Method of matching orders on an electronic trading system and an electronic trading system for matching orders

• US 20080046354A1
• Filed: 04/23/2007
• Published: 02/21/2008
• Est. Priority Date: 06/15/2006
• Status: Active Grant

• Current Assignee: Nasdaq Technology AB (Nasdaq, Inc.)
• Original Assignee: OMX Technology AB
• Inventors: Allebrand, Sven, Jensen, Daniel, Ahlenius, Ulf, Olsson, Johan L.
• Granted Patent: US 8,781,944 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method of matching orders on an electronic trading system is disclosed. The method includes the steps of broadcasting information regarding current order status of an order book of the electronic trading system, said order status comprising a queue of orders; receiving an order to trade selecting an order in the order book having queue number two or higher, said received order having properties matching the selected order; and matching the received order with the selected order.

Claims

1. Method of matching orders on an electronic trading system, including the steps of:

broadcasting information regarding current order status of an order book of the electronic trading system, said order status comprising a queue of orders;

receiving an order to trade selecting an order in the order book having queue number two or higher, said received order having properties matching the selected order; and

matching the received order with the selected order.

2. Method according to claim 1, wherein the step of matching the received order with the selected order includes a partial matching, wherein the remaining part of the partially matched order forms a new order in the order book.

3. Electronic trading system comprising a matching unit for matching orders submitted by users and an order book associated with the matching unit for storing and organizing unmatched orders in queues, wherein the matching unit comprises an identifier for identifying an incoming designated order indicating a selected order in the order book, a comparator for comparing the designated order and the selected order and a controller for matching the designated order with the selected order to a degree of correlation between the designated order and the selected order.

4. Electronic trading system according to claim 3, wherein the indication of a selected order can be based on one or more of submitter name, order number, queue number, price and volume.

5. Method of matching orders on an electronic trading system, including the steps of:

broadcasting information regarding current order status of an order book of the electronic trading system, said order status identifying each submitter of each order;

order book based on the identified submitter; and

matching the received order with the selected order.

6. Method according to claim 5, wherein the step of matching the received order with the selected order includes a partial matching, wherein the remaining part of the partially matched order forms a new order in the order book.