Order processing for automated market system
First Claim
1. A method of trading securities in an electronic market, the method comprises:
- receiving from an electronic communication network a grouped order representing customer orders that are grouped with respect to price;
assigning a time receipt to components of the grouped order;
displaying interest associated with the grouped order as a quote; and
thereafter receiving from the electronic communication network subsequent grouped customer orders that are grouped with the initial interest according to price and assigning different time stamps to components of the subsequent grouped customer orders based on the time of receipt of the subsequent grouped orders; and
matching components of the grouped order against interest in the market based on how the components of the grouped order interact with interest in the market.
5 Assignments
0 Petitions
Accused Products
Abstract
An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.
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Citations
6 Claims
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1. A method of trading securities in an electronic market, the method comprises:
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receiving from an electronic communication network a grouped order representing customer orders that are grouped with respect to price;
assigning a time receipt to components of the grouped order;
displaying interest associated with the grouped order as a quote; and
thereafterreceiving from the electronic communication network subsequent grouped customer orders that are grouped with the initial interest according to price and assigning different time stamps to components of the subsequent grouped customer orders based on the time of receipt of the subsequent grouped orders; and
matching components of the grouped order against interest in the market based on how the components of the grouped order interact with interest in the market. - View Dependent Claims (2, 3, 4, 5, 6)
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Specification