System And Method For Facilitating Trading In An Electronic Market
First Claim
1. A system for facilitating trading of futures contracts in a market, the system comprising:
- a server at which futures contracts are traded;
an interface in communication with the server, the interface being configured to enable at least one of a buy order and a sell order to be entered, each buy order and each sell order having a price, a volume, and an entry time and relating to a respective futures contract;
wherein the server is configured to receive a plurality of buy orders and sell orders from the interface, and to match buy orders relating to a first futures contract and having a first price to sell orders relating to the first futures contract and having the first price by, for each buy order and each sell order, using the volume and entry time to assign a volume weight and a time weight, and using the volume weights and the time weights to determine each match; and
wherein the server is further configured to use each determined match to complete a respective trade.
1 Assignment
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Accused Products
Abstract
A method and system for facilitating trading of financial instruments in a market are provided. The system comprises a server and an interface. The interface is configured to enable buy orders and sell orders to be entered. Each order has a price, a volume, and an entry time and relates to a respective futures contract. The server is configured to match received buy orders having a first price to received sell orders having the first price. The match is effected by ensuring that the prices match, and then using the volume and entry time for each buy order and each sell order to assign a volume weight and a time weight, and then using the volume weights and the time weights to determine each match. The server uses the matches to complete respective trades. The volume and time weights may be adjusted based on market conditions.
27 Citations
16 Claims
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1. A system for facilitating trading of futures contracts in a market, the system comprising:
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a server at which futures contracts are traded; an interface in communication with the server, the interface being configured to enable at least one of a buy order and a sell order to be entered, each buy order and each sell order having a price, a volume, and an entry time and relating to a respective futures contract; wherein the server is configured to receive a plurality of buy orders and sell orders from the interface, and to match buy orders relating to a first futures contract and having a first price to sell orders relating to the first futures contract and having the first price by, for each buy order and each sell order, using the volume and entry time to assign a volume weight and a time weight, and using the volume weights and the time weights to determine each match; and wherein the server is further configured to use each determined match to complete a respective trade. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method of trading of futures contracts in a market, the method comprising the steps of:
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enabling a plurality of users to enter buy orders and sell orders, each buy order and each sell order having a price, a volume, and an entry time and relating to a respective futures contract; assigning a volume weight and a time weight to each buy order relating to a first futures contract and having a first price based on its respective volume and entry time; assigning a volume weight and a time weight to each sell order relating to the first futures contract and having the first price based on its respective volume and entry time; matching buy orders having the first price to sell orders having the first price using the assigned respective volume weights and time weights; and using the matched buy orders and sell orders to complete at least one trade. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16)
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Specification