Systems and methods for linking orders in electronic trading systems
First Claim
1. A method for facilitating electronic trading with interfaces of workstations of traders over a communication network, the method, comprising:
- transmitting, by a computing device, data representing a plurality of financial instruments to be displayed on a display screen of an interface of a workstation of a trader;
receiving, by a computing device, from the interface of the workstation of the trader, data representing a selection of a first financial instrument from the plurality of financial instruments, wherein the first financial instrument is transacted in a first market;
receiving, by the computing device, from the interface of the workstation of the trader, data representing a selection of a second financial instrument from the plurality of financial instruments, wherein the second financial instrument is transacted in a second market, wherein the first financial instrument is different from the second financial instrument, and wherein the first financial instrument is to be linked to the second financial instrument;
transmitting, by the computing device, data representing a plurality of linking relationships to be displayed on a display screen of the interface of the workstation of the trader, wherein the data representing the plurality of linking relationships represents the first financial instrument and the second financial instrument;
after transmitting the data for displaying, receiving, by the computing device, from the interface of the workstation of the trader, a selection, from the plurality of linking relationships, a linking relationship between the first financial instrument and the second financial instrument;
monitoring, by the computing device, data representing bids and offers from at least one external electronic trading system, wherein the bids and offers comprise bids and offers for the first financial instruments and the second financial instrument;
ranking and sorting, by the computing device, in a queue data structure in a memory of the computing device, the data representing the bids and offers for the first financial instruments and the second financial instrument;
in response to determining to submit an order to an external trading system, generate electronic signals representing lock commands that are transmitted to the external trading system to cause to lock the electronic trading system for a time period to allow orders for linked instruments to be submitted without interference from external sources in response a new bid or offer;
controlling, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises;
generating, by the computing device, a price of an order for the second financial instrument and a size of the order for the second financial instrument based at least in part on the linking relationship; and
submitting, by the computing device, the order for the second financial instrument to a second electronic trading system; and
wherein controlling the submission of orders for the second financial instrument based at least in part on the linking relationship further comprises;
limiting, by the computing device, order updates for the second financial instrument based at least in part on the linking relationship; and
performing, by the computing device, based at least in part on the linking relationship, at least one of the following;
adjusting the price of the second financial instrument relative to a market value for the second financial instrument;
sequencing the submission of orders for the second financial instrument relative to a submission of orders for the first financial instrument; and
holding orders for the second financial instrument for a time period.
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Accused Products
Abstract
Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters. In the case where orders for linked items may only be submitted in designated lot sizes, the systems and methods may round the sizes of the orders to the designated lot sizes, and then submit remainder orders to make up for the rounding.
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Citations
20 Claims
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1. A method for facilitating electronic trading with interfaces of workstations of traders over a communication network, the method, comprising:
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transmitting, by a computing device, data representing a plurality of financial instruments to be displayed on a display screen of an interface of a workstation of a trader; receiving, by a computing device, from the interface of the workstation of the trader, data representing a selection of a first financial instrument from the plurality of financial instruments, wherein the first financial instrument is transacted in a first market; receiving, by the computing device, from the interface of the workstation of the trader, data representing a selection of a second financial instrument from the plurality of financial instruments, wherein the second financial instrument is transacted in a second market, wherein the first financial instrument is different from the second financial instrument, and wherein the first financial instrument is to be linked to the second financial instrument; transmitting, by the computing device, data representing a plurality of linking relationships to be displayed on a display screen of the interface of the workstation of the trader, wherein the data representing the plurality of linking relationships represents the first financial instrument and the second financial instrument; after transmitting the data for displaying, receiving, by the computing device, from the interface of the workstation of the trader, a selection, from the plurality of linking relationships, a linking relationship between the first financial instrument and the second financial instrument; monitoring, by the computing device, data representing bids and offers from at least one external electronic trading system, wherein the bids and offers comprise bids and offers for the first financial instruments and the second financial instrument;
ranking and sorting, by the computing device, in a queue data structure in a memory of the computing device, the data representing the bids and offers for the first financial instruments and the second financial instrument;in response to determining to submit an order to an external trading system, generate electronic signals representing lock commands that are transmitted to the external trading system to cause to lock the electronic trading system for a time period to allow orders for linked instruments to be submitted without interference from external sources in response a new bid or offer; controlling, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises; generating, by the computing device, a price of an order for the second financial instrument and a size of the order for the second financial instrument based at least in part on the linking relationship; and submitting, by the computing device, the order for the second financial instrument to a second electronic trading system; and wherein controlling the submission of orders for the second financial instrument based at least in part on the linking relationship further comprises; limiting, by the computing device, order updates for the second financial instrument based at least in part on the linking relationship; and performing, by the computing device, based at least in part on the linking relationship, at least one of the following; adjusting the price of the second financial instrument relative to a market value for the second financial instrument; sequencing the submission of orders for the second financial instrument relative to a submission of orders for the first financial instrument; and holding orders for the second financial instrument for a time period. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A method for facilitating electronic trading with interfaces of workstations of traders over a communication network, the method comprising:
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transmitting, by a computing device, data representing a plurality of financial instruments to be displayed on a first display screen of an interface of a workstation of a trader; receiving, by the computing device, from the interface of the workstation of the trader, data representing a selection of a first financial instrument from the plurality of financial instruments, wherein the first financial instrument is transacted in a first market; receiving, by the computing device, from the interface of the workstation of the trader, data representing a selection of a second financial instrument from the plurality of financial instruments, wherein the second financial instrument is transacted in a second market, wherein the first financial instrument is different from the second financial instrument, and wherein the first financial instrument is to be linked to the second financial instrument; transmitting, by the computing device, data representing a plurality of linking relationships to be displayed on a second display screen of the interface of the workstation of the trader, wherein the data representing the plurality of linking relationships represents the first financial instrument and the second financial instrument; receiving, by the computing device, from the interface of the workstation of the trader, data representing a selection of a linking relationship between the first financial instrument and the second financial instrument; monitoring, by the computing device, data representing bids and offers from at least one external interface of an electronic trading system, wherein the bids and offers comprise bids and offers for the first financial instrument and the second financial instrument; ranking and sorting, by the computing device, in a queue data structure in a memory of the computing device of the electronic trading system, the data representing the bids and offers for the first financial instruments and the second financial instrument; controlling, by the computing device, a submission of data representing orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises;
generating, by the computing device, a price of an order for the second financial instrument and a size of the order for the second financial instrument based at least in part on the linking relationship;in response to determining to submit an order to an external trading system, generate electronic signals representing lock commands that are transmitted to the external trading system to cause to lock the electronic trading system for a time period to allow orders for linked instruments to be submitted without interference from external sources in response a new bid or offer; submitting, by the computing device, data representing the order for the second financial instrument to an interface of a second electronic trading system; and limiting, by the computing device, order updates for the second financial instrument based at least in part on the linking relationship.
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20. An apparatus for facilitating electronic trading with interfaces of workstations of traders over a communication network, the apparatus comprising:
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a processor; and a non-transitory memory, wherein the non-transitory memory stores instructions which, when executed by the processor, direct the processor to; transmit, by a computing device, data representing a plurality of financial instruments to be displayed on a display screen of an interface of a workstation of a trader; receive, by a computing device, from the interface of the workstation of the trader, data representing a selection of a first financial instrument from the plurality of financial instruments, wherein the first financial instrument is transacted in a first market; receive, by the computing device, from the interface of the workstation of the trader, data representing a selection of a second financial instrument from the plurality of financial instruments, wherein the second financial instrument is transacted in a second market of an electronic trading system, wherein the first financial instrument is different from the second financial instrument, and wherein the first financial instrument is to be linked to the second financial instrument; transmit, by the computing device, data representing a plurality of linking relationships to be displayed on a display screen of the interface of the workstation of the trader, wherein the data representing the plurality of linking relationships represents the first financial instrument and the second financial instrument; after transmitting the data for displaying, receive, by the computing device, from the interface of the workstation of the trader, a selection, from the plurality of linking relationships, a linking relationship between the first financial instrument and the second financial instrument; monitor, by the computing device, data representing bids and offers from at least one external electronic trading system, wherein the bids and offers comprise bids and offers for the first financial instruments and the second financial instrument; rank and sort, by the computing device, in a queue data structure in a memory of the computing device, the data representing the bids and offers for the first financial instruments and the second financial instrument; in response to determining to submit an order to an external trading system, generate electronic signals representing lock commands that are transmitted to the external trading system to cause to lock the electronic trading system for a time period to allow orders for linked instruments to be submitted without interference from external sources in response a new bid or offer; control, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises; generate, by the computing device, a price of an order for the second financial instrument and a size of the order for the second financial instrument based at least in part on the linking relationship; and submit, by the computing device, the order for the second financial instrument to a second electronic trading system; and wherein controlling the submission of orders for the second financial instrument based at least in part on the linking relationship further comprises; limit by the computing, order updates for the second financial instrument based at least in part on the linking relationship; and perform, by the computing, based at least in part on the linking relationship, at least one of the following;
adjust the price of the second financial instrument relative to a market value for the second financial instrument;
sequence the submission of orders for the second financial instrument relative to a submission of orders for the first financial instrument; and
hold orders for the second financial instrument for a time period.
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Specification