| 摘要 |
Various embodiments are directed to a trading system and method for identifying interest and qualifying users to participate in an auction. The system may receive indicia indicating a first user's desire to trade a product or type. The system may determine that there is no matching counter-interest in the product or type. The system may qualify a subset of users to participate in an auction for the trading product based on each user's portfolio, order history, trade history, or specified interest. The system may determine an auction price for the trading product. Each user may view the trading product, the price, the auction start time, and fields for entering a bid or offer volume. The system may start the auction at the designated price for the subset of users. The system may match and execute all or portions of a bid and offer received before the end of the auction. |
| 主权项 |
1. A method of managing trading of a trading product of a first type, comprising:
receiving, by at least one processor, indicia indicating that a first user desires to trade one of (1) the trading product and (2) the type of trading product; determining, by the at least one processor, that there is no currently active matching contra interest to trade the one of (1) the trading product and (2) the type of trading product in an electronic market place; qualifying, by the at least one processor, each of a plurality of users to participate in an auction for the trading product based on at least one of (a) a portfolio of the user, (b) a trade history of the user, (c) an order history of the user, (d) one or more outstanding orders of the user, and (e) trading interest specified by the user, in which the plurality of users comprising the first user, the plurality of users consisting of a subset of users of the electronic marketplace; determining, by the at least one processor, a trading price for the auction for the trading product; causing, by the at least one processor, a display device of each of the plurality of users to display:
indicia identifying the trading product;the price;an auction start time;an auction end time;a bid quantity field for entering a quantity of the trading product offered to purchase; andan offer quantity field for entering a quantity of the trading product offered for sale; starting, by the at least one processor, an auction at the price for the plurality of users; prior to the auction end time, receiving, by the at least one processor, at least one bid to purchase the trading product and at least one offer to sell the trading product, the at least one bid comprising a first-received bid to purchase a first quantity of the trading product, the at least one offer comprising a first-received offer to sell a second quantity of the trading product; and matching and executing, by the at least one processor, at least a portion of the first quantity of the first-received bid with at least a portion of the second quantity of the first-received offer. |
