.g., the median of the best bid or offer), the price may be continuously updated in accordance with fluctuations in the market price. In other embodiments, referring to Figure 3, the price including the harm increase may be stable for a period of time indicated in the shot clock interface 309, which may represent the time available for a second participant to respond to the offer (e.g., 15 seconds). In yet another embodiment, the price including the harm increase may be expressed as an offset from the market price, which may be stable and / or may be automatically and dynamically adjusted in real time in accordance with market conditions, depending on the embodiment. In yet another embodiment, the price including the harm increase may be expressed as an offset from the market price, which may be automatically and dynamically adjusted in real time in response to changes in the harm increase based on one or more real-time trading activity pieces of information relating to the second participant and real-time market conditions.

[0077] In block 245, the system (e.g., the second participant system 115, the trader interface 113, and / or the central system 109) may receive a request from the second participant to execute a trade that completes at least a portion of the initial order. For example, the second participant may indicate acceptance of the offer by operating the graphical user interface of the trader interface. Information may be transmitted from the trader interface to the second participant system to identify the request.

[0078] In block 250, when a system (for example, the second participant system 115, the trader interface 113, and / or the central system 109) receives a request to execute a trade, it may reserve an offset order in the second participant's OMS. This reservation may be made by communicating a reservation request to the second participant's OMS from the second participant system or the trader interface. This act of reserving an offset order makes the offset order a confirmed order, and while it is reserved, no other exchange or broker can take action against the offset order.

[0079] The receipt of trade execution and liquidity assurance requests in the second participant's OMS may occur in various ways. For example, in some implementations, a trade execution request may be sent to and received by the central system (e.g., sent from the trader interface to the second participant system and then to the central system). The central system may determine that the initial order is still available (e.g., not acquired by another counter-order with a higher time priority). In response to such determination, the central system may request liquidity assurance through the second participant system and the second participant's OMS. If the central system determines that the initial order is unavailable, the central system may notify the second participant system, and liquidity assurance may not occur.

[0080] As another example, liquidity may be secured before the order is notified to the central system. The second participant system may receive a request from the trader interface and, in response, secure liquidity in the OMS. In response to securing liquidity, the second participant system may notify the central system of the order. The central system may then determine whether the initial order is still available. If the initial order is still available, this process may be continued. If the initial order is unavailable (matched elsewhere and / or canceled), the central server may release the liquidity secured for the second participant (for example, through communication with the second participant system 115).

[0081] In block 255, in response to the reservation of an offsetting order in the second participant's OMS, system 100 may attempt to ensure sufficient liquidity in the first participant's OMS to execute the offsetting order. For example, the second participant system 115 may receive an indication that the second participant has accepted the offer relating to the first order and that an offsetting order has been reserved in the second participant's OMS. In response, the second participant system may transmit such information to the central system. The central system may receive information from the second participant's second participant system. If the first order is still valid, upon receiving the information, the central system may transmit the information to the first participant's first participant system requesting a reservation of shares to execute the offsetting order. The first participant system 107 receives this information and, accordingly, may communicate with the first participant's order management system 103 to request a reservation of that number of shares (e.g., 16,000 shares of GOOGLE) through the central system for execution.

[0082] The first participant should understand that they may have purchased all or part of the initial order elsewhere, and that the initial order may be canceled or executed elsewhere during the process described herein. If the initial order has already been executed or canceled elsewhere, the first participant's OMS may not have enough liquidity to execute the offsetting order. In such cases, the trade may be canceled, and the reservation for the offsetting order in the second participant's OMS may be released. Some implementations may have a minimum execution percentage of less than 100% (e.g., 90%) that allows the offsetting order to continue even if liquidity is insufficient.

[0083] In some embodiments, when a reservation request is received by a first participant (e.g., a first participant OMS), a portion of the initial order may be reserved by other entities. In such cases, the first participant may attempt to secure sufficient liquidity to fulfill the opposing order. Such securing may include canceling reservations on other exchanges and / or brokers that have not yet completed their trades. If the first participant can secure sufficient liquidity, the first participant's OMS may reserve shares for the opposing order. Upon receiving a reservation request, the OMS may send a cancellation message to the remote trading partner that is securing liquidity to the OMS in order to ensure sufficient liquidity.

