US 12,112,376 B2
Method and system for order management
Howard W. Lutnick, New York, NY (US); Dean P. Alderucci, Westport, CT (US); Andrew Fishkind, New York, NY (US); Brian L. Gay, New York, NY (US); Kevin Foley, New York, NY (US); Mark Miller, Chicago, IL (US); and Charles Plott, Pasadena, CA (US)
Assigned to CFPH, LLC, New York, NY (US)
Filed by CFPH, LLC, New York, NY (US)
Filed on Jul. 17, 2023, as Appl. No. 18/222,518.
Application 18/222,518 is a continuation of application No. 17/370,062, filed on Jul. 8, 2021, granted, now 11,748,808.
Application 17/370,062 is a continuation of application No. 16/246,674, filed on Jan. 14, 2019, granted, now 11,068,983, issued on Jul. 20, 2021.
Application 16/246,674 is a continuation of application No. 14/263,112, filed on Apr. 28, 2014, abandoned.
Application 14/263,112 is a continuation of application No. 12/237,976, filed on Sep. 25, 2008, granted, now 8,712,903, issued on Apr. 29, 2014.
Prior Publication US 2023/0360130 A1, Nov. 9, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01); G06F 16/9538 (2019.01); G06Q 30/08 (2012.01); G06Q 40/00 (2023.01); G06Q 40/06 (2012.01)
CPC G06Q 40/04 (2013.01) [G06F 16/9538 (2019.01); G06Q 30/08 (2013.01); G06Q 40/00 (2013.01); G06Q 40/06 (2013.01)] 18 Claims
OG exemplary drawing
 
1. A method comprising;
controlling, by at least one processor:
receiving, via a communication network, from at least one remote device of a first market participant, an indication of a first order, in which the first order is for execution of a trade at a price determined by a first pricing model;
querying, via the communication network through a port, at least one order management system of a second market participant likely to positively respond to the first order;
determining whether a response indicating a second order of the second market participant matching the first order is stored in the at least one order management system is received from the at least one order management system via the communication network, in which the second order is for execution of a trade at a price determined by a second pricing model;
when the first order is determined to match the second order, displaying, via the communication network, on a display of the at least one remote device, an indication of a time period being counted down by the at least one processor;
receiving, via the communication network, from the at least one remote device, an indication of a request to cancel the first order;
responsive to receiving the indication of the request to cancel, in real time:
determining whether the indication of the request to cancel is received during the time period,
when the indication of the request to cancel is determined to be received during the time period, constraining cancelation of the first order during the time period and queuing the request to cancel until the time period expires, and
when the indication of the request to cancel is determined to be received after the time period, and a determination of whether (i) data representing a matching order to the first order is stored in the at least one order management system and (ii) a response indicating acceptance into a trade that fulfills at least a portion of the first order is received via the communication network during the time period from the at least one order management system, has not been completed before receipt of the indication of the request to cancel, canceling the first order; and
facilitating an automatic execution of a trade fulfilling at least part of the first order and at least part of the second order, in which the execution is without the first market participant and the second market participant receiving notification before execution of the trade.