1. A method for evaluating the quality of a data eye associated with a signal, comprising:
sampling said signal for a plurality of different phases;
evaluating said samples to evaluate one or more of a height and width of said data eye; and
determining whether said one or more of said height and width satisfy one or more predefined criteria.
2. The method of claim 1, further comprising the step of determining if a communications device associated with said data eye satisfies said one or more predefined criteria.
3. The method of claim 2, further comprising the step of adjusting one or more parameters of said communications device if said communications device does not satisfy said one or more predefined criteria.
4. The method of claim 2, further comprising the step of assigning said communications device to a quality category based on said evaluation.
5. The method of claim 1, wherein said one or more predefined criteria provide thresholds that specify a minimum degree of openness for said data eye.
6. The method of claim 1, wherein said sampling step further comprises the step of sampling said received signal using at least two latches.
7. The method of claim 6, wherein one of said latches is fixed approximately in a center of a data eye associated with said signal and at least a second one of said latches can be repositioned based on said phase to sample said signal along a time axis.
8. The method of claim 6, wherein one of said latches is fixed approximately in a center of a data eye associated with said signal and at least a second one of said latches can be repositioned based on a voltage threshold setting to sample said signal along an amplitude axis.
9. The method of claim 6, wherein said signal is inside said data eye when said two latches sample the same value of said signal.
10. The method of claim 1, wherein a duration of said data eye is obtained by evaluating a duration of samples taken within said data eye.
11. The method of claim 1, further comprising the step of compensating for a phase offset between a first clock signal used to sample said signal and one or more clocks used to sample data.
12. A circuit for evaluating the quality of a data eye associated with a signal, comprising:
one or more latches configured to sample said signal for a plurality of different phases; and
a data eye margin monitoring circuit configured to:
evaluate said samples to evaluate one or more of a height and width of said data eye; and
determine whether said one or more of said height and width satisfy one or more predefined criteria.
13. The circuit of claim 12, wherein said data eye margin monitoring circuit determines if a communications device associated with said data eye satisfies said one or more predefined criteria.
14. The circuit of claim 13, wherein one or more parameters of said communications device are adjusted if said communications device does not satisfy said one or more predefined criteria.
15. The circuit of claim 13, wherein said communications device is assigned to a quality category based on said evaluation.
16. The circuit of claim 12, wherein said one or more predefined criteria provide thresholds that specify a minimum degree of openness for said data eye.
17. The circuit of claim 12, wherein one of said latches is fixed approximately in a center of a data eye associated with said signal and at least a second one of said latches can be repositioned based on said phase to sample said signal along a time axis.
18. The circuit of claim 12, wherein one of said latches is fixed approximately in a center of a data eye associated with said signal and at least a second one of said latches can be repositioned based on a voltage threshold setting to sample said signal along an amplitude axis.
19. The circuit of claim 17, wherein said signal is inside said data eye when said two latches sample the same value of said signal.
20. The circuit of claim 12, wherein a duration of said data eye is obtained by evaluating a duration of samples taken within said data eye.
21. The circuit of claim 12, wherein said data eye margin monitoring circuit is further configured to compensate for a phase offset between a first clock signal used to sample said signal and one or more clocks used to sample data.
22. An integrated circuit, comprising:
a circuit for evaluating the quality of a data eye associated with a signal, comprising:
one or more latches configured to sample said signal for a plurality of different phases; and
a data eye margin monitoring circuit configured to:
evaluate said samples to evaluate one or more of a height and width of said data eye; and
determine whether said one or more of said height and width satisfy one or more predefined criteria.
The claims below are in addition to those above.
All refrences to claim(s) which appear below refer to the numbering after this setence.
1. A method of managing trading, comprising:
in a market for a particular type of instrument, receiving trading orders from a plurality of traders, each trading order having an associated price;
placing each of the received trading orders on a trading exchange such that the trading orders may be executed;
determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value;
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order; and
if it is determined that the price of the particular trading order differs from the at least one comparison price by more than the threshold value:
communicating an alert message regarding the subsequent trading order to the particular trader in response to receiving the subsequent trading order having an original price that would trade with the price of the particular trading order; and
preventing the subsequent trading order from trading with the particular trading order at least until a response to the alert message is received from the particular trader.
