1. A method of financial trading involving a client and at least one dealer comprising at least one of the sequential, sequence independent, and non-sequential steps of:
receiving a client order;
forwarding the client order to at least one exclusive dealer and where the client order remains active for an exclusive time for possible execution by the at least one exclusive dealer;
upon expiration of the exclusive time and the client order remaining open, transitioning into an open phase where the client order is forwarded to at least one permissioned dealer and the client order remains active for an open period of time for execution by the at least one permissioned dealer; and
upon expiration of the open period time and the client order remaining open, transitioning into a protected order phase where automatic order protection (AOP) rules protect the client order and the client order is responsive to the AOP rules.
2. The method of claim 1, further comprising:
receiving Third Party Inside Market (TPIM) data; and
comparing the TPIM data with the client order.
3. The method of claim 2, further comprising adjusting the client order based on the comparison of TPIM data.
4. The method of claim 1, wherein the protected order phase includes an average weighted price (AWP) function that calculates an average weighted price of at least one of bids and offers to determine if AOP rules are used to protect the client order at a level equal to the calculated AWP.
5. The method of claim 1, wherein the protected order phase includes an autofill function that fills the client order when the price difference between the client order and a dealer response is within a threshold.
6. The method of claim 1, further comprising:
waiting for a tie-breaking interval to elapse;
selecting a dealer matching message by at least one of a price auction and a random selection, if more than one dealer matching message arrives in the tie-breaking interval; and
executing the client order at the selected dealer matching message price.
7. A method of financial trading comprising at least one of the sequential, sequence independent, and non-sequential steps of:
receiving a client order;
forwarding the client order to at least one dealer;
entering a protected order phase;
determining whether to apply order protection to the client order based on Third Party Inside Market (TPIM) data; and
modifying the client order based on at least one of the TPIM data and Third Party Data.
8. The method of claim 7, further comprising:
presenting Third Party Data to a client;
receiving client instructions regarding which of the at least one dealers to forward the client order to and how long the client order should remain unfilled; and
executing a transaction between the at least one dealer and the client when the modified client order matches a dealer matching message.
9. The method of claim 7, further comprising entering an exclusive phase where the client order is forwarded to exclusive dealers and the client order remains active for an exclusive time.
10. The method of claim 7, further comprising entering an open phase where the client order is forwarded to permissioned dealers and the client order remains active for an open time and then transitions to an order protected state.
11. The method of claim 7, further comprising:
calculating an average weighted price (AWP) of at least one of bids and offers; and
determining if the client order is protected by order protection based on the AWP price computation of Third Party Data.
12. The method of claim 7, further comprising:
determining whether to apply order protection based on wait-for-follow processing; and
applying order protection if wait-for-follow processing detects a passive inversion of TPIM levels relative to the client order level following an active inversion of TPIM levels relative to the client order level.
13. The method of claim 7, further comprising executing the modified client order when the modified client order is within an Autofill threshold of a dealer matching message.
14. A system for financial trading comprising at least one of the sequential, sequence independent, and non-sequential steps of:
a server, wherein the server receives Third Party Data;
a client computer coupled to the server, wherein the server provides Third Party Data to the client computer and the server receives client orders;
a dealer computer coupled to the server, wherein the server forwards client orders to the dealer computer; and
an automated order protection processor implemented in the server, wherein the automated order protection processor determines whether to transition the client order to an order protection state based on Third Party Inside Market (TPIM) data, and wherein the order protection processor modifies the client order based on at least one of TPIM data and Third Party Data.
15. The system of claim 14, further comprising:
a trading system application implemented in the client computer, wherein the trading system application provides Third Party Data and provides an interface for ordering a financial security;
an order manager implemented in the server, wherein the order manager executes a transaction between at least one dealer computer and the client when the client order matches a dealer matching message.
16. The system of claim 14, further comprising:
an order manager residing in the server, wherein the order manager keeps the client order active for a set time and upon expiration of the set time will not execute the client order; and
the automatic order protection processor in communication with the order manager, wherein the client order is communicated to the automatic order protection processor after expiration of the set time, and the automatic order protection processor checks the client order against TPIM data and applies order protection before forwarding to at least one dealer computer.
