Routing control for orders eligible for multiple markets

• US 20010042040A1
• Filed: 03/08/2001
• Published: 11/15/2001
• Est. Priority Date: 04/10/2000
• Status: Active Grant

• Current Assignee: Xylon LLC (Intellectual Ventures LLC)
• Original Assignee: Stikine Technology LLC (Intellectual Ventures LLC)
• Inventors: Keith, Christopher
• Granted Patent: US 8,799,138 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Trading processes are operative to route orders from order rooms to market processes, which process the orders according to respective market methodologies. The order routing strategy can be embodied in a decision table having rules with conditions and actions to be taken when the conditions are true. Accordingly, order rooms can readily configure and reconfigure trading processes.

Claims

1. A method of facilitating trading, comprising:

automatically supporting a set of trading processes, each trading process operating according to a respective trading methodology selected by a user of the trading process, each of the trading methodologies incorporating standards for using a trading platform, and

automatically routing orders from the set of trading processes to a plurality of markets in accordance with the respective trading methodologies.

2. The method of

claim 1

, wherein one of the orders from one of the trading processes is routed to at least two of the markets.

3. The method of

claim 1

, wherein the automatically routing is in accordance with a relationship between the trading process and the market.

4. The method of

claim 3

, wherein the relationship is represented by a code defined between the trading process and the market.

5. The method of

claim 1

, wherein at least one of the markets is informal.

6. The method of

claim 1

, wherein the automatically routing is based on information internal to the trading processes.

7. The method of

claim 1

, wherein the automatically routing is based on information obtained from processes external to the trading processes for deciding how to automatically route.

8. The method of

claim 7

, wherein the external processes are informational processes.

9. The method of

claim 7

, wherein the external processes are market processes.

10. A method of facilitating trading, comprising:

automatically receiving an order from a user, and automatically routing the order to at least one of a plurality of markets in accordance with an order processing strategy selected from a plurality of order processing strategies by the user.

11. The method of

claim 10

, wherein the order processing strategy is embodied in a decision table.

12. The method of

claim 10

, wherein the order processing strategy depends on relationships between the user and the plurality of markets.

13. The method of

claim 10

, wherein the order processing strategy depends on the order characteristics.

14. The method of

claim 10

, wherein the order processing strategy depends on the market characteristics.

15. The method of

claim 14

, wherein the order processing strategy also depends on relationships between the user and the plurality of markets.

16. The method of

claim 14

, wherein the order processing strategy also depends on the order characteristics.

17. The method of

claim 10

, wherein the order processing strategy includes a discovery strategy and an action strategy.

18. The method of

claim 17

, wherein the discovery strategy includes discovery from at least one informal market.

19. The method of

claim 17

, wherein the discovery strategy includes a discovery methodology selected from at least two of:

(i) no discovery, (ii) a market board, (iii) querying selected markets, and (iv) obtaining information from an advisory process.

20. The method of

claim 17

, wherein the action strategy comprises the results of conditional rules that are applicable because of characteristics of at least one of the order and the market.

21. The method of

claim 10

, wherein the steps of automatically receiving and routing are performed at a selected trading process.

22. The method of

claim 21

, wherein the user has access to a set of trading processes having respectively different order processing strategies, and the selected trading process is selected from the set of trading processes in accordance with its order processing strategy.

23. A method of facilitating trading, comprising:

receiving an inquiry from an active side trading process,

identifying passive side trading processes relevant to the inquiry, and

enabling the active side trading process to interact with at least one of the relevant passive side trading processes.

24. A method of facilitating trading, comprising:

receiving an inquiry from an active side trading process for an active side order,

identifying passive side trading processes relevant to the inquiry, and

pairing the active side order with at least one order from the passive side trading processes.