METHOD, APPARATUS AND INTERFACE FOR TRANSACTION TOGGLING

• US 20110040680A1
• Filed: 10/28/2010
• Published: 02/17/2011
• Est. Priority Date: 12/27/2002
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Ebersole, Joan, Burns, Michael J.
• Granted Patent: US 7,970,696 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A method for submitting transactions from an automated trading tool to an electronic exchange. The method includes defining a proximity limit and automatically generating a transaction for a tradeable object. The method further includes applying the proximity limit to the transaction. When the transaction falls within the defined proximity limit, the transaction is submitted to the exchange. An apparatus and interface for transaction toggling based on proximity limits are also provided.

Claims

1. A method for administering order placement from an automated trading tool, the method comprising:

determining a price of an order for a first tradeable object via a computing device, the price determined according to a spread price and an inside market for a second tradeable object; and

initiating submission of the order to an electronic exchange according to a comparison of the price to a price range via the computing device.

2. The method of claim 1 further comprising determining the price range according a price limit and a reference price.

3. The method of claim 2 where the price limit comprises a number of ticks away from the reference price.

4. The method of claim 3 where the reference price comprises any of:

an inside market for the first tradeable object and a last traded price for the first tradeable object.

5. The method of claim 2 where the price limit is user-selectable.

6. The method of claim 1 where the price range comprises a first number of ticks greater than a reference price and a second number of ticks less than the reference price.

7. The method of claim 1 where initiating submission of the order comprises transmitting the order to the electronic exchange.

8. The method of claim 7 where transmitting the order to the electronic exchange comprises submitting the order in response to determining the price within the price range.

9. The method of claim 1 where initiating submission of the order comprises blocking the order from being sent to the electronic exchange.

10. The method of claim 7 where blocking the order comprises preventing the order from being submitted to the electronic exchange in response to determining the price outside the price range.

11. The method of claim 7 further comprising:

receiving a user-command to override blocking the order; and

submitting the order to the electronic exchange in response to receiving the user-command.

12. The method of claim 2 where the price limit is dynamic.

13. The method of claim 12 further comprising determining the price limit according to an equation.

14. The method of claim 12 where the price limit is determined according to volatility of the first tradeable object.

15. The method of claim 12 where the price limit is determined according to a market for another tradeable object.

16. The method of claim 12 where the price limit is determined according to a market for the second tradeable object.

17. The method of claim 12 where the price limit is time-dependent.

18. A computer readable medium having instructions stored therein for causing a processor to carry out acts comprising:

determining a price of an order for a first tradeable object, the price determined according to a spread price and an inside market for a second tradeable object; and

initiating submission of the order to an electronic exchange according to a comparison of the price to a price range.

19. The method of claim 18 where the acts further comprise determining the price range according a price limit and a reference price.

20. An automated trading tool for submitting orders to an electronic exchange, the automated trading tool comprising:

a spread configured to determine a price of an order for a first tradeable object of a spread, the price determined according to a spread price and an inside market for a second tradeable object of the spread; and

an order transmitter configured to initiate submission of the order to the electronic exchange according to a comparison of the price to a price range.