17. The system of claim 14, further comprising an order manager implemented in the server, wherein the order manager calculates an average weighted price (AWP) of at least one of bids and offers and determines if the client order is protected by automatic order protection processor based on the AWP price calculation of Third Party Data.
18. The system of claim 14, further comprising:
an order manager implemented in the server, wherein the order manager determines whether to apply order protection based on a wait-for-follow processing; and
the automatic order protection processor in communication with the order manager, wherein the automatic order protection processor applies order protection if a wait-for-follow processing detects a passive inversion following an active inversion.
19. The system of claim 14, wherein the server executes the modified client order when the modified client order is within an Autofill threshold of a dealer matching message.
20. The system of claim 14, wherein the server computes an average weighted price according to:
R
=
CBO
QTY
–
\u2211
i
=
1
N
–
1
\u2062
Q
i
,
and
\u2062
\u2003
\u2062
AWP
=
(
(
\u2211
i
=
1
N
–
1
\u2062
P
i
*
Q
i
)
+
P
N
*
R
)
CBO
QTY
where N=a stack position of a maximum visible cumulative bidoffer quantity on an order stack that is at least one of less than and equal to the Client order quantity CBOQTY; P=a price of the order at stack position i on the order stack; Q=a quantity visible on the order stack for order i; and a computed value R is a residual quantity of the Client order that is applied to an Nth price.
21. A system for financial trading comprising at least one of the sequential, sequence independent, and non-sequential steps of:
a first means for providing a server, wherein the first means receives third party data;
a second means for providing a client computer coupled to the first means, wherein the first means provides third party data to the second means and the first means receives client orders;
a third means for providing a dealer computer coupled to the first means, wherein the first means places client orders with the third means; and
a protection means for processing automatic order protection implemented in the first means, wherein the second means checks Third Party Inside Market (TPIM) data against the client order to determine whether to apply order protection to the client order, and wherein the order protection modifies a price level in the client order based on at least one of TPIM data and third party data.
22. The system of claim 21, further comprising:
a managing means for processing orders implemented in the first means, wherein the managing means keeps the client order active for a set time and upon expiration of the set time will not execute the client order; and
the protection means in communication with the managing means, wherein the client order is communicated to the protect means after expiration of the set time, and the protection means checks the client orders against TPIM data and applies order protection.
23. The system of claim 21, further comprising a managing means for processing orders implemented in the first means, wherein the managing means calculates an average weighted price (AWP) of at least one of bids and offers and determines if the client order is protected by the protection means based on the AWP price calculation of Third Party Data.
24. The system of claim 21, further comprising:
a managing means for processing orders implemented in the first means, wherein the managing means checks a wait-for-follow processing to determine whether to apply order protection; and
the protection means in communication with the managing means, wherein the protection means applies order protection if wait-for-follow processing detects a passive inversion following an active inversion.
25. A method of financial trading involving a client and at least one dealer comprising:
receiving a client order;
forwarding the client order to at least one exclusive dealer and where the client order remains active for an exclusive time for possible execution by the at least one exclusive dealer;
upon expiration of the exclusive time and the order remaining open, transitioning into a protected order phase where automatic order protection (AOP) rules protect the client order and the client order is responsive to the AOP rules and at least one of Third Party Inside Market data and Third Party Data.
26. The method of claim 25, wherein the order remaining open is partially filled during the exclusive time and an unfilled portion of the order transitions into a protected order phase.
27. The method of claim 25, further comprising:
calculating an average weighted price (AWP) of at least one of bids and offers; and
determining if the client order is protected by order protection based on the AWP price computation of Third Party Data.
28. The method of claim 25, further comprising:
determining whether to apply order protection based on wait-for-follow processing; and
applying order protection if wait-for-follow processing detects a passive inversion of TPIM levels relative to the client order level following an active inversion of TPIM levels relative to the client order level.
