TRADING SYSTEM WITH INTERNAL ORDER MATCHING
First Claim
1. A computer-based system for exchange order routing comprising:
- a communication network including a first server having at least one processor, one or more second servers each having at least one processor, and a client terminal having at least one processor;
an end-user interface operable to provide a template for building an order routing strategy that includes a stipulation string, and to submit one or more orders and the order routing strategy to the first server;
wherein the first server is configured to support operations of a first electronic exchange marketplace, the one or more second servers are configured to support operations of respective second electronic exchange marketplaces, and the client terminal is configured to provide the end-user interface between the client terminal and the first server;
a program executable within the communication network and being configured to implement the routing strategy by attempting to cross the order on the first electronic exchange in accordance with the routing strategy, and by placing order liquidity on the respective second electronic exchanges in accordance with the routing strategy.
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Accused Products
Abstract
Presented is a computer-based system for exchange order routing over a communication network which includes a client terminal configured to provide an end-user interface between the client terminal and a first server, the interface providing a template for building an order routing strategy including a stipulation string, and to submit one or more orders and the order routing strategy to the first server. A program executable within the communication network to implement the routing strategy by crossing the order on a first electronic exchange, and placing order liquidity on respective second electronic exchanges. A method implements the order routing strategy by receiving an order and a routing strategy containing a stipulation string having parameters of predetermined criteria, a first phase order processing allocates a first order quantity to a crossing location, a second phase order processing allocates a second order quantity to an idle location.
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Citations
18 Claims
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1. A computer-based system for exchange order routing comprising:
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a communication network including a first server having at least one processor, one or more second servers each having at least one processor, and a client terminal having at least one processor;
an end-user interface operable to provide a template for building an order routing strategy that includes a stipulation string, and to submit one or more orders and the order routing strategy to the first server;
wherein the first server is configured to support operations of a first electronic exchange marketplace, the one or more second servers are configured to support operations of respective second electronic exchange marketplaces, and the client terminal is configured to provide the end-user interface between the client terminal and the first server;
a program executable within the communication network and being configured to implement the routing strategy by attempting to cross the order on the first electronic exchange in accordance with the routing strategy, and by placing order liquidity on the respective second electronic exchanges in accordance with the routing strategy. - View Dependent Claims (2, 3)
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4. A method for implementing an order routing strategy on a computer-based communication network comprising a first electronic exchange market operating on a first server having a processor, one or more second electronic exchange markets operating on respective second servers having a processor, and an end-user interface operating on a client terminal having a processor, the method comprising the steps of:
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receiving at the first terminal an order that defines a quantity component, a price component, and a routing strategy associated with the order, the routing strategy containing a stipulation string comprising parameters of predetermined criteria;
a first phase order processing in accordance with the predetermined criteria parameters so as to allocate a first order quantity to a crossing location;
a second phase order processing so as to allocate a second order quantity to an idle location;
wherein the first order quantity fills substantially immediately and the second order quantity fills when trading begins at the idle location;
evaluating rules of the routing strategy in response to an event message; and
modifying the routing strategy execution in response to the results of the evaluating step so as to optimize the order processing on at least one of the crossing location and the idle location. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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Specification