METHODS AND APPARATUS FOR ROUTING SECURITIES ORDERS
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Accused Products
Abstract
According to some embodiments, a securities order trading system may determine, during a trading session, one or more attributes of an order destination. The attribute or attributes may be other than a price quoted or a size of an order booked on an order destination. The trading system may also determine during the trading session, and based on the order destination attribute or attributes, at least one of whether to route an order to the order destination, and a proportion of the order to allocate to the order destination.
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Citations
45 Claims
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1-6. -6. (canceled)
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7. A method comprising:
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determining during a trading session at least one attribute of a securities exchange or ECN; and determining during the trading session, based at least in part on the determined at least one attribute, at least one of;
(a) whether to route an order to the securities exchange or ECN, and (b) a proportion of the order to allocate to the securities exchange or ECN;the determined at least one attribute selected from the group consisting of;
(a) a percentage of total market volume in the particular security handled during the trading session by the securities exchange or ECN;
(b) a degree to which the securities exchange or ECN is overfilling orders for the particular security during the trading session;
(c) an average amount of time that the order destination securities exchange or ECN offered a best price for the particular security relative to other order destinations;
securities exchange or ECN offered a best price for the particular security relative to other order destinations;
(e) an average amount of time required during the trading session for the securities exchange or ECN to match a best price offered for the particular security by another order destination. - View Dependent Claims (8)
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9-24. -24. (canceled)
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25. An apparatus comprising:
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a processor; and a storage device in communication with said processor and storing instructions adapted to be executed by said processor to; determine during a trading session at least one attribute of a securities exchange or ECN; and determine during the trading session, based at least in part on the determined at least one attribute, at least one of;
(a) whether to route an order to the on securities exchange or ECN, and (b) a proportion of the order to allocate to the securities exchange or ECN;the determined at least one attribute selected from the group consisting of;
(a) a percentage of total market volume in the particular security handled during the trading session by the securities exchange or ECN;
(b) a degree to which the securities exchange or ECN is overfilling orders for the particular security during the trading session;
(c) an average amount of time that the securities exchange or ECN offered a best price for the particular security relative to other order destinations;
(d) a percentage of the trading session during which the securities exchange or ECN offered a best price for the particular security relative to other order destinations;
(e) an average amount of time required during the trading session for the securities exchange or ECN to match a best price offered for the particular security by another order destination. - View Dependent Claims (26)
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27-42. -42. (canceled)
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43. A medium storing processor-executable process steps, the process steps comprising:
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a processor-executable process step to determine during a trading session at least one attribute of a securities exchange or ECN; and a processor-executable process step to determine during the trading session, based at least in part on the determined at least one attribute, at least one of;
(a) whether to route an order to the securities exchange or ECN, and (b) a proportion of the order to allocate to the securities exchange or ECN;the determined at least one attribute selected from the group consisting of;
(a) a percentage of total market volume in the particular security handled during the trading session by the securities exchange or ECN;
(b) a degree to which the order destination securities exchange or ECN is overfilling orders for the particular security during the trading session;
(c) an average amount of time that the securities exchange or ECN offered a best price for the particular security relative to other order destinations;
(d) a percentage of the trading session during which the securities exchange or ECN offered a best price for the particular security relative to other order destinations;
(e) an average amount of time required during the trading session for the securities exchange or ECN to match a best price offered for the particular security by another order destination. - View Dependent Claims (44)
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45-54. -54. (canceled)
Specification