Method and system for trading
First Claim
1. Method for trading an instrument in an automated exchange system, comprising the steps of:
- (a) receiving a first order for the instrument on a first side of a market;
(b) receiving a second order for the instrument on a second side of said market;
(c) evaluating the first and the second orders regarding the possibility for a match between the first and the second orders;
(d) if such a match is possible, creating a preliminary trade using the first and the second orders;
(e) receiving a third order for the instrument on the first side of the market;
(f) comparing the third order with the first order;
(g) if the third order is better than the first order, modifying the preliminary trade; and
(k) creating a final trade using the orders currently being part of the preliminary trade.
1 Assignment
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Accused Products
Abstract
Method for trading an instrument in an automated exchange system, comprising the steps of receiving a first order for the instrument on a first side of a market; receiving a second order for the instrument on a second side of said market; evaluating the first and the second orders regarding the possibility for a match between the first and the second orders; if such a match is possible, creating a preliminary trade using the first and the second orders; receiving a third order for the instrument on the first side of the market; comparing the third order with the first order; if the third order is better than the first order, modifying the preliminary trade; and creating a final trade using the orders currently being part of the preliminary trade.
71 Citations
33 Claims
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1. Method for trading an instrument in an automated exchange system, comprising the steps of:
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(a) receiving a first order for the instrument on a first side of a market; (b) receiving a second order for the instrument on a second side of said market; (c) evaluating the first and the second orders regarding the possibility for a match between the first and the second orders; (d) if such a match is possible, creating a preliminary trade using the first and the second orders; (e) receiving a third order for the instrument on the first side of the market; (f) comparing the third order with the first order; (g) if the third order is better than the first order, modifying the preliminary trade; and (k) creating a final trade using the orders currently being part of the preliminary trade. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. Automated exchange system for trading an instrument, comprising at least one programmed server computer, adapted for receiving and managing buy and sell orders for said instrument, where the server computer is adapted for carrying out the steps of:
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(a) receiving a first order for the instrument on a first side of a market; (b) receiving a second order for the instrument on a second side of said market; (c) evaluating the first and the second orders regarding the possibility for a match between the first and the second orders; (d) if such a match is possible, creating a preliminary trade using the first and the second orders; (e) receiving a third order for the instrument on the first side of the market; (f) comparing the third order with the first order; (g) if the third order is better than the first order, modifying the preliminary trade; and (k) creating a final trade using the orders currently being part of the preliminary trade. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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Specification