Patent ID: 7698187
Filing Date: 2010-04-13
Classification: G06Q

Abstract:
1. A system for facilitating trading of equity and index options, each option being assigned to a class, each class including a plurality of predetermined series of options, and the system comprising: a server at which each option is actively traded; and an interface in communication with the server, the interface being configured to enable at least one of a bid and an offer for an option to be entered, wherein the server is configured to receive bids and offers for each option via the interface, and wherein the interface is further configured to enable a first user to simultaneously enter a plurality of bids and offers within a single message, wherein the number of entered bids and offers is not greater than a first maximum, and wherein a quote for each bid or offer is required to fall within a first predetermined range of values for all series within the class; and wherein the interface is further configured to enable a second user to simultaneously enter a plurality of bids and offers within a single message, wherein the number of entered bids and offers is not greater than a second maximum, and wherein a quote for each bid or offer is required to fall within a second predetermined range of values for a predetermined set of series within the class, the predetermined set not including all series within the class; and wherein the interface is further configured to enable a third user to enter an individual bid or offer within a single message with no restriction on a quote for the entered bid or offer; and wherein when at least one bid or offer entered by the first user results in a trade, the server is further configured to compute a delta corresponding to a trade, the delta being selected from the group consisting of a volume of the trade and a total number of bids and offers associated with the trade; and, when a subsequent at least one bid or offer entered by the first user results in a subsequent trade, the server is further configured to track a first user cumulative delta by adding a delta corresponding to the subsequent trade to a sum of the previous deltas; wherein, when the first user cumulative delta exceeds a predetermined delta limit, the server is configured to enable the first user to withdraw all outstanding bids and offers that were simultaneously entered by the first user.