2. The method of claim 1, wherein preventing the subsequent trading order from trading with the particular trading order at least until a response to the alert message is received from the particular trader comprises preventing the subsequent trading order being placed onto the trading exchange at least until a response to the alert message is received from the particular trader.
3. The method of claim 1, wherein:
the particular trading order is a particular sell order having an associated offer price; and
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of the particular sell order exceeds the bid price of a particular existing buy order by more than a threshold value.
4. The method of claim 1, wherein:
the particular trading order is a particular buy order having an associated bid price; and
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of the particular buy order is less than the offer price of a particular existing sell order by more than a threshold value.
5. The method of claim 1, wherein:
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the price of the particular trading order differs from the price of a previous trade by more than a threshold value.
6. The method of claim 1, wherein:
the particular trading order is a particular sell order having an associated offer price;
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order comprises receiving from the particular trader a subsequent buy order having an original bid price greater than or equal to the offer price of the particular sell order; and
communicating the alert message regarding the subsequent trading order to the particular trader comprises communicating the alert message regarding the subsequent buy order to the particular trader.
7. The method of claim 6, wherein:
the original bid price of the subsequent buy order includes a whole number component and a fractional number component; and
the method further comprises generating the alert message regarding the subsequent buy order, including:
determining a proposed modified bid price of the subsequent buy order by modifying the whole number component of the original bid price; and
generating an alert message indicating the proposed modified bid price for the subsequent buy order and requesting the particular trader to accept or decline the proposed modified bid price.
8. The method of claim 7, wherein:
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of the particular sell order exceeds the bid price of a particular existing buy order by more than a threshold value;
the bid price of the particular existing buy order includes a whole number component and a fractional number component; and
modifying the whole number component of the original bid price of the subsequent buy order comprises modifying the whole number component of the original bid price of the subsequent buy order to match the whole number component of the bid price of the particular existing buy order.
9. The method of claim 7, wherein:
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of the particular sell order exceeds a previous trade price by more than a threshold value;
the previous trade price includes a whole number component and a fractional number component; and
modifying the whole number component of the original bid price of the subsequent buy order comprises modifying the whole number component of the original bid price of the subsequent buy order to match the whole number component of the previous trade price.
10. The method of claim 1, wherein:
the particular trading order is a particular buy order having an associated bid price;
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order comprises receiving from the particular trader a subsequent sell order having an original offer price less than or equal to the bid price of the particular buy order; and
communicating the alert message regarding the subsequent trading order to the particular trader comprises communicating the alert message regarding the subsequent sell order to the particular trader.
11. The method of claim 10, wherein:
the original offer price of the subsequent sell order includes a whole number component and a fractional number component; and
the method further comprises generating the alert message regarding the subsequent sell order, including:
determining a proposed modified offer price of the subsequent sell order by modifying the whole number component of the original offer price; and
generating an alert message indicating the proposed modified offer price for the subsequent sell order and requesting the particular trader to accept or decline the proposed modified offer price.
12. The method of claim 11, wherein:
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of the particular buy order is less than the offer price of a particular existing sell order by more than a threshold value;
the offer price of the particular existing sell order includes a whole number component and a fractional number component; and
modifying the whole number component of the original offer price of the subsequent sell order comprises modifying the whole number component of the original offer price of the subsequent sell order to match the whole number component of the offer price of the particular existing sell order.
13. The method of claim 11, wherein:
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of the particular buy order is less than a previous trade price by more than a threshold value;
the previous trade price includes a whole number component and a fractional number component; and
modifying the whole number component of the original offer price of the subsequent sell order comprises modifying the whole number component of the original offer price of the subsequent sell order to match the whole number component of the previous trade price.
14. The method of claim 1, wherein:
the alert message regarding the subsequent trading order indicates a proposed modified price for the subsequent trading order; and
the method further comprises receiving from the particular trader a response to the alert message, the response indicating whether the particular trader accepts or declines the proposed modified price for the subsequent trading order.
