System and Method for Linking and Managing Linked Orders in an Electronic Trading Environment
First Claim
1. A method for managing orders in an electronic trading environment comprising:
- submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange from a client computing device, the submitted first order pending in a first order book at the first electronic exchange for the first tradable object;
in response to submitting the first order, submitting a second order to trade a second quantity of a second tradeable object at a second price, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted from the client computing device to a second electronic exchange substantially simultaneously as submitting the first order, the submitted second order pending in a second order book at the second electronic exchange for the second tradable object;
receiving, at the client computing device, a user input changing at least one order parameter associated with the first order pending at the first electronic exchange;
in response to receiving the user input, submitting a first update to the first exchange to change the at least one order parameter of the first order pending at the first electronic exchange; and
in response to submitting the first update message to the first exchange, submitting a second update to the second electronic exchange to change at least one order parameter of the second order in the second order book.
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Accused Products
Abstract
A system and method for linking and managing linked orders are described. According to one method, a trader may first link two or more orders into a linked order, and then one or more parameters associated with one of the orders may be dynamically changed based on user inputs or information being received from an exchange. For example, a trader may link any two orders as an order cancel order, and each linked order may be associated with the same or different tradable objects, order quantities, and may be submitted to one or more exchanges. The order quantities may be then dynamically updated based on updates being received from the one or more exchanges and further based on a quantity ratio between the two orders. Further, the linked order may be submitted upon detecting a fill for another order.
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Citations
8 Claims
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1. A method for managing orders in an electronic trading environment comprising:
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submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange from a client computing device, the submitted first order pending in a first order book at the first electronic exchange for the first tradable object; in response to submitting the first order, submitting a second order to trade a second quantity of a second tradeable object at a second price, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted from the client computing device to a second electronic exchange substantially simultaneously as submitting the first order, the submitted second order pending in a second order book at the second electronic exchange for the second tradable object; receiving, at the client computing device, a user input changing at least one order parameter associated with the first order pending at the first electronic exchange; in response to receiving the user input, submitting a first update to the first exchange to change the at least one order parameter of the first order pending at the first electronic exchange; and in response to submitting the first update message to the first exchange, submitting a second update to the second electronic exchange to change at least one order parameter of the second order in the second order book. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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Specification