Providing trading exclusivity/priority based on quantity

Abstract

Systems and methods for providing trading exclusivity/priority in response to quantity of items traded in electronic trading systems is provided. The method preferably includes receiving an incoming order for the item and determining whether the incoming order matches a current order for the item and satisfies a minimum volume requirement. When the incoming order matches a current order for the item and satisfies a minimum volume requirement, the method includes transacting a trade between the incoming order and the current order and providing a predetermined time period of exclusive trading between a participant associated with the incoming order and a participant associated with the current order.

1 . A method for trading an item in an electronic trading system, the method comprising:
 receiving at least one processor an incoming order for the item from at least one server coupled to the at least one processor over a network;   determining by the at least one processor coupled to the at least one server that the incoming order is contra to a current order for the item, includes a volume equal to or greater than a volume of the current order, and satisfies a predetermined minimum volume requirement;   based on the act of determining that the incoming order is contra to a current order, includes a volume equal to or greater than a volume of the current order, and satisfies the predetermined minimum volume requirement:   transacting a trade between the incoming order and the current order in the electronic trading system; and   providing in the electronic trading system a predetermined time period of exclusive trading between a participant associated with the incoming order and a participant associated with the current order.   
     
     
         2 . The method of  claim 1 , in which the act of determining comprises determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time. 
     
     
         3 . The method of  claim 1 , in which the act of determining comprises:
 determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time; and   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time, reducing the minimum volume requirement.   
     
     
         4 . The method of  claim 1 , in which the act of determining comprises:
 determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time; and   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred outside a predetermined window of time, withdrawing the minimum volume requirement.   
     
     
         5 . The method of  claim 1 , wherein the act of determining that the incoming order satisfies the minimum volume requirement comprises using an aggregate trading volume associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied. 
     
     
         6 . The method of  claim 1 , wherein the act of determining that the incoming order satisfies the minimum volume requirement comprises using an aggregate trading volume of a group of participants associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied. 
     
     
         7 . The method of  claim 5 , wherein the act of using an aggregate trading volume of a group of participants to determine that the minimum volume requirement has been satisfied comprises determining that an aggregated daily volume of the group of participants has surpassed a threshold amount. 
     
     
         8 . The method of  claim 1  further comprising adjusting the minimum volume requirement based on time of day. 
     
     
         9 . The method of  claim 1  further comprising adjusting the minimum volume requirement based on trading volatility. 
     
     
         10 . A computer system comprising:
 at least one processor coupled to at least one server;   a memory coupled to the at least one processor, in which the memory stores instructions which, when executed by the processor, direct the at least one processor to:
 receive an incoming order for the item from the at least one processor coupled to the at least one server; 
 determine that the incoming order is contra to a current order for the item, includes a volume equal to or greater than a volume of the current order, and satisfies a predetermined minimum volume requirement; 
 based on the act of determining that the incoming order is contra to a current order, includes a volume equal to or greater than a volume of the current order, and satisfies the predetermined minimum volume requirement:
 transact a trade in an electronic trading system between the incoming order and the current order; and 
 provide a predetermined time period of exclusive trading between a participant associated with the incoming order and a participant associated with the current order. 
 
   
     
     
         11 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time and,   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time, reduce the minimum volume requirement.   
     
     
         12 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time and,   based on the act of determining that at least one of 1) the incoming order, 2) the current order, and 3) the transacting a trade occurred in a predetermined window of time, withdraw the minimum volume requirement.   
     
     
         13 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 adjust the minimum volume requirement based on time of day.   
     
     
         14 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 adjust the minimum volume requirement based on trading volatility.   
     
     
         15 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that the minimum volume requirement has been satisfied based on an aggregate trading volume of a group of participants associated with at least one of the participant associated with the incoming order and the participant associated with the current order to determine that the minimum volume requirement has been satisfied.   
     
     
         16 . The system of  claim 10 , in which the memory stores instructions which, when executed by the processor, further direct the processor to:
 determine that the minimum volume requirement has been satisfied based on an aggregate trading volume associated with at least one of the participant associated with the incoming order and the participant associated with the current order.   
     
     
         17 . A method for trading an item in an electronic trading system, the method comprising:
 during a trading day, receiving at the at least one processor a first incoming order for the item from at least one server coupled to the at least one processor over a network;   determining by the at least one processor coupled to the at least one server that the first incoming order is contra to a first current order for the item, includes a volume equal to or greater than a volume of the first current order, and satisfies a predetermined minimum volume requirement that varies over time during a trading day such that the minimum volume requirement at a first time during the trading day is different from the minimum volume requirement at a second time during the trading day;   based on the act of determining that the first incoming order is contra to the first current order, includes a volume equal to or greater than a volume of the first current order, and satisfies the predetermined minimum volume requirement, transacting a trade between the first incoming order and the first current order in the electronic trading system;   during the trading day, adjusting, by the at least one processor coupled to the at least one server, the predetermined minimum volume requirement;   during the trading day, receiving, by the at least one processor coupled to the at least one server, a second incoming order for the item from the at least one server;   determining, by the at least one processor coupled to the at least one server, that the second incoming order is contra to a second current order for the item, includes a volume equal to or greater than a volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement; and   based on the act of determining that the second incoming order is contra to the second current order for the item, includes a volume equal to or greater than the volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement, transacting a trade during the trading day between the incoming order and the current order in the electronic trading system.   
     
     
         18 . The method of  claim 17 , further comprising:
 based on the act of determining that the first incoming order is contra to the first current order, includes a volume equal to or greater than a volume of the first current order, and satisfies the predetermined minimum volume requirement, providing a predetermined time period of exclusive trading between a participant associated with the first incoming order and a participant associated with the first current order; and   based on the act of determining that the second incoming order is contra to the second current order for the item, includes a volume equal to or greater than the volume of the second current order, and satisfies the adjusted predetermined minimum volume requirement, providing a predetermined time period of exclusive trading between a participant associated with the second incoming order and a participant associated with the second current order.