15. The method of claim 14, further comprising, if the response indicates that the particular trader accepts the proposed modified price, placing the subsequent trading order onto the trading exchange at the proposed modified price.
16. The method of claim 14, further comprising:
receiving from the particular trader a response to the alert message indicating that the particular trader declines the proposed modified price for the subsequent trading order; and
executing a trade between the subsequent trading order and the particular trading order.
17. The method of claim 14, further comprising:
receiving from the particular trader a response to the alert message indicating that the particular trader declines the proposed modified price for the subsequent trading order;
receiving from the particular trader the subsequent trading order resubmitted at the original price of the subsequent trading order; and
executing a trade between the subsequent trading order and the particular trading order.
18. The method of claim 1, wherein:
placing each of the received trading orders on a trading exchange comprises placing each of the received trading orders in one of a plurality of trading order stacks;
the method further comprises promoting the particular trading order to the top of its respective trading order stack; and
the determination of whether the price of the particular trading order differs from at least one comparison price by more than a threshold value is made in response to the particular trading order being promoted to the top of its respective trading order stack.
19. The method of claim 18, wherein the particular trading order is promoted to the top of its respective trading order stack as a result of one or more other trading orders being removed from that trading order stack.
20. The method of claim 18, wherein:
the received trading orders includes buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price;
placing each of the received trading orders in one of a plurality of trading order stacks comprises placing each of the buy orders in a buy order stack and each of the sell orders in a sell order stack;
the particular trading order is a particular sell order in the sell order stack; and
promoting the particular trading order to the top of its respective trading order stack comprises promoting the particular sell order to the top of the sell order stack.
21. The method of claim 20, wherein determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of the particular sell order exceeds the bid price of a particular buy order in the buy order stack by more than the threshold value at the time that the particular sell order is promoted to the top of the sell order stack.
22. The method of claim 20, wherein determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of the particular sell order exceeds a previous trade price by more than the threshold value at the time that the particular sell order is promoted to the top of the sell order stack.
23. The method of claim 18, wherein:
the received trading orders includes buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price;
placing each of the received trading orders in one of a plurality of trading order stacks comprises placing each of the buy orders in a buy order stack and each of the sell orders in a sell order stack;
the particular trading order is a particular buy order in the buy order stack; and
promoting the particular trading order to the top of its respective trading order stack comprises promoting the particular buy order to the top of the buy order stack.
24. The method of claim 23, wherein determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of the particular buy order is less than the offer price of a particular sell order in the sell order stack by more than the threshold value at the time that the particular bid order is promoted to the top of the buy order stack.
25. The method of claim 23, wherein determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of the particular buy order is less than a previous trade price by more than the threshold value at the time that the particular bid order is promoted to the top of the buy order stack.
26. The method of claim 1, further comprising:
estimating the volatility of one or more markets; and
updating the threshold value based at least on the estimated volatility of the one or more markets.
27. The method of claim 26, wherein:
the volatility of the one or more markets are estimated substantially in real time; and
the threshold value is automatically updated substantially in real time based at least on the estimated volatility of the one or more markets.
28. The method of claim 26, further comprising:
estimating the volatility of the market for the particular type of instrument; and
updating the threshold value based at least on the estimated volatility of the market for the particular type of instrument.
29. The method of claim 26, further comprising:
estimating the volatility of a related market, the related market comprising a market related to the market for the particular type of instrument; and
updating the threshold value based at least on the estimated volatility of the related market.
30. The method of claim 29, further comprising:
storing known volatility information regarding the relationship between the volatility of the related market and the volatility of the market for the particular type of instrument; and
estimating the volatility of the market for the particular type of instrument based on the estimated volatility for the related market and the known volatility information; and
wherein updating the threshold value based at least on the estimated volatility of the related market comprises updating the threshold value based at least on estimated volatility of the market for the particular type of instrument.
