Systems and methods for anonymous electronic trading

Abstract

Systems and methods for anonymous electronic trading that allow a trader to hide his or her identity and inhibit trading interactions are provided. Using these systems and methods, a trader can, using various trading interfaces, control a level of trading anonymously and configure warnings that are provided to protect against inadvertent completion of potential-risk-involved trades.

1 . An apparatus comprising:
 an electronic trading system configured to:
 receive a first indication of an order from a first trader through a communication network, in which the order includes at least one of an order to buy a financial instrument and an order to sell a financial instrument, in which the order is defined by a plurality of order characteristics, 
 in response to receiving the indication of the order, transmitting, though the communication network, a second indication of the order to a trading computer device associated with a second trader, and 
 only if an indication that a trade between the first trader and the second trader that fulfills the order should be executed is received from the trading computer and through the communication network, facilitating execution of the trade without a solicitation of the first trader; and 
   the trading computer device associated with the second trader, in which the trading computer device is configured to:
 receive, from the second trader, an indication of at least one order characteristic, 
 receive, through the communication network, the second indication of the order, 
 in response to receiving the second indication of the order, determine whether the order includes the at least one order characteristic, 
 only if the order is determined to include the at least one characteristic, presenting the order to the second trader, 
 if the order is determined not to include the at least one characteristic, withholding a presentation of the order to the second trader, and 
 only if the order is determined to include the at least one characteristic and an indication to enter into the trade is received from the second trader, transmitting, through the communication network, the indication that the trade should be executed to the electronic trading system. 
   
     
     
         2 . The apparatus of  claim 1 , in which execution of the trade without the solicitation includes an automatic acceptance of the full trade. 
     
     
         3 . The apparatus of  claim 1 , in which the characteristic includes at least one of a characteristic of the first trader, a characteristic of a submission method of the order, and a characteristic related to dollar amounts. 
     
     
         4 . The apparatus of  claim 1 , in which the trading computer device includes a workstation. 
     
     
         5 . The apparatus of  claim 1 , in which the electronic trading system includes a processor. 
     
     
         6 . The apparatus of  claim 1 , in which the trade includes a trade that fulfills a portion of the order. 
     
     
         7 . The apparatus of  claim 1 , in which execution of the trade without the solicitation includes an automatic acceptance of the full trade, in which the characteristic includes at least one of a characteristic of the first trader, a characteristic of a submission method of the order, and a characteristic related to dollar amounts, in which the trading computer device includes a workstation, in which the electronic trading system includes a processor, and in which the trade includes a trade that fulfills a portion of the order. 
     
     
         8 . An apparatus comprising:
 a computer device configured to:
 receive, from the trader, an indication of at least one order characteristic, 
 receive, through a communication network, a second indication of an order, in which the order includes at least one of an order to buy a financial instrument and an order to sell a financial instrument, in which the order is defined by a plurality of order characteristics, 
 in response to receiving the second indication of the order, determine whether the order includes the at least one order characteristic, 
 only if the order is determined to include the at least one characteristic, presenting the order to the trader, 
 if the order is determined not to include the at least one characteristic, withholding a presentation of the order to the trader, and 
 only if the order is determined to include the at least one characteristic and an indication to enter into a trade that fulfills the order should be executed is received from the trader, facilitating an execution of the trade without solicitation of an originator of the order. 
   
     
     
         9 . The apparatus of  claim 8 , in which execution of the trade without the solicitation includes an automatic acceptance of the full trade by the originator. 
     
     
         10 . The apparatus of  claim 8 , in which the characteristic includes at least one of a characteristic of the first trader, a characteristic of a submission method of the order, and a characteristic related to dollar amounts. 
     
     
         11 . The apparatus of  claim 8 , in which the computer device includes a workstation. 
     
     
         12 . The apparatus of  claim 8 , in which the trade includes a trade that fulfills a portion of the order. 
     
     
         13 . The apparatus of  claim 8 , in which facilitating execution includes transmitting, through the communication network, an indication that the trade should be executed to the electronic trading system. 
     
     
         14 . The apparatus of  claim 8 , further comprising:
 a second computer device configured to:
 receive an indication of the order from the originator through the communication network, 
 in response to receiving the indication of the order, transmitting, though the communication network, the second indication to the computer device, in which the second indication is received by the computer device from the second computer device, and 
 only if the order is determined to include the at least one characteristic and an indication to enter into a trade that fulfills the order should be executed is received from the trader, facilitating execution of the trade without the solicitation. 
   
     
     
         15 . The apparatus of  claim 8 , further comprising:
 a second computer device configured to:
 receive an indication of the order from the originator through the communication network, 
 in response to receiving the indication of the order, transmitting, though the communication network, the second indication to the computer device, in which the second indication is received by the computer device from the second computer device, and 
 only if the order is determined to include the at least one characteristic and an indication to enter into a trade that fulfills the order should be executed is received from the trader, facilitating execution of the trade without the solicitation; and 
   in which execution of the trade without the solicitation includes an automatic acceptance of the full trade by the originator, in which the characteristic includes at least one of a characteristic of the first trader, a characteristic of a submission method of the order, and a characteristic related to dollar amounts, in which the computer device includes a workstation, in which the trade includes a trade that fulfills a portion of the order, and in which facilitating execution includes transmitting, through the communication network, an indication that the trade should be executed to the electronic trading system.