Systems and methods for trading

Abstract

The present invention is systems and methods for trading. In accordance with these systems and methods, a plurality of trader work stations that are connected to a central server may be provided. Through the work stations and central server, the systems and methods may perform participant qualification, instrument creation, bid/offer entry and response, when hit and take, workup, price retention, price improvement, request for market, bid/off restoration, price generation, position conversion, marking to market, and delivery functions.

1 - 5 . (canceled) 
     
     
         6 . A method for presenting and processing a bid or offer in an electronic trading system, comprising:
 receiving a bid or offer comprising a shown size portion and a hidden size portion from a participant;   presenting the bid or offer to another participant such that the shown size portion is indicated and the hidden size portion is not indicated;   receiving a hit or lift of the bid or offer from the other participant;   determining whether the hit or lift was for less than a total of the shown size portion and the hidden size portion of the bid or offer; and   waiting for an additional hit or lift of the bid or offer when it is determined that the hit or lift was for less that the total of the shown size portion and the hidden size portion of the bid or offer.   
     
     
         7 - 12 . (canceled) 
     
     
         13 . A method for processing a bid or offer in an electronic trading system, comprising:
 receiving the bid or offer from a participant in the electronic trading system;   presenting the bid or offer to another participant in the electronic trading system;   receiving a hit or lift from another participant in the electronic trading system;   determining whether the bid or offer has been cancelled prior to the hit or lift being received; and   notifying the other participant that no trade has taken place when the bid or offer is cancelled prior to the hit or lift having been received.   
     
     
         14 - 25 . (canceled) 
     
     
         26 . A method for tying a price for a price difference trade in a financial instrument in an electronic trading system to a market price for the financial instrument, comprising:
 receiving the market price for the financial instrument;   determining a reference price using the market price; and   indicating to participants in the electronic trading system the price for the price difference trade as a function of the reference price.   
     
     
         27 . The method of  claim 26 , wherein the determining of the reference price comprises setting the reference price equal to the market price. 
     
     
         28 . The method of  claim 26 , wherein the receiving of the market price comprises receiving the current market price. 
     
     
         29 . The method of  claim 26 , wherein the indicating presents the price for the price difference trade by indicating both the reference price and a price difference for the price difference trade. 
     
     
         30 . The method of  claim 26 , wherein the indicating presents the price for the price difference trade by indicating a single combined price. 
     
     
         31 . The method of  claim 30 , further comprising updating the price for the price difference trade upon changes in the market price. 
     
     
         32 - 37 . (canceled)