31. The method of claim 1, further comprising:
receiving price movement information indicating price movements in a related market, the related market comprising a market related to the market for the particular type of instrument; and
updating the threshold value based at least on the received price movement information.
32. The method of claim 31, wherein:
the method further comprises storing known volatility information regarding the relationship between price movements in the related market and price movements in the market for the particular type of instrument; and
the threshold value is updated based at least on the received price movement information and the stored known volatility information.
33. The method of claim 31, further comprising:
receiving the price movement information substantially in real time; and
automatically updating the threshold value based at least on the received price movement information substantially in real time.
34. A method of managing trading, comprising:
in a market for a particular type of instrument, receiving trading orders from a plurality of traders, each trading order having an associated price;
placing each of the received trading orders on a trading exchange such that the trading orders may be executed;
determining whether the price of a particular trading order differs from a previous trade price by more than a threshold value; and
if it is determined that the price of the particular trading order differs from the previous trade price by more than the threshold value, taking a restrictive action regarding the particular trading order.
35. The method of claim 34, wherein the previous trade price comprises the price at which the most recent previous trade in the market for the particular type of instrument was executed.
36. The method of claim 34, wherein:
the received trading orders include buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price; and
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the offer price of a particular sell order exceeds the previous trade price by more than a threshold value.
37. The method of claim 34, wherein:
the received trading orders include buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price; and
determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the bid price of a particular buy order is less than the previous trade price by more than a threshold value.
38. The method of claim 34, wherein:
placing each of the received trading orders on a trading exchange comprises placing each of the received trading orders in one of a plurality of trading order stacks;
the method further comprises promoting the particular trading order to the top of its respective trading order stack; and
the determination of whether the price of a particular trading order differs from a previous trade price by more than a threshold value is made in response to the particular trading order being promoted to the top of its respective trading order stack.
39. The method of claim 38, wherein:
the received trading orders includes buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price;
placing each of the received trading orders in one of a plurality of trading order stacks comprises placing each of the buy orders in a buy order stack and each of the sell orders in a sell order stack;
the particular trading order is a particular sell order in the sell order stack; and
promoting the particular trading order to the top of its respective trading order stack comprises promoting the particular sell order to the top of the sell order stack.
40. The method of claim 38, wherein:
the received trading orders includes buy orders and sell orders, each buy order having an associated bid price and each sell order having an associated offer price;
placing each of the received trading orders in one of a plurality of trading order stacks comprises placing each of the buy orders in a buy order stack and each of the sell orders in a sell order stack;
the particular trading order is a particular buy order in the buy order stack; and
promoting the particular trading order to the top of its respective trading order stack comprises promoting the particular buy order to the top of the buy order stack.
41. The method of claim 34, further comprising:
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order; and
wherein taking a restrictive action regarding the particular trading order comprises:
generating an alert message regarding the subsequent trading order;
communicating the alert message to the particular trader; and
preventing the subsequent trading order from trading with the particular trading order at least until a response to the alert message is received from the particular trader.
42. The method of claim 41, wherein taking a restrictive action regarding the particular trading order further comprises preventing the subsequent trading order from being placed on the trading exchange at least until a response to the alert message is received from the particular trader.
43. The method of claim 41, wherein:
the particular trading order is a particular sell order having an associated offer price;
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order comprises receiving from the particular trader a subsequent buy order having an original bid price greater than or equal to the offer price of the particular sell order; and
wherein taking a restrictive action regarding the particular trading order comprises:
generating an alert message regarding the subsequent buy order;
communicating the alert message to the particular trader; and
preventing the subsequent buy order from trading with the particular sell order at least until a response to the alert message is received from the particular trader.
44. The method of claim 43, wherein:
the original bid price of the subsequent buy order includes a whole number component and a fractional number component; and
generating the alert message comprises:
determining a proposed modified bid price of the subsequent buy order by modifying the whole number component of the original bid price; and
generating an alert message indicating the proposed modified bid price for the subsequent buy order and requesting the particular trader to accept or decline the proposed modified bid price.
