Patent ID: 11941695
Assignee: BGC PARTNERS, INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. An apparatus comprising:
one or more processors of an electronic trading venue, in which the one or more processors is configured to control:
receiving, over a communication network, an indication of a swap contract from a first remote computing device of a first market participant;
in response to receiving the indication of the swap contract, displaying, over the communication network, a public announcement of a potential crossing of the swap contract on second user interfaces respectively of second remote computing devices of second market participants;
in response to receiving the indication of the swap contract, timing using a first electronic timer of the apparatus a first period of time and assigning a numerical identifier to the potential crossing;
in response to receiving the indication of the swap contract,
displaying, over the communication network, on a first user interface of the first remote computing device, a progress bar together with a first countdown timer showing a real time count down of the first period of time being timed on the first electronic timer, and
disabling, over the communication network, during the first period of time, an operation state of the first remote computing device that provides a functionality at the first remote computing device to submit a request for cross;

after the first period of time has passed, and for a second period of time timed on a second electronic timer of the apparatus, enabling, over the communication network, the operation state of the first remote computing device that provides the functionality to submit the request for cross;
after the first period of time has passed, displaying, over the communication network, on the first user interface the first countdown timer with an indication that the first period of time is over, and the progress bar together with a second countdown timer showing a real time count down of the second period of time being timed on the second electronic timer;
displaying, over the communication network, on a first user interface of the first remote computing device two parties, a ticker symbol of the swap contract, the numerical identifier, a price and a quantity;
receiving, over the communication network, the request for cross from the first remote computing device during the second period of time, in which the request for cross identifies the two parties, the ticker symbol of the swap contract, the numerical identifier, the price and the quantity;
verifying that the request for cross includes the numerical identifier;
determining that no better price than the price for the request for cross exists in a market for either of the two parties;
determining that an equal price to the price for one of the two parties with a better time priority than the request for cross exists in the market;
determining, based on the ticker symbol of the swap contract and a database mapping ticker symbols and clearinghouses, a clearinghouse for the cross; and
in response to verifying the numerical identifier, determining that no better price than the price exists and determining the clearinghouse, facilitating execution of the cross between the two parties at the price and for the quantity through the clearinghouse.