US 12,346,967 B2
Systems and methods for maintaining the viability of a good-until-bettered order type in electronic trading systems
Howard W. Lutnick, New York, NY (US); Kevin M. Foley, New York, NY (US); Joseph Noviello, Summit, NJ (US); and Michael Sweeting, Aldershot (GB)
Assigned to BGC PARTNERS, INC., New York, NY (US)
Filed by BGC PARTNERS, INC., New York, NY (US)
Filed on Nov. 7, 2023, as Appl. No. 18/503,348.
Application 16/702,072 is a division of application No. 13/887,486, filed on May 6, 2013, abandoned.
Application 18/503,348 is a continuation of application No. 17/876,704, filed on Jul. 29, 2022, granted, now 11,847,701.
Application 17/876,704 is a continuation of application No. 16/702,072, filed on Dec. 3, 2019, granted, now 11,403,704, issued on Aug. 2, 2022.
Application 13/887,486 is a continuation of application No. 11/407,509, filed on Apr. 20, 2006, granted, now 8,438,097, issued on May 7, 2013.
Claims priority of provisional application 60/673,614, filed on Apr. 20, 2005.
Prior Publication US 2024/0070785 A1, Feb. 29, 2024
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 30/00 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 14 Claims
OG exemplary drawing
 
1. A method of trading items on an electronic trading system, the method comprising:
controlling, by at least one processor:
receiving, over a communication network, from a first computing device, a good-until-bettered bid;
specifying a good-until-bettered duration for the good-until-bettered bid, from a good-until-bettered duration setting which is based on real time market information received over the communication network;
automatically responsive to receiving the good-until-bettered bid, activating an electronic timer to time the good-until-bettered duration;
determining whether a bid that tops the good-until-bettered bid by at least a predetermined amount is received, over the communication network from a second computing device, by the electronic trading system;
determining, based on a timing being timed by the electronic timer, whether the good-until-bettered bid remains in the electronic trading system for the good-until-bettered duration; and
automatically responsive to determining that the bid that tops the good-until-bettered bid remains in the electronic trading system for the good-until-bettered duration, canceling the good-until-bettered bid and immediately generating a second order on behalf of a user of the first computing device with which the good-until-bettered bid is associated.