45. The method of claim 44, wherein:
the previous trade price includes a whole number component and a fractional number component; and
modifying the whole number component of the original bid price of the subsequent buy order comprises modifying the whole number component of the original bid price of the subsequent buy order to match the whole number component of the previous trade price.
46. The method of claim 41, wherein:
the particular trading order is a particular buy order having an associated bid price;
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order comprises receiving from the particular trader a subsequent sell order having an original offer price less than or equal to the bid price of the particular buy order; and
wherein taking a restrictive action regarding the particular trading order comprises:
generating an alert message regarding the subsequent sell order;
communicating the alert message to the particular trader; and
preventing the subsequent sell order from trading with the particular buy order at least until a response to the alert message is received from the particular trader.
47. The method of claim 46, wherein:
the original offer price of the subsequent sell order includes a whole number component and a fractional number component; and
generating the alert message comprises:
determining a proposed modified offer price of the subsequent sell order by modifying the whole number component of the original offer price; and
generating an alert message indicating the proposed modified offer price for the subsequent sell order and requesting the particular trader to accept or decline the proposed modified offer price.
48. The method of claim 47, wherein:
the previous trade price includes a whole number component and a fractional number component; and
modifying the whole number component of the original offer price of the subsequent sell order comprises modifying the whole number component of the original offer price of the subsequent sell order to match the whole number component of the previous trade price.
49. The method of claim 34, further comprising:
estimating the volatility of one or more markets; and
updating the threshold value based at least on the estimated volatility of the one or more markets.
50. The method of claim 34, further comprising:
receiving price movement information indicating price movements in a related market, the related market comprising a market related to the market for the particular type of instrument; and
updating the threshold value based at least on the received price movement information.
51. A method of managing trading, comprising:
in a market for a particular type of instrument, receiving trading orders from a plurality of traders, each trading order having an associated price;
placing each of the received trading orders on a trading exchange such that the trading orders may be executed, including placing each of the received trading orders in one of a plurality of trading order stacks;
determining whether the price of a particular trading order differs from at least one comparison price by more than a threshold value; and
if it is determined that the price of the particular trading order differs from the at least one comparison price by more than the threshold value, restricting the promotion of the particular trading order within its respective trading order stack.
52. The method of claim 51, wherein restricting the promotion of the particular trading order within its respective trading order stack comprises at least temporarily preventing promotion of the particular trading order within its respective trading order stack.
53. The method of claim 51, further comprising, if it is determined that the price of the particular trading order does not differ from the at least one comparison price by more than the threshold value, promoting the particular trading order within its respective trading order stack.
54. The method of claim 51, further comprising:
receiving from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order; and
wherein taking a restrictive action regarding the particular trading order further comprises:
generating an alert message regarding the subsequent trading order;
communicating the alert message to the particular trader; and
preventing the subsequent trading order from trading with the particular trading order at least until a response to the alert message is received from the particular trader.
55. The method of claim 54, wherein taking a restrictive action regarding the particular trading order further comprises preventing the subsequent trading order from being placed on the trading exchange at least until a response to the alert message is received from the particular trader.
56. The method of claim 51, further comprising:
receiving market information regarding one or more markets related to the market for the particular type of instrument; and
wherein determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value based at least on the received market information.
57. The method of claim 56, further comprising:
determining a current market price for the particular type of instrument based at least on the received market information; and
wherein determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises determining whether the price of the particular trading order differs from the determined current market price by more than a threshold value.
58. The method of claim 51, further comprising:
receiving market information regarding one or more markets related to the market for the particular type of instrument;
determining a current market price for the particular type of instrument based at least on the received market information; and
wherein determining whether the price of the particular trading order differs from at least one comparison price by more than a threshold value comprises:
making a first determination of whether the price of the particular trading differs from a previous trade price by more than a first current threshold value;
making a second determination of whether the price of the particular trading differs from another existing trading order by more than a second current threshold value; and
making a third determination of whether the price of the particular trading differs from the determined current market price by more than a third current threshold value.
