Electronic trading system supporting indicators of interest

Abstract

A system conducts anonymous negotiations and supports indications of interest in trading stock. The system includes a database for storing public orders received from a public stock trading system; and a server for receiving hidden orders from a plurality of users and for conducting anonymous negotiations between first and second users with the hidden orders. The server repeatedly accesses the database to determine a match of any one of the hidden orders with any one of the public orders, and to execute a pair of orders selected from the hidden orders and the public orders. The system also transmits indications of interest (IOIs) into a trading environment using the server for processing a trading order from a first user and for maintaining a profile of a user. The profile includes a current IOI setting for controlling transmission of the IOI from the user. The server responds to a toggle command from the first user to control transmission of the RN opposite to the current RN setting. The server responds to the ICH setting being set to allow transmission by transmitting the IOI of the first user associated with the trading order.

1 . A non-transitory computer readable medium having executable code stored thereon, that when executed, causes a computing device to perform operations comprising:
 determining whether to transmit an executable indication of interest for an order for a stock based on information relating to the order;   transmitting the executable indication of interest to at least one user station based on the determination;   executing without negotiation a trade for the order.   
     
     
         2 . The non-transitory computer readable medium of  claim 1 , wherein the operation of determining whether to transmit an executable indication of interest for an order for a stock based on information relating to the order comprises:
 determining a value of an indication of interest setting from a user profile or an initiator who transmitted the order.   
     
     
         3 . The non-transitory computer readable medium of  claim 1 , wherein the operation of determining whether to transmit an executable indication of interest for an order for a stock based on information relating to the order comprises:
 determining, from a user profile of an initiator who transmitted the order, whether the initiator is an institutional trader.   
     
     
         4 . The non-transitory computer readable medium of  claim 1 , wherein the operation of transmitting the executable indication of interest to at least one user station based on the determination comprises:
 comparing the order to a threshold quantity; and   the order exceeds the threshold quantity, transmitting the executable indication of interest.   
     
     
         5 . The non-transitory computer readable medium of  claim 1 , wherein the operation of transmitting the executable indication of interest to at least one user station based on the determination comprises:
 determining if a combined quantity of a same stock as the stock from the order from all uncancelled orders exceeds a predetermined threshold; and   transmitting the executable indication of interest if the combined quantity exceeds the predetermined threshold.   
     
     
         6 . The non-transitory computer readable medium of  claim 1 , wherein the operation of executing without negotiation a trade for the order comprises:
 matching the order with an order retrieved from a database storing public orders to generate a matched trade associated with the executable indication of interest;   executing the matched trade based on execution of the indication of interest from at least one user station.   
     
     
         7 . The non-transitory computer readable medium of  claim 1 , wherein the order is a hidden order. 
     
     
         8 . A method for trading stock between user stations connected by an electronic trading system including at least one computing device, comprising:
 determining, by the at least one computing device, whether to transmit an executable indication of interest for an order for a stock based on information relating to the order;   transmitting, by the at least one computing device, the executable indication of interest to at least one user station based on the determination;   executing, by the at least one computing device, without negotiation a trade for the order.   
     
     
         9 . The method of  claim 8 , wherein determining whether to transmit an executable indication of interest for an order for a stock based on information relating to the order comprises:
 determining a value of an indication of interest setting from a user profile or an initiator who transmitted the order.   
     
     
         10 . The method of  claim 8 , wherein transmitting the executable indication of interest to at least one user station based on the determination comprises:
 comparing the order to a threshold quantity; and   if the order exceeds the threshold quantity, transmitting the executable indication of interest.   
     
     
         11 . The method of  claim 8 , wherein transmitting the executable indication of interest to at least one user station based on the determination comprises:
 comparing the order to a threshold quantity; and   if the order exceeds the threshold quantity, transmitting the executable indication of interest.   
     
     
         12 . The method of  claim 8 , wherein transmitting the executable indication of interest to at least one user station based on the determination comprises:
 determining if a combined quantity of a same stock as the stock from the order from all uncancelled orders exceeds a predetermined threshold; and   transmitting the executable indication of interest if the combined quantity exceeds the predetermined threshold.   
     
     
         13 . The method of  claim 8 , wherein executing without negotiation a trade for the order comprises:
 matching the order with an order retrieved from a database storing public orders to generate a matched trade associated with the executable indication of interest;   executing the matched trade based on execution of the indication of interest from at least one user station.   
     
     
         14 . The method of  claim 8 , wherein the order is a hidden order. 
     
     
         15 . An electronic trading system for trading stock, comprising:
 a server comprising:
 a memory; and 
 a server configured for:
 determining whether to transmit an executable indication of interest for an order for a stock based on information relating to the order; 
 transmitting the executable indication of interest to at least one user station based on the determination; 
 executing without negotiation a trade for the order. 
 
   
     
     
         16 . The system of  claim 15 , wherein the server is further configured for:
 determining a value of an indication of interest setting from a user profile or an initiator who transmitted the order.   
     
     
         17 . The system of  claim 15 , wherein the server is further configured for:
 determining, from a user profile of an initiator who transmitted the order, whether the initiator is an institutional trader.   
     
     
         18 . The system of  claim 15 , wherein the server is further configured for:
 comparing the order to a threshold quantity; and   if the order exceeds the threshold quantity, transmitting the executable indication of interest.   
     
     
         19 . The system of  claim 15 , wherein the server is further configured for:
 determining if a combined quantity of a same stock as the stock from the order from all uncancelled orders exceeds a predetermined threshold; and   transmitting the executable indication of interest if the combined quantity exceeds the predetermined threshold.   
     
     
         20 . The system of  claim 15 , wherein the server is further configured for:
 matching the order with an order retrieved from a database storing public orders to generate a matched trade associated with the executable indication of interest;   executing the matched trade based on execution of the indication of interest from at least one user station.   
     
     
         21 . The system of  claim 15 , wherein the order is a hidden order.