Processing composite trading orders
2 Assignments
0 Petitions
Accused Products
Abstract
An apparatus for processing a composite trading order comprises an interface operable to display a composite value representing a weighted quantity of a plurality of trading products. The apparatus further comprises a processor operable to receive at least one input representing a composite trading order, wherein the at least one input comprises a quantity that is equal to at least a portion of the weighted quantity. The at least one input is usable to generate one or more constituent trading orders that, when filled, combine to satisfy the composite trading order.
64 Citations
97 Claims
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1-36. -36. (canceled)
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37. An apparatus, comprising:
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a processor; and a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to; receive a first trading order for a first quantity of a first trading product from a trader; determine that the first trading order is not able to be filled in one or more market centers; receive market data from the one or more market centers; determine a composite value based at least in part on; the market data, a quantity of a trading product other than the first trading product, and a quantity of the first trading product; receive a composite trading order associated with at least a portion of the composite value; determine, based at least in part on one or more stored preferences of the trader, one or more constituent trading orders that, if filled, would satisfy the composite trading order; sending the one or more constituent trading orders to at least some of the one or more market centers; determine that the one or more constituent orders are not filled; and determine additional constituent trading orders until the composite trading order is satisfied.
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38. A method, comprising:
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receiving, by a processor of a computer, a first trading order for a first quantity of a first trading product from a trader; determining, by the processor, that the first trading order is not able to be filled in one or more market centers; receiving, by the processor, market data from the one or more market centers; determining, by the processor, a composite value based at least in part on; the market data, a quantity of a trading product other than the first trading product, and a quantity of the first trading product; receiving, by the processor, a composite trading order associated with at least a portion of the composite value; determining, by the processor, based at least in part one or more stored preferences of the trader, one or more constituent trading orders that, if filled, would satisfy the composite trading order; sending, by the processor, the one or more constituent trading orders to at least some of the one or more market centers; determining, by the processor, that the one or more constituent orders are not filled; and determining, by the processor, additional constituent trading orders until the composite trading order is satisfied.
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39. One or more non-transitory tangible computer-readable media storing instructions that, when executed, cause a processor to:
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receive a first trading order for a first quantity of a first trading product from a trader; determine that the first trading order is not able to be filled in one or more market centers; receive market data from the one or more market centers; determine a composite value based at least in part on; the market data, a quantity of a trading product other than the first trading product, and a quantity of the first trading product; receive a composite trading order associated with at least a portion of the composite value; determine, based at least in part on one or more stored preferences of the trader, one or more constituent trading orders that, if filled, would satisfy the composite trading order; sending the one or more constituent trading orders to at least some of the one or more market centers; determine that the one or more constituent orders are not filled; and determine additional constituent trading orders until the composite trading order is satisfied.
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40. An apparatus, comprising:
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a processor; and a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to; receive a first trading order for a first quantity of a first trading product from a trader; determine that a particular quantity of the first trading product is available for trade in one or more market centers; determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product; identify a plurality of trading products, wherein the plurality of trading products comprises the first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receive market data from the one or more market centers, wherein the market data relates to the plurality of trading products; determine, based at least in part on the market data and the plurality of trading products, a value; perform at least one of; receiving, from the trader, a composite trading order for at least a portion of the value; and generating the composite trading order; determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully; receive updated market data from the one or more market centers; determine one or more new constituent trading orders based at least in part on the updated market data, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and submit, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and wherein at least one of; identifying the plurality of trading products, determining the value, determining the one or more constituent trading orders, and determining the one or more new constituent trading orders, are based at least in part on one or more stored preferences of the trader.
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41. A method, comprising:
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receiving, by a processor of a computer, a first trading order for a first quantity of a first trading product from a trader; determining, by the processor, that a particular quantity of the first trading product is available for trade in one or more market centers; determining, by the processor, that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product; identifying, by the processor, a plurality of trading products, wherein the plurality of trading products comprises the first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receiving, by the processor, market data from the one or more market centers, wherein the market data relates to the plurality of trading products; determining, by the processor, based at least in part on the market data and the plurality of trading products, a value; performing, by the processor, at least one of; receiving, from the trader, a composite trading order for at least a portion of the value; and generating the composite trading order; determining, by the processor, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submitting, by the processor, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; determining, by the processor, that at least one constituent trading order of the one or more constituent trading orders was not filled successfully; receiving, by the processor, updated market data from the one or more market centers; determining, by the processor, one or more new constituent trading orders based at least in part on the updated market data, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and submitting, by the processor, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and wherein at least one of; identifying the plurality of trading products, determining the value, determining the one or more constituent trading orders, and determining the one or more new constituent trading orders, are based at least in part on one or more stored preferences of the trader.
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42. One or more non-transitory tangible computer-readable media storing instructions that, when executed, cause a processor to:
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receive a first trading order for a first quantity of a first trading product from a trader; determine that a particular quantity of the first trading product is available for trade in one or more market centers; determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product; identify a plurality of trading products, wherein the plurality of trading products comprises the first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receive market data from the one or more market centers, wherein the market data relates to the plurality of trading products; determine, based at least in part on the market data and the plurality of trading products, a value; perform at least one of; receiving, from the trader, a composite trading order for at least a portion of the value; and generating the composite trading order; determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully; receive updated market data from the one or more market centers; determine one or more new constituent trading orders based at least in part on the updated market data, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and submit, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and wherein at least one of; identifying the plurality of trading products, determining the value, determining the one or more constituent trading orders, and determining the one or more new constituent trading orders, are based at least in part on one or more stored preferences of the trader.
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43. An apparatus, comprising:
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a processor; and a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to; receive an indication from a trader that the trader desires to trade a first quantity of a first trading product; identify one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receive market data from one or more market centers, wherein the market data relates to at least the one or more trading products; determine, based at least in part on the market data and the one or more trading products, a composite value; perform at least one of; receiving, from the trader, a composite trading order for at least a portion of the composite value; and generating the composite trading order; determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers; determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and determine one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order. - View Dependent Claims (44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95)
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96. A method, comprising:
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receiving, by a processor of a computer, an indication from a trader that the trader desires to trade a first quantity of a first trading product; identifying, by the processor, one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receiving, by the processor, market data from one or more market centers, wherein the market data relates to at least the one or more trading products; determining, by the processor, based at least in part on the market data and the one or more trading products, a composite value; performing, by the processor, at least one of; receiving, from the trader, a composite trading order for at least a portion of the composite value; and generating the composite trading order; determining, by the processor, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submitting, by the processor, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; monitoring, by the processor, whether the one or more constituent trading orders are filled successfully in the one or more market centers; determining, by the processor, that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and determining, by the processor, one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order.
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97. One or more non-transitory tangible computer-readable media storing instructions that, when executed, cause a processor to:
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receive an indication from a trader that the trader desires to trade a first quantity of a first trading product; identify one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product; receive market data from one or more market centers, wherein the market data relates to at least the one or more trading products; determine, based at least in part on the market data and the one or more trading products, a composite value; perform at least one of; receiving, from the trader, a composite trading order for at least a portion of the composite value; and generating the composite trading order; determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order; submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers; monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers; determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and determine one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order.
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Specification