59. The method of claim 58, wherein the first, second and third current threshold values are the same.
60. The method of claim 58, further comprising:
estimating the volatility of one or more markets; and
updating at least one of the first, second and third current threshold values based at least on the estimated volatility of the one or more markets.
61. The method of claim 58, further comprising:
receiving price movement information indicating price movements in a related market, the related market comprising a market related to the market for the particular type of instrument; and
updating at least one of the first, second and third current threshold values based at least on the received price movement information.
62. The method of claim 58, wherein the price of the particular trading order is determined to differ from at least one comparison price by more than a threshold value if at least one of the following are true:
the first determination indicates that the price of the particular trading differs from the previous trade price by more than the first current threshold value;
the second determination indicates that the price of the particular trading differs from the other existing trading order by more than the second current threshold value; and
the third determination indicates that the price of the particular trading differs from the determined current market price by more than the third current threshold value.
63. The method of claim 58, wherein the price of the particular trading order is determined to differ from at least one comparison price by more than a threshold value if at least two of the following are true:
the first determination indicates that the price of the particular trading differs from the previous trade price by more than the first current threshold value;
the second determination indicates that the price of the particular trading differs from the other existing trading order by more than the second current threshold value; and
the third determination indicates that the price of the particular trading differs from the determined current market price by more than the third current threshold value.
64. The method of claim 58, wherein the price of the particular trading order is determined to differ from at least one comparison price by more than a threshold value if all of the following are true:
the first determination indicates that the price of the particular trading differs from the previous trade price by more than the first current threshold value;
the second determination indicates that the price of the particular trading differs from the other existing trading order by more than the second current threshold value; and
the third determination indicates that the price of the particular trading differs from the determined current market price by more than the third current threshold value.
65. The method of claim 51, further comprising:
estimating the volatility of one or more markets; and
updating the threshold value based at least on the estimated volatility of the one or more markets.
66. The method of claim 51, further comprising:
receiving price movement information indicating price movements in a related market, the related market comprising a market related to the market for the particular type of instrument; and
updating the threshold value based at least on the received price movement information.
67. A system for managing trading, comprising:
a computer system having a processor; and
a computer-readable medium coupled to the computer system, the computer-readable medium comprising a program operable, when executed by the processor, to:
receive trading orders from a plurality of traders in a market for a particular type of instrument, each trading order having an associated price;
place each of the received trading orders on a trading exchange such that the trading orders may be executed;
determine whether the price of a particular trading order differs from at least one comparison price by more than a threshold value;
receive from a particular trader a subsequent trading order having an original price that would trade with the price of the particular trading order; and
if it is determined that the price of the particular trading order differs from the at least one comparison price by more than the threshold value:
cause an alert message regarding the subsequent trading order to be communicated to the particular trader in response to receiving the subsequent trading order having an original price that would trade with the price of the particular trading order; and
prevent the subsequent trading order from trading with the particular trading order at least until a response to the alert message is received from the particular trader.
68. A system for managing trading, comprising:
a computer system having a processor; and
a computer-readable medium coupled to the computer system, the computer-readable medium comprising a program operable, when executed by the processor, to:
receive trading orders from a plurality of traders in a market for a particular type of instrument, each trading order having an associated price;
place each of the received trading orders on a trading exchange such that the trading orders may be executed;
determine whether the price of a particular trading order differs from a previous trade price by more than a threshold value; and
if it is determined that the price of the particular trading order differs from the previous trade price by more than the threshold value, take a restrictive action regarding the particular trading order.
69. A system for managing trading, comprising:
a computer system having a processor; and
a computer-readable medium coupled to the computer system, the computer-readable medium comprising a program operable, when executed by the processor, to:
receive trading orders from a plurality of traders in a market for a particular type of instrument, each trading order having an associated price;
place each of the received trading orders on a trading exchange such that the trading orders may be executed, including placing each of the received trading orders in one of a plurality of trading order stacks;
determine whether the price of a particular trading order differs from at least one comparison price by more than a threshold value; and
if it is determined that the price of the particular trading order differs from the at least one comparison price by more than the threshold value, restrict the promotion of the particular trading order within its respective trading order stack.