[0084] If the first participant's OMS reflects sufficient liquidity, or if the first participant can guarantee sufficient liquidity, the OMS may reserve the shares and notify the first participant system 107 that the shares have been reserved. In some embodiments, the OMS may reserve the shares for a limited period of time. After that period, the OMS may make the shares public. In other embodiments, the shares may remain reserved until the entity that reserved them actively releases them.

[0085] In block 260, once liquidity is secured in the first participant's OMS, system 100 may simplify the execution of the transaction to complete at least a portion of each of the initial and offsetting orders. Upon receiving information indicating that liquidity has been secured by the OMS 103, the first participant system 107 may communicate with the central system 109 that liquidity has been secured. Upon receiving such information, the central system may take action to execute the transaction. For example, the central system may communicate with a remote electronic clearing house to execute the transaction.

[0086] The price of the trade may be the price of the initial order with an increased toxicity applied to match the toxicity level of the opposing party. Referring to Figures 3 and 4, once the toxicity level and whether the second participant has the authority to view the initial order are determined, this information may be added to the trader interface in the second participant system. Thus, in some embodiments, one initial order may have the ability to match opposing orders with different prices displayed to different opposing parties. An order identifier is used to track the entered opposing orders, and the central system may determine that the opposing orders match a particular initial order, even though the prices may differ due to the increased toxicity.

[0087] In some embodiments, if the price of a trade is outside the NBBO spread, the central system may communicate with remote exchanges to ensure that orders at a better price are included in the trade at a RegNMS protected exchange. In this case, the trade executed at the clearinghouse may not be the agreed total volume. For example, the central system may receive market data indicating that there are orders at one or more remote protected exchanges at a better price than the matched price. The system may communicate with those exchanges to match the orders at those venues before matching the initial order and the opposing order. This may result in an opposing order of the same size as the initial order, or the size of the opposing order minus the orders at a better price at the protected exchange. This remaining order size may be executed to fill the remainder of the initial order and the opposing order. In this way, one of the initial order and the opposing order may be fully executed, while the other may be partially executed (lacking liquidity for the protected order). In some examples, if the initial order is for only a portion of the liquidity in the first participant's OMS, and a portion of the initial order has been executed in an order on a protected exchange, the remaining liquidity in the first participant may be used to execute the remaining portion of the opposing order. In some embodiments, no trade may occur if there is not at least some minimum execution amount (e.g., 90%) for each order.

[0088] In block 265, once a transaction is executed, the system may modify the content of the first participant's OMS and the second participant's OMS. For example, the central system may determine (for example, based on information received from a remote electronic clearing house) that a transaction has been executed with specific parameters (e.g., price, quantity, time). Upon receiving this information, the central system may transmit it to the first participant system 107 and the second participant system 115, respectively. Once the first participant system has received and reflected the information, it may modify the content of its OMS (for example, by using an API to identify that a transaction has been executed in its OMS). Once the second participant system has received and reflected the information, it may modify the content of its OMS (for example, by using an API to identify that a transaction has been executed in its OMS).

[0089] In block 270, subsequent initial orders may be processed through the system due to the liquidity remaining in the first participant's OMS. For example, executing a trade may fill a portion of the initial order that would normally be held in the first participant's OMS. The first participant's OMS may also have pending orders for the same financial instrument (e.g., small total quantities). The remaining liquidity may be processed by a decentralized system. This processing may be similar to the process described herein.

[0090] In some embodiments, the anonymity of the participants may be maintained. The identity of one party may be kept hidden from the other. In this way, information leakage can be further reduced.

[0091] Modern market participants are recognized as developing and implementing trading strategies using incredibly complex algorithms and data processing techniques. These algorithms are executed by some of the world's most powerful computers. However, even such computers have limitations due to their limited resources. By reducing the amount of data required to process trading strategies, the capabilities of these machines can be improved, and the impact of limited computing resources can be extended. By selectively sending harmful trading orders only to approved participants, the amount of data processed and transmitted to execute trades can be reduced. This could potentially reduce processing time, storage requirements, and other computing resources (power, bandwidth, etc.) used to process and implement trading strategies. By selectively sending harmful trading orders, a more user-friendly and efficiently operated market could be created.

