Generation of estimated prices of instruments for a trade in a combination of instruments
First Claim
1. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
- identifying for each bid in each one of said instruments its bid price;
storing the identified bid price of the last bid in each one of said instruments; and
generating said estimated prices based on the stored bid price of the last bid in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last bid still exists or not at the time of generating said estimated prices.
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Accused Products
Abstract
In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprises the steps of (i) identifying for each bid/offer in each one of said instruments its bid/ask price; (ii) storing the identified bid/ask price of the last bid/offer in each one of said instruments; and (iii) generating said estimated prices based on the stored bid/ask price of the last bid/offer in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last bid/offer still exists or not at the time of generating said estimated prices.
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Citations
45 Claims
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1. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
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identifying for each bid in each one of said instruments its bid price;
storing the identified bid price of the last bid in each one of said instruments; and
generating said estimated prices based on the stored bid price of the last bid in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last bid still exists or not at the time of generating said estimated prices. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An automatic trade system comprising:
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means for receiving bids and offers in instruments as well as in combinations of instruments;
means for performing a trade in an instrument or in a combination of instruments when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price;
means for identifying for each bid in each one of said instruments its bid price;
means for storing the identified bid price of the last bid in each one of said instruments; and
means for generating estimated prices based on the stored bid price of the last bid in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last bid still exists or not at the time of generating said estimated prices. - View Dependent Claims (13, 14)
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15. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
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identifying for each offer in each one of said instruments its ask price;
storing the identified ask price of the last offer in each one of said instruments; and
generating said estimated prices based on the stored ask price of the last offer in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last offer still exists or not at the time of generating said estimated prices. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. An automatic trade system comprising:
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means for receiving bids and offers in instruments as well as in combinations of instruments;
means for performing a trade in an instrument or in a combination of instruments when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price;
means for identifying for each offer in each one of said instruments its ask price;
means for storing the identified ask price of the last offer in each one of said instruments; and
means for generating estimated prices based on the stored ask price of the last offer in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said last offer still exists or not at the time of generating said estimated prices. - View Dependent Claims (27, 28)
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29. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
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identifying for each bid in each one of said instruments its bid price;
identifying for each offer in each one of said instruments its ask price;
storing the identified bid price of the last bid or the identified ask price of the last offer, whichever is latest, in each one of said instruments; and
generating said estimated prices based on the stored bid price of the last bid or the ask price of the last offer, whichever is latest, in at least one of said instruments, which is comprised in said combination of instruments, independent on whether the last bid or the last offer, whichever is latest, still exists or not at the time of generating said estimated prices. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38)
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39. An automatic trade system comprising:
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means for receiving bids and offers in instruments as well as in combinations of instruments;
means for performing a trade in an instrument or in a combination of instruments when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price;
means for identifying for each bid in each one of said instruments its bid price;
means for identifying for each offer in each one of said instruments its offer price;
means for storing the identified bid price of the last bid the or the identified ask price of the last offer, whichever is latest, in each one of said instruments; and
means for generating estimated prices based on the stored bid price of the last bid or the ask price of the last offer, whichever is latest, in at least one of said instruments, which is comprised in said combination of instruments, independent on whether the last bid or the last offer, whichever is latest, still exists or not at the time of generating said estimated prices. - View Dependent Claims (40, 41)
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42. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and entered into an order book, and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
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identifying for each bid in each one of said instruments its bid price;
identifying for each offer in each one of said instruments its ask price;
storing the identified bid price of the last bid or the identified ask price of the last offer, whichever is latest, in each one of said instruments; and
generating said estimated prices based on a seed price, wherein if there exists at least one bid price of a bid, but no offer, in one of said instruments, which is comprised in said combination of instruments, in the order book, said seed price is the highest one of said at least one bid price;
if there exists at least one ask price of an offer, but no bid, in said one of said instruments in the order book, said seed price is the lowest one of said at least one ask price;
if there exist at least one bid price of a bid and at least one ask price of an offer in said one of said instruments in the order book, said seed price is the highest one of said at least one bid price or the lowest one of said at least one ask price; and
if there exist no bid or offer in said one of said instruments in the order book, said seed price is the stored bid price of the last bid or the ask price of the last offer, whichever is latest.
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43. In an automatic trade system wherein bids and offers in instruments as well as in combinations of instruments are received and entered into an order book, and a trade in an instrument or in a combination of instruments is performed when, for a certain number of that instrument or combination of instruments, a bid price matches an ask price, a method for generating estimated prices of instruments for a trade in a combination of instruments, comprising the steps of:
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identifying for each bid in each one of said instruments its bid price;
identifying for each offer in each one of said instruments its ask price;
identifying for each trade in each one of said instruments its paid price;
storing any of the bid price of the last bid, the ask price of the last offer, or the paid price of the last trade as identified in each one of said instruments; and
generating said estimated prices based on the stored any of the bid price of the last bid, the ask price of the last offer, or the paid price of the last trade in at least one of said instruments, which is comprised in said combination of instruments, independent on whether said any of the last bid, the last offer, or the last trade in said at least one of said instruments still exists or not at the time of generating said estimated prices. - View Dependent Claims (44, 45)
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Specification