Systems and methods for implementing post-matching trading

Abstract

Systems and methods for implementing post-matching trading are provided. A financial instrument transaction system may include a database configured to store financial instrument information for reference entities; a memory for storing execution instructions; and a processor. The processor may execute the instructions. The processor may initiate a trading session for a predetermined duration. Prior to and during the trading session, the processor may receive from a plurality of trader clients trading instructions associated with the reference entity. The instructions may include either a buy or sell position and a price. At the end of the trading session, the processor may determine, based on predefined criteria, whether the trading session qualifies for a post-matching session. If the trading session qualifies for a post-matching session, the processor may provide a graphical user interface to a selected group of traders for trading in the post-matching session.

1 - 14 . (canceled) 
     
     
         15 . An apparatus comprising
 a display device;   a memory device;   at least one processor to:
 receive data indicative of a fixed price for a financial instrument, the fixed price being generated from a matching algorithm; 
 identify whether a post matching phase is permitted based on a predefined setting; 
 in response to determining that the post matching phase is permitted, rendering on the display device a graphical user interface, the graphical user interface comprising the financial instrument and an alternate price, different from the fixed price, and an indicator that the financial instrument is tradeable at the alternate price; 
 in response to determining that the post matching phase is not permitted, prevent display of the graphical user interface; and 
 permit entry of a trade at the alternate price during a predetermined time. 
   
     
     
         16 . The apparatus of  claim 15 , wherein the at least one processor is further configured to identify whether the predetermined time has expired and extend the predetermined time, when a bid and an offer for the financial instrument based on the alternate price is pending. 
     
     
         17 . The apparatus of  claim 16 , wherein the financial instrument is a credit default swap contract. 
     
     
         18 . The apparatus of  claim 15 , wherein the at least one processor is further configured to detect entry of a bid price or offer price for the financial instrument via the graphical user interface and identify whether the entered bid price or offer price is within a certain number of basis points from the alternate price. 
     
     
         19 . The apparatus of  claim 15 , wherein the predefined setting is associated with user permissions. 
     
     
         20 . The apparatus of  claim 15 , wherein the predefined setting is associated with flag field setting. 
     
     
         21 . The apparatus of  claim 15 , wherein the at least one processor is further configured to permit the post matching phase in response to determining that a best unfilled bid or best unfilled offer for the financial instrument was entered via the graphical user interface, before the matching algorithm generated the fixed price. 
     
     
         22 . The apparatus of  claim 15 , wherein the at least one processor is further configured to:
 detect entry of a bid price or offer price for the financial instrument; d   detect that a size was not entered; and   in response to detecting that a size was not entered, prevent transmission of an order for the financial instrument for the entered bid price or offer price.   
     
     
         23 . The apparatus of  claim 15 , wherein the at least one processor is further configured to:
 detect entry of a size for the financial instrument;   detect that a bid price or offer price for the financial instrument was not entered; and   in response to detecting that the bid price or the offer price was not entered, automatically display the fixed price on the graphical user interface.   
     
     
         24 . A method comprising
 receiving, by at least one processor, data indicative of a fixed price for a financial instrument, the fixed price being generated from a matching algorithm;   identifying, by the at least one processor, whether a post matching phase is permitted based on a predefined setting;   in response to determining that the post matching phase is permitted, displaying, by the at least one processor, a graphical user interface comprising the financial instrument and an alternate price, different from the fixed price, and an indicator that the financial instrument is tradeable at the alternate price;   in response to determining that the post matching phase is not permitted, preventing, by the at least one processor, display of the graphical user interface; and   permitting, by the at least one processor, entry of a trade at the alternate price during a predetermined time.   
     
     
         25 . The method of  claim 24 , further comprising:
 identifying, by the at least one processor, whether the predetermined time has expired; and   extending, by the at least one processor, the predetermined time, when a bid and an offer for the financial instrument based on the alternate price is pending.   
     
     
         26 . The method of  claim 25 , wherein the financial instrument is a credit default swap contract. 
     
     
         27 . The method of  claim 24 , further comprising:
 detecting, by the at least one processor, entry of a bid price or offer price for the financial instrument via the graphical user interface; and   identifying, by the at least one processor, whether the entered bid price or offer price is within a certain number of basis points from the alternate price.   
     
     
         28 . The method of  claim 24 , wherein the predefined setting is associated with user permissions. 
     
     
         29 . The method of  claim 24 , wherein the predefined setting is associated with flag field setting. 
     
     
         30 . The method of  claim 24 , further comprising permitting, by the at least one processor, the post matching phase, in response to determining that a best unfilled bid or best unfilled offer for the financial instrument was entered via the graphical user interface. 
     
     
         31 . The method of  claim 24 , further comprising:
 detecting, by the at least one processor, entry of a bid price or offer price for the financial instrument; d   detecting, by the at least one processor, that a size was not entered; and   in response to detecting that a size was not entered, preventing, by the at least one processor, transmission of an order for the financial instrument for the entered bid price or offer price.   
     
     
         32 . The method of  claim 24 , further comprising:
 detecting, by the at least one processor, entry of a size for the financial instrument;   detecting, by the at least one processor, that a bid price or offer price for the financial instrument was not entered; and   in response to detecting that the bid price or the offer price was not entered, automatically displaying, by the at least one processor, the fixed price on the graphical user interface.