US 11,720,965 B2
System and method for matching trading orders based on priority
Matthew W. Claus, Summit, NJ (US); Kevin M. Foley, New York, NY (US); Joseph C. Noviello, Summit, NJ (US); and Howard W. Lutnick, New York, NY (US)
Assigned to BGC PARTNERS, INC., New York, NY (US)
Filed by BGC PARTNERS, INC., New York, NY (US)
Filed on Jun. 3, 2021, as Appl. No. 17/337,471.
Application 17/337,471 is a continuation of application No. 16/553,520, filed on Aug. 28, 2019, granted, now 11,030,693.
Application 16/553,520 is a continuation of application No. 13/940,627, filed on Jul. 12, 2013, granted, now 10,424,015, issued on Sep. 24, 2019.
Application 13/940,627 is a continuation of application No. 11/499,833, filed on Aug. 3, 2006, granted, now 8,494,951, issued on Jul. 23, 2013.
Claims priority of provisional application 60/706,109, filed on Aug. 5, 2005.
Prior Publication US 2021/0287292 A1, Sep. 16, 2021
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 40/04 (2012.01); G06Q 40/06 (2012.01)
CPC G06Q 40/04 (2013.01) [G06Q 40/06 (2013.01)] 11 Claims
OG exemplary drawing
 
1. An apparatus comprising:
at least one processor configured to control:
receiving, over a communication network, a first trading order for a trading product via a computing device of a first trader, in which the first trading order includes a display portion and a reserve portion, and wherein the display portion of the first trading order is displayed on at least one interface screen of at least one display device of at least one first trading workstation, wherein the first trading order is an offer;
receiving, over the communication network, a second trading order for the trading product via a computing device of a second trader, in which the second trading order is received subsequently to the first trading order, in which the second trading order includes a display portion and a reserve portion, and wherein the display portion of the second trading order is displayed on at least one interface screen of at least one electronic display device of at least one second trading workstation, wherein the second trading order is an offer;
receiving, over the communication network, from a computing device of a counterparty trader, a counterorder for the trading product, wherein the counterorder is a take;
automatically filling the display portion of the first trading order using the counterorder;
automatically filling the display portion of the second trading order using the counterorder;
after automatically filling the display portion of the second trading order and based on the first trading order being received before the second trading order, exclusively offering, over the communication network, through a user interface of a remote computing device of a plurality of remote computing devices configured to communicate trading commands to the apparatus, at least a portion of the counterorder to the first trader for a configurable period of time without offering any portion of the counterorder to the second trader until at least the configurable period of time expires and preventing the reserve portion of the first trading order from being disclosed to given traders with the exception of the counterparty trader;
receiving from the first trader an acceptance of at least a part of the at least a portion of the counterorder during the configurable period of time;
responsive to receiving from the first trader an acceptance of at least a part of the at least a portion of the counterorder during the configurable period of time, extending the configurable period of time to an extended configurable period of time; and
exclusively offering a second part of a remaining portion of the counterorder to the first trader for the extended configurable period of time.