System and Method for Performing Automatic Spread Trading
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Abstract
The present embodiments are provided to facilitate the automatic trading of spreads in a fast and accurate manner. One or more market data feeds that contain market information for tradeable objects are received at an exchange. A spread data feed is generated in response to the market data feeds and from one or more spread setting parameters, which can be entered by a user. The spread data feed is preferably displayed in a spread window as bid and ask quantities associated with an axis or scale of prices. The user can enter orders in the spread window and the legs will be automatically worked to achieve, or attempt to achieve, the spread. In addition, other tools disclosed herein may be utilized to assist the user in making such trades.
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Citations
30 Claims
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1-11. -11. (canceled)
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12. A method for electronic trading, comprising:
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receiving a range of prices for a spread between a first exchange-listed tradeable object and a second exchange-listed tradeable object; electronically transmitting an order for the first exchange-listed tradeable object to a first exchange, the order for the first exchange-listed tradeable object having a price based on the range of prices for the spread; automatically calculating a working price for the spread based on a price of the order for the first exchange-listed tradeable object and market information associated the second exchange-listed tradeable object of a second exchange; and comparing the working price for the spread to the range of prices for the spread to determine whether the working price for the spread is substantially outside the range of prices. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A method for electronic trading, the method comprising:
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electronically displaying a price for a pending order for a first tradable object using a man-machine interface, the price being determined according to a selected price for a spread and streaming information for a second tradeable object; determining a working price for the spread according to changes in the streaming price information for the second tradable object; and electronically transmitting a new order for the first tradeable object to an exchange associated with the first tradeable object in response to a comparison of the working price for the spread to a spread limit. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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25. A method for electronic trading, comprising:
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displaying orders for a spread along a price axis of a man-machine interface, each order having a quantity at a spread price based on a location of the order relative to the price axis, the quantity and the spread price being determined according to price information for a first tradeable object and price information for a second tradeable object; and displaying a pending order for the first tradeable object at a first exchange, the pending order for the first tradeable object having a price based on a target spread and the price information for the second tradeable object, the target spread being selected via the man-machine interface; in response to receiving the price information for the second tradeable object; determining a working price for the spread according to the pending order for the first tradeable object and the price information for the second tradeable object comparing the working price to a price associated with the target spread, and transmitting a new order for the first tradeable object to the first exchange in response to comparing the working price to the target price. - View Dependent Claims (26, 27, 28, 29, 30)
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Specification