[0092] In some embodiments, referring to Figure 4, the shot clock interface 409 on the GUI 400 presentation may be automatically updated in response to the expiration of the available time to respond to the offer, switching from a display of the remaining time for the first offer, for example 1 second, to a display such as "EXPIRED" indicating that the available time to respond to the first offer has expired. In some embodiments, a trader may indicate their desire to trade by operating the GUI 400 and clicking the reload button 404 on the GUI 400. In response to the operation of the reload button, the first participant (or central system) may automatically determine whether the initial order or a portion thereof remains available, and if yes, the trade of the initial order or the remaining available portion thereof may be executed, as described above in embodiments where a trade execution request is made before the shot clock expires. In some embodiments, the shot clock interface 309 may be presented to a second participant through an interface as a real-time countdown clock. In some implementations, an indication that the end of the period has been reached may be sent to a second participant (for example, in addition to the period itself, or instead of the period itself, by changing the color, by making a sound, through an interface, etc.).

[0093] In some embodiments, an indication of the amount of time remaining to execute the initial order may be sent to one or more second participants. In some implementations, an indication that the period has ended may be shown to one or more second participants. In some embodiments, the period for executing the initial order, as displayed in the GUI using a shotdown clock, may vary for each second participant according to their respective different harm levels.

[0094] The above description is included to illustrate the operation of non-limiting examples and does not limit the scope of this disclosure. From the above discussion, many variations will be apparent to those skilled in the art in the relevant field that would still be included in the spirit and scope of this disclosure.

[0095] For example, while examples are given from the perspective of a central system, it should be recognized that other embodiments may not include such a central system. For example, one or more participant systems may, in some implementations, perform one or more functions of a central system. In other implementations, there may be no participant systems or central systems, and the OMS may fulfill the roles of both elements. In yet another example, a role described as part of a participant system may be performed by a central system, an OMS, or the other participant system. For example, in some implementations where the central system maintains order information from the participant's OMS rather than the participant systems, order filtering based on the toxicity level of a second participant approved for a first participant may be performed by the central system.

[0096] As another example, in some embodiments, harm price increases may be performed in a central system rather than in a participant system. Thus, a single increased order may be sent to each second participant. That single order may differ among second participants based on their harm levels. The central system may track each second participant's harm level and selectively apply increases before simultaneously sending orders to each second participant.

[0097] Therefore, this disclosure provides improvements to computers and computer networks by enabling multiple target parties, as second participants, to simultaneously present transaction information, including their respective increased hazards, in real time on their respective GUIs on a display, along with real-time information for taking action to execute the presented transactions. Such improvements in this disclosure are rooted in network and computer technology and overcome specific technical problems that arise in the realm of computer networks and computers. Furthermore, this disclosure provides an improved graphical user interface, thereby increasing the efficiency of computer use for participants. Moreover, the central system may, advantageously, control secure encrypted communication over a communication network with different trading parties in different remote locations who do not wish to reveal their trading intentions to other participants, and provide the secure presentation of selected transaction information in real time on the GUI of the second participant system and the secure exchange of transaction-related information in real time via the central system, automatically responding to actions taken through the GUI of each second participant system. Therefore, this disclosure discloses solutions to software technology problems that arise in the realm of computer networks. The disclosed GUI solution improves the functionality of the technology by enhancing the accuracy of traders' transactions.

[0098] As another example, the central system may include separate order ledgers for each level of toxicity. The initial order may be copied to each order ledger to which the toxicity level applies. The central system may link orders between order ledgers. When an order is executed, that executed order may apply to all orders spanning multiple order ledgers.

[0099] As another example, the initial order may be submitted to system 100 as a confirmed order. In such an example, liquidity is secured by the OMS at the time of submission. Therefore, it may not be necessary to guarantee liquidity to the first participant after matching with the second participant.

[0100] As yet another example, while some embodiments have been described in relation to System 100 and access to a dark pool or OMS, other embodiments may be more generally applicable to trading environments that do not include access to a dark pool or OMS. For example, systems such as FenicsUST and Aquatradingsystem may take advantage of increased participant malpractice.