29. The method of claim 25, wherein the protected order phase includes an autofill function that fills the client order when the price difference between the client order and a dealer response is within a threshold.
30. The method of claim 25, further comprising:
waiting for a tie-breaking interval to elapse;
selecting a dealer matching message by at least one of a price auction and a random selection, if more than one dealer matching message arrives in the tie-breaking interval; and executing the client order at the selected dealer matching message price.
31. A method for providing computer-implemented trading for financial securities or commodity assets, comprising at least one of the sequential, sequence independent, and non-sequential steps of:
providing a computer-generated interface screen for display to a client;
receiving a client order via said interface screen and price information from a third party market for said securities or assets in a trading system;
forwarding the client order to one or more selected dealers;
processing the client order in a price engine of said trading system, utilizing said price information from said electronic market, while applying order protection rules to the client order;
determining the optimal dealer match and transaction for the client among the one or more selected dealers;
initiating a transaction based on the matching of the client order and said matched dealer; and
notifying the client of the initiated transaction.
32. The method of claim 31, wherein the trading system processes the client order and applies order protection rules more than once.
33. The method of claim 32, wherein the trading system allows the client order to be executed at a different time than the time at which the orders are submitted.
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 seal for use in a valve, comprising:
a ring-shaped cartridge, the cartridge having a first portion and a second portion opposite the first portion, and a compressible sealing portion captured between the first and second portions, the first and second portions having respective first and second curved surfaces adjacent to a sealing surface of the compressible sealing portion, wherein the curved surfaces enable a flow control member to compress the sealing portion prior to contacting the curved surfaces when the flow control member moves to a closed position, and wherein the sealing surface is curved, the sealing surface having a first radius of curvature and a second radius of curvature, the first radius of curvature being connected to and substantially equal to the radius of curvature of the first curved surface and the second radius of curvature being different than the first radius of curvature.
2. The seal as defined in claim 1, wherein the curved surfaces provide a first clearance between the flow control member and the first portion and a second clearance between the flow control member and the second portion when the flow control member first contacts the sealing surface, the first clearance being less than the second clearance.
3. The seal as defined in claim 1, wherein a radius of curvature of the first curved surface is greater than a radius of curvature of the second curved surface.
4. The seal as defined in claim 1, wherein the cartridge is coupled to a substantially flexible ring-shaped carrier.
5. The seal as defined in claim 1, wherein the first portion is coupled to the second portion to define a cavity to receive the sealing portion.
6. A seal for use in a valve, comprising:
a ring-shaped cartridge, the cartridge having a first portion and a second portion, the first and second portions holding a sealing portion, the first and second portions having respective first and second curved surfaces adjacent to a sealing surface of the sealing portion, wherein radii of curvature of the curved surfaces enable an initial point of contact between a flow control member and the cartridge to be on the sealing surface when the flow control member moves to a closed position, and wherein the sealing surface is curved, the sealing surface having a first radius of curvature and a second radius of curvature, the first radius of curvature being connected to and substantially equal to the radius of curvature of the first curved surface and the second radius of curvature being different than the first radius of curvature.
7. The seal as defined in claim 6, wherein the radii of curvature of the curved surfaces provide a first clearance between the flow control member and the first portion and a second clearance between the flow control member and the second portion when the flow control member initially contacts the sealing surface, the first clearance being less than the second clearance.
8. The seal as defined in claim 6, wherein the radius of curvature of the first curved surface is greater than the radius of curvature of the second curved surface.
9. The seal as defined in claim 6, wherein the sealing portion is compressible.
10. The seal as defined in claim 6, wherein the sealing surface and at least one of the curved surfaces sealingly engage the flow control member when the flow control member is in the closed position.
11. The seal as defined in claim 6, wherein the sealing surface, the first curved surface and the second curved surface sealingly engage the flow control member when the flow control member is in closed position and the sealing portion is in a worn condition.
12. The seal as defined in claim 6, wherein the cartridge is coupled to a substantially flexible ring-shaped carrier.
13. The seal as defined in claim 6, wherein the first portion is coupled to the second portion to define a cavity to receive the sealing portion.