System and method for controlling the disclosure of a trading order
First Claim
Patent Images
1. A computer-implemented method comprising:
- detecting, via at least one processor of at least one computer of a trading exchange platform from a remote computer, a presence of a first data source representing at least one electronic message comprising a trading order that comprises a request to buy or sell a total quantity of a trading product and a presence of a second data source representing disclosure quantity of the trading product that is displayed to market participants, in which the at least one computer is configured to communicate electronically with a first plurality of computers via an internal computer network and a second plurality of computers via an external computer network different from the internal computer network;
determining, via the at least one processor, that the portion of the trading order matches with at least one internal trading order originated from one of the first plurality of computers and at least one external trading order originated from one of the second plurality of computers;
storing, via the at least one processor, in at least one memory internal to the trading exchange platform, a first data structure representing the at least one internal trading order;
locating, via the at least one processor, the at least one external trading order at a market center computer that is external to the trading exchange platform;
automatically prioritizing, via the at least one processor, the at least one internal trading order over the at least one external trading order, so that a portion of the trading order is matched with the at least one internal trading order in advance over the at least one external trading order;
storing, via the at least one processor, in an entry of the first data structure, the at least one internal trading order that was automatically prioritized over the external trading order;
computing, via the at least one processor, a second data structure representing remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the desired quantity minus the portion of the trading order;
identifying, via the at least one processor, at least one market center computer that is capable of matching the remaining quantity of the trading order, in which the at least one market center computer comprises a bid price and an electronic disclosure policy that comprises at least one rule for disclosing the remaining quantity of the trading order;
routing, via the at least one processor, the remaining quantity of the trading order to the at least one market center computer in accordance to the electronic disclosure policy of the at least one market center computer;
transmitting, via the at least one processor to a remote device, an indication that the portion of the trading order has been matched internally and that the remaining quantity of the trading order has been routed to the at least one market center computer, in which the remote device and the at least one processor are in communication over an electronic communications network;
determining, via the at least one processor, whether to cause a price operation to be performed by an external price server or the at least one processor of the trading exchange platform;
routing, via the at least one processor, the price operation to be performed by the external price server or to the at least one processor of the trading exchange platform to control the trading order over the electronic communications network;
directing, via the at least one processor, the external price server to perform the price operation;
receiving, via the at least one processor, a third data source representing an electronic acknowledgment indicating that the trading order is active with the at least one market center computer;
setting, via the at least one processor, an order status, for the trading order with the at least one market center computer, to active;
generating, via the at least one processor, a timer to begin monitoring a length of time the trading order is active with the at least one market center computer;
monitoring, via the at least one processor, the length of time the trading order is active until a timeout has occurred;
detecting, via the at least one processor, the timeout occurring when the length of time equals or exceeds an associated buffer time; and
in response to detecting the timeout, communicating, via the at least one processor, an electronic cancel instruction that removes the trading order from an active status of the market center computer.
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Accused Products
Abstract
A system for controlling the disclosure of a trading order comprises a memory and a processor. The memory stores disclosure policies associated with market centers. The processor receives a trading order for a trading product that specifies a total quantity of the trading product and a maximum disclosure quantity of the trading product. The trading order is associated with a particular market center. The processor then routes the trading order to the particular market center according to the disclosure policy associated with the particular market center.
216 Citations
33 Claims
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1. A computer-implemented method comprising:
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detecting, via at least one processor of at least one computer of a trading exchange platform from a remote computer, a presence of a first data source representing at least one electronic message comprising a trading order that comprises a request to buy or sell a total quantity of a trading product and a presence of a second data source representing disclosure quantity of the trading product that is displayed to market participants, in which the at least one computer is configured to communicate electronically with a first plurality of computers via an internal computer network and a second plurality of computers via an external computer network different from the internal computer network; determining, via the at least one processor, that the portion of the trading order matches with at least one internal trading order originated from one of the first plurality of computers and at least one external trading order originated from one of the second plurality of computers; storing, via the at least one processor, in at least one memory internal to the trading exchange platform, a first data structure representing the at least one internal trading order; locating, via the at least one processor, the at least one external trading order at a market center computer that is external to the trading exchange platform; automatically prioritizing, via the at least one processor, the at least one internal trading order over the at least one external trading order, so that a portion of the trading order is matched with the at least one internal trading order in advance over the at least one external trading order; storing, via the at least one processor, in an entry of the first data structure, the at least one internal trading order that was automatically prioritized over the external trading order; computing, via the at least one processor, a second data structure representing remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the desired quantity minus the portion of the trading order; identifying, via the at least one processor, at least one market center computer that is capable of matching the remaining quantity of the trading order, in which the at least one market center computer comprises a bid price and an electronic disclosure policy that comprises at least one rule for disclosing the remaining quantity of the trading order; routing, via the at least one processor, the remaining quantity of the trading order to the at least one market center computer in accordance to the electronic disclosure policy of the at least one market center computer; transmitting, via the at least one processor to a remote device, an indication that the portion of the trading order has been matched internally and that the remaining quantity of the trading order has been routed to the at least one market center computer, in which the remote device and the at least one processor are in communication over an electronic communications network; determining, via the at least one processor, whether to cause a price operation to be performed by an external price server or the at least one processor of the trading exchange platform; routing, via the at least one processor, the price operation to be performed by the external price server or to the at least one processor of the trading exchange platform to control the trading order over the electronic communications network; directing, via the at least one processor, the external price server to perform the price operation; receiving, via the at least one processor, a third data source representing an electronic acknowledgment indicating that the trading order is active with the at least one market center computer; setting, via the at least one processor, an order status, for the trading order with the at least one market center computer, to active; generating, via the at least one processor, a timer to begin monitoring a length of time the trading order is active with the at least one market center computer; monitoring, via the at least one processor, the length of time the trading order is active until a timeout has occurred; detecting, via the at least one processor, the timeout occurring when the length of time equals or exceeds an associated buffer time; and in response to detecting the timeout, communicating, via the at least one processor, an electronic cancel instruction that removes the trading order from an active status of the market center computer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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8. An apparatus comprising:
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at least one processor of at least one computer in electronic communication with at least one other computer via an electronic communications network; and a memory, in which the memory stores instructions which, when executed by the at least one processor, direct the at least one processor to; detect, in a trading exchange platform, a presence of a first data source representing at least one electronic message comprising a trading order that comprises a request to buy or sell a total quantity of a trading product and a presence of a second data source representing disclosure quantity of the trading product that is displayed to market participants, in which the at least one computer is configured to communicate electronically with a first plurality of computers via an internal computer network and with a second plurality of computers via an external computer network different from the internal computer network; determine that the portion of the trading order matches with at least one internal trading order originated from one of the first plurality of computers and at least one external trading order originated from one of the second plurality of computers; store in at least one memory internal to the trading exchange platform, a first data structure representing the at least one internal trading order; locate the at least one external trading order at a market center computer that is external to the trading exchange platform; automatically prioritize the at least one internal trading order over the at least one external trading order, so that a portion of the trading order is matched with the at least one internal trading order in advance over the at least one external trading order; store in an entry of the first data structure, the at least one internal trading order that was automatically prioritized over the external trading order; compute a second data structure representing remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the desired quantity minus the portion of the trading order; identify at least one market center computer that is capable of matching the remaining quantity of the trading order, in which the at least one market center computer comprises a bid price and an electronic disclosure policy that comprises at least one rule for disclosing the remaining quantity of the trading order; route the remaining quantity of the trading order to the at least one market center computer in accordance to the electronic disclosure policy of the at least one market center computer; transmit an indication that the portion of the trading order has been matched internally and that the remaining quantity of the trading order has been routed to the at least one market center computer; determine whether to cause a price operation to be performed by an external price server or the at least one processor of the trading exchange platform; routing, via the at least one processor, the price operation to be performed by the external price server or to the at least one processor of the trading exchange platform to control the trading order over the electronic communications network; direct the external price server to perform the price operation; receive a third data source representing an electronic acknowledgment indicating that the trading order is active with the at least one market center computer; set an order status, for the trading order with the at least one market center computer, to active; generate a timer to begin monitoring a length of time the trading order is active with the at least one market center computer; monitor the length of time the trading order is active until a timeout has occurred; detect the timeout occurring when the length of time equals or exceeds an associated buffer time; and in response to detecting the timeout, communicate an electronic cancel instruction that removes the trading order from an active status of the market center computer. - View Dependent Claims (9, 10, 11, 12, 13, 14, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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15. An article of manufacture comprising:
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a computer-readable storage medium, in which the computer-readable storage medium is non-transitory and stores instructions which, when executed by at least one processor of at least one computer configured to communicate electronically with a first plurality of computers via an internal computer network and with a second plurality of computers via an external computer network different from the internal computer network, direct the at least one processor to; detect, in a trading exchange platform from a remote computer, a presence of a first data source representing at least one electronic message comprising a trading order that comprises a request to buy or sell a total quantity of a trading product and a presence of a second data source representing disclosure quantity of the trading product that is displayed to market participants; determine that the portion of the trading order matches with at least one internal trading order originated from one of the first plurality of computers and at least one external trading order originated from one of the second plurality of computers; store in at least one memory internal to the trading exchange platform, a first data structure representing the at least one internal trading order; locate the at least one external trading order at a market center computer that is external to the trading exchange platform; automatically prioritize the at least one internal trading order over the at least one external trading order, so that a portion of the trading order is matched with the at least one internal trading order in advance over the at least one external trading order; store in an entry of the first data structure, the at least one internal trading order that was automatically prioritized over the external trading order; compute a second data structure representing remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the desired quantity minus the portion of the trading order; identify at least one market center computer that is capable of matching the remaining quantity of the trading order, in which the at least one market center computer comprises a bid price and an electronic disclosure policy that comprises at least one rule for disclosing the remaining quantity of the trading order; route the remaining quantity of the trading order to the at least one market center computer in accordance to the electronic disclosure policy of the at least one market enter computer; transmit an indication that the portion of the trading order has been matched internally and that the remaining quantity of the trading order has been routed to the at least one market center computer; determine whether to cause a price operation to be performed by an external price server or the at least one processor of the trading exchange platform; routing, via the at least one processor, the price operation to be performed by the external price server or to the at least one processor of the trading exchange platform to control the trading order over the electronic communications network; direct the external price server to perform the price operation; receive a third data source representing an electronic acknowledgment indicating that the trading order is active with the at least one market center computer; set an order status, for the trading order with the at least one market center computer, to active; generate a timer to begin monitoring a length of time the trading order is active with the at least one market center computer; monitor the length of time the trading order is active until a timeout has occurred; detect the timeout occurring when the length of time equals or exceeds an associated buffer time; and in response to detecting the timeout, communicate an electronic cancel instruction that removes the trading order from an active status of the market center computer.
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Specification