System and Method for Linking and Managing Linked Orders in an Electronic Trading Environment
First Claim
1. A method for managing pending orders, the method comprising:
- submitting a first order for a first quantity of a first tradeable object at a first price and a second order for a second quantity of a second tradeable object at a second price from a computing