[0101] It will be readily apparent to any competent engineer that the various processes described here can be carried out, for example, by a properly programmed special-purpose computer or computing device. Typically, a processor (e.g., one or more microprocessors, one or more microcontrollers, one or more digital signal processors) receives instructions (e.g., from a device such as memory) and executes those instructions, thereby executing one or more processes defined by those instructions. The instructions may be embodied, for example, by one or more computer programs, one or more scripts.

[0102] Regardless of the architecture (e.g., chip-level multiprocessing or multicore, RISC, CISC, microprocessors with uncoordinated pipeline stages, pipeline configurations, simultaneous multithreading, microprocessors with integrated graphics processing units, GPGPUs, etc.), the processor may include one or more devices such as microprocessors, central processing units (CPUs), computing devices, microcontrollers, digital signal processors, graphics processing units (GPUs), or any combination thereof.

[0103] Some computing devices may work together to perform each step of a process, or they may work in separate steps of a process, or they may provide basic services to other computing devices that can simplify the execution of the process. Such computing devices may operate under the direction of a central authority. In another embodiment, such computing devices may operate without the direction of a central authority. Examples of devices operating in some or all of these ways may include grid computing systems, cloud computing systems, peer-to-peer computing systems, computer systems configured to provide software as a service, and so on. For example, a device may include a computer system that runs VMware software, where the majority of the processing load is performed on a remote server, but which outputs display information to a local user computer and receives user input information.

[0104] Furthermore, programs implementing such methods (and other types of data as well) may be stored and transmitted in many ways using various media (e.g., computer-readable media). In some embodiments, hardwired circuits or custom hardware may be used in place of, or in combination with, some or all of the software instructions that can implement the processes of various embodiments. Thus, various combinations of hardware and software are available, rather than software alone.

[0105] Computer-readable media can take various forms, including but not limited to non-volatile media, volatile media, and transmission media. Non-volatile media include persistent memory such as optical disks and magnetic disks. Volatile media typically include DRAM (Dynamic Random Access Memory), which constitutes main memory. Transmission media include coaxial cables, copper wires, optical fibers, etc., and also include wires that make up system buses connected to processors. Transmission media may include or carry electromagnetic radiation, such as acoustic waves, optical waves, and radio frequency (RF) and infrared (IR) data communications. Common forms of computer-readable media include, for example, floppy disks, flexible disks, hard disks, magnetic tapes, other magnetic media, CD-ROMs, DVDs, other optical media, punch cards, paper tapes, other perforated physical media, RAM, PROMs, EPROMs, FLASH-EEPROMs, other memory chips and cartridges, carrier waves (described later), and other computer-readable media.

[0106] Various forms of computer-readable media may be involved in transporting data (such as sequences of instructions) to the processor. For example, the data may be (i) delivered from RAM to the processor, (ii) transported via a wireless transmission medium, (iii) formatted and / or transmitted according to a number of formats, standards, and protocols such as Ethernet (or IEEE 802.3), wireless local area network communications as defined in the IEEE 802.11 specification and approved by the WiFi Alliance, SAP, ATP, Bluetooth™, and TCP / IP, TDMA, CDMA, 3G, and / or (iv) encrypted to ensure privacy or to prevent tampering in any of the various methods well known in the art.

[0107] Various embodiments may be configured to operate in a network environment including a computer communicating with one or more devices (for example, via a communication network). The computer may communicate directly or indirectly with the devices via any wired or wireless medium (such as the Internet, LAN, WAN or Ethernet, Token Ring, telephone lines, cable lines, wireless channels, optical communication lines, commercial online service providers, bulletin board systems, satellite communication links, or any combination thereof). Each device itself may communicate with the computer or Intel 登録商標 Pentium 登録商標 , or Centrino TM Atom TM Core TM Other computing devices based on the processor and adapted to communicate with the computer may be configured. Any number and types of devices may be in communication with the computer.

[0108] In one embodiment, a server computer or central authority may not be necessary or desirable. For example, in one embodiment, the present invention may be implemented on one or more devices without a central authority. In such an embodiment, any function described herein as being performed by a server computer, or any data described as being stored on a server computer, may instead be performed by one or more such devices or stored on such devices.

[0109] Where a process is described, in one embodiment the process may operate automatically without user intervention. In another embodiment the process may involve some human intervention (for example, a certain step may be performed by or with the help of a human).

[0110] In some embodiments, an encryption process may be used to convert raw information, called plaintext, into encrypted information. Encrypted information is sometimes called ciphertext, and the algorithm that converts plaintext to ciphertext is sometimes called cryptography. Cryptography is also used to perform the reverse operation, converting ciphertext back to plaintext. Examples of cryptography include substitution ciphers, inverted ciphers, and rotamachine-based cryptography.

[0111] In various encryption methods, encryption may require auxiliary information called a key. A key is, for example, composed of a bit string. A key may be used in combination with encryption to encrypt plaintext. A key may also be used in combination with encryption to decrypt ciphertext. In a category of encryption called symmetric-key algorithms (e.g., private-key cryptography), the same key is used for both encryption and decryption. Thus, the integrity of the encrypted information depends on whether the key is kept secret. Examples of symmetric-key algorithms include DES and AES. In a category of encryption called asymmetric-key algorithms (e.g., public-key cryptography), different keys are used for encryption and decryption. In an asymmetric-key algorithm, anyone in the public may use the first key (e.g., public key) to encrypt plaintext into ciphertext. However, only someone with the second key (e.g., private key) can decrypt the ciphertext back into plaintext. An example of an asymmetric-key algorithm is the RSA algorithm.

[0112] Numerous embodiments are described in this specification, but these are for illustrative purposes only. The embodiments described are not, and are not intended to be, limiting in any sense. The disclosed invention is broadly applicable to a number of embodiments, as is readily apparent from the disclosure. Those skilled in the art will recognize that the disclosed invention can be implemented with various modifications and changes, including structural, logical, software, and electrical alterations. Certain features of the disclosed invention may be described with reference to one or more specific embodiments and / or drawings, but it should be understood that, unless expressly otherwise specified, such features are not limited to use in the one or more specific embodiments or drawings in which they are described. [Note 1] A method for operating a decentralized trading platform, wherein at least one processor is used. This involves monitoring trading activity information in real time via a communication network, which shows the trading activities of each liquidity acquirer and second participant, Based on the aforementioned trading activity information, the toxicity assessment for each of the second participants is determined in real time, Receiving the initial order from the liquidity provider's first participant system via the communication network, Upon receiving the aforementioned initial order, automatically and in real time, Based on the aforementioned toxicity assessments for each of the second participants, an increase in toxicity is determined. Transmit the initial order display information to each of the second participants' second participant systems via the communication network, and display the increase in toxicity corresponding to the second participant on the graphical user interface (GUI) of the display of each of the second participant systems' second participant systems, Receiving a counter-order from a given second participant system via the communication network, Upon receiving the aforementioned counter-order, the system transmits the aforementioned counter-order to the first participant system via the communication network. Receiving a notification from the first participant system via the communication network indicating that the quantity of the financial instrument displayed in the initial order has been reserved, A method comprising receiving the indication that the quantity of the financial instrument is reserved, and facilitating the execution of a transaction to complete at least a portion of the offsetting order and the initial order. [Note 2] The method according to Appendix 1, wherein the increase in a given harm of the second participant to a given second participant is determined as a function of a given harm level corresponding to the given second participant. [Note 3] The method described in Appendix 1, wherein the given increase in harm from the second participant to a given second participant is determined from a lookup table showing the given increase in harm relative to each harm level. [Note 4] The method according to Appendix 1, wherein the trading activity information includes real-time market data received from a remote market data provider via the communication network. [Note 5] The method according to Appendix 1, wherein the given increase in harm of the second participant to a given second participant is transmitted to the given second participant system of the given second participant via the communication network as part of given display information. [Note 6] The method according to Appendix 1, wherein an amount equal to the sum of the given increase in harm of the second participant and the price of the first order is transmitted to the given second participant system of the given second participant via the communication network as part of given display information. [Note 7] The method described in Appendix 1, wherein the display shows the first order along with the respective increase in hazards, which is displayed separately from the display of the price of the first order. [Note 8] The method according to Appendix 1, wherein the display shows the first order along with the respective increase in harmfulness incorporated into the display of the price of the first order. [Note 9] The method according to Appendix 1, wherein transmitting the initial order display information to the second participant system via the communication network causes the display of each of the second participant systems to simultaneously display the price of the initial order along with different increases in harm. [Note 10] The method according to Appendix 1, further comprising controlling, by at least one processor, to respond to the first order by displaying a countdown of remaining available time for at least one second participant corresponding to the at least one second participant system on the display of the shot clock on the GUI of the display of at least one of the second participant systems, via the communication network. [Note 11] With at least one processor, If it is determined that there is no time remaining for at least one of the second participants, In response to the initial order, via the communication network, (i) the shot clock indicates that the available time has expired, and (ii) the display on the GUI is reloaded such that the display that is operable to request execution of the trade to complete the initial order displayed on the GUI is replaced with a display that is operable to request reloading the initial order. The method described in Appendix 10, further comprising controlling... [Note 12] With at least one processor, When it is determined that the display of the request to reload the initial order has been operated, Upon receiving an indication that a second quantity of the financial instrument shown in the aforementioned first order has been reserved, To simplify the execution of a transaction that completes at least a portion of each of the aforementioned counter-orders and the aforementioned initial order, The method described in Appendix 11, further comprising controlling... [Note 13] With at least one processor, For each of the aforementioned second participants, the increase in toxicity is determined based on the toxicity assessment of each of the aforementioned second participants. The method according to Appendix 1, further comprising controlling, in response to the determination of the updated increase in toxicity, to transmit the updated increase in toxicity to each given second participant system of each given second participant in real time via the communication network, causing each given second participant system to reload the graphical user interface, and displaying the updated increase in toxicity instead of the corresponding increase in toxicity in each given second participant system. [Note 14] The method according to Appendix 1, further comprising controlling, by at least one processor, whether the second participant is eligible to see the first order. [Note 15] The method according to Appendix 1, further comprising controlling by at least one processor the transmission of the initial order display information over the communication network to display each of the second participant system's stamps on the GUI as operable buttons for accepting the initial order in which the increase in malpractice is observed. [Note 16] The method according to Appendix 1, further comprising controlling, by at least one processor, the secure storage in a database of the liquidity provider’s trading intentions received from the first participant system via the communication network. [Note 17] The aforementioned transaction intention is encrypted when received via the communication network, and the at least one processor, Decrypting the intention to make the aforementioned transaction, The method described in Appendix 16, which controls storing the intention to make the transaction in the database in a decrypted format. [Note 18] The first order display information is encrypted and transmitted to the second participant system, as described in Appendix 1. [Note 19] A decentralized trading system, A first participant system of liquidity providers, wherein the first participant system Identifying the first order for distributed order matching entered into the trader interface of the first participant system, Transmitting the initial order to the central system of the decentralized trading system via a communication network, A first computing device configured to control the following: The aforementioned central system This involves monitoring in real time, via the aforementioned communication network, the trading activity information of each second participant, who is a liquidity acquirer, and Based on the aforementioned trading activity information, the toxicity assessment for each of the second participants is determined in real time, The system receives the initial order from the first participant system via the aforementioned communication network. Automatically, upon receiving the initial order, and in real time, The increase in toxicity for each of the second participants, based on the aforementioned toxicity assessment, Transmit the initial order display information to each of the second participants' second participant systems via the communication network, and display the increase in toxicity corresponding to the second participant on the graphical user interface of the display of each second participant system's second participant system, Receiving a counter-order from a given second participant system via the communication network, Upon receiving the aforementioned counter-order, the system transmits the aforementioned counter-order to the first participant system via the communication network. Receiving a notification from the first participant system via the communication network indicating that the quantity of the financial instrument displayed in the initial order has been reserved, A second computing device is configured to control the execution of a transaction that, upon receiving the indication that the quantity of the financial instrument is reserved, simplifies the execution of the transaction to complete at least a portion of the offsetting order and the initial order, The first computing device described above is Receiving the counter-order via the aforementioned communication network, The system is configured to control the transmission via the communication network of the indication that the quantity of the financial instrument shown in the initial order is reserved, A decentralized trading system. [Note 20] Further comprising the aforementioned second participant system, Each of the aforementioned second participant systems is: Receiving the initial order display information via the aforementioned communication network, Rendering the display of the first order having the increased toxicity corresponding to the second participant on the graphical user interface, Transmitting a given counter-order via the aforementioned communication network, Configured to control A decentralized trading system as described in Appendix 19, including a third computing device. [Explanation of Symbols]

[0113] 100 Decentralized Systems 101 First participant 102 Network 103 Order Management System 103a Second participant 103b Second participant 104 Network 105 Trader Interface 107 First Participant System 109 Central System 110 Network 111 Order Management System 113 Trader Interface 115 Second Participant System 117 Data Providers

Claims

1. A decentralized trading system, Receive real-time market data from remote computing devices via a communication network in real time. In real time, the system monitors trading activity information showing the real-time trading activities of each of the multiple first participants via the communication network, wherein the multiple first participants are liquidity acquirers, and the real-time market data includes the trading activity information. Based on the aforementioned real-time market data, the toxicity assessment of each of the multiple first participants is determined in real time. The liquidity provider receives the initial order from the second participant system via the aforementioned communication network, and the initial order is securely held in the second participant system. In response to receiving the aforementioned initial order, and before receiving a request to execute a transaction that satisfies at least a portion of the aforementioned initial order, automatically, in real time, The increase in the harmfulness of the order is determined from the harmfulness assessment of each of the multiple first participants. By simultaneously, securely, and selectively transmitting the initial order display information via the communication network to each of the first participant systems of the multiple first participants selected from the multiple first participants, the graphical user interface (GUI) of the display of each of the multiple first participant systems simultaneously displays the price of the order and, separately from the price of the order, the amount of change in price as an increase in harm corresponding to each of the selected first participants. In accordance with the real-time market data, which includes the trading activity information showing the real-time trading activity of each of the selected plurality of first participants, the display of the price change as an increase in harm is automatically, continuously, and dynamically adjusted to the updated price change as an updated increase in harm for each of the selected plurality of first participants. In response to automatically determining the updated price change as an updated increase in toxicity, the GUI of the first participant system is refreshed via the communication network to display the updated price change as an updated increase in toxicity, in addition to the display of the price of the first order, for each of the selected first participants, instead of the display of the price change as an updated increase in toxicity. The system receives an opposing order from a given first participant system of the plurality of first participant systems via the aforementioned communication network. In response to receiving the aforementioned counter-order, the counter-order is transmitted to the second participant system via the communication network. The second participant system receives a notification via the aforementioned communication network indicating that the quantity of the financial instrument displayed in the initial order has been reserved. In response to receiving the indication that the quantity of the financial instrument is reserved, facilitate the execution of a transaction that satisfies at least a portion of the opposite order and the initial order. At least one processor configured as follows: A decentralized trading system equipped with [specific features / features].

2. The apparatus according to claim 1, wherein the increase in a given harm of a plurality of first participants to a given first participant is determined as a function of a given harm level corresponding to a given harm assessment of the given first participant, and the given harm level is from a plurality of harm levels other than the non-harmful level.

3. The apparatus according to claim 1, wherein the given increase in harm to a given first participant by the plurality of first participants is determined from a lookup table displaying a given increase in harm for each of the harm levels corresponding to each harm assessment, and each of the harm levels includes a plurality of harm levels other than the non-harmful level.

4. The apparatus according to claim 1, wherein the given increase in harm to a given first participant by the plurality of first participants is transmitted to the given first participant system of the given first participant via the communication network as part of given display information.

5. The apparatus according to claim 1, wherein an amount equal to the sum of the given increase in harm of a given first participant of a plurality of first participants and the price of the first order is transmitted via the communication network to the given first participant system of the given first participants as part of given display information.

6. The apparatus according to claim 1, wherein the initial order display information is transmitted to the first participant system via the communication network, thereby simultaneously displaying on each display of the first participant system a different display of the price change amount as an increase in harmfulness, along with the price of the initial order.

7. The aforementioned at least one processor is Before receiving a request from one of the plurality of first participants to execute a transaction that satisfies at least a portion of the initial order from a given first participant, For each of the aforementioned first participants, the updated price change, representing an updated increase in toxicity, is automatically, continuously, and dynamically determined from the toxicity assessment of each of the aforementioned first participants. The apparatus according to claim 1, configured as described above.

8. The apparatus according to claim 1, wherein the at least one processor is configured to securely store in a database the trading intentions of the liquidity providers received from the second participant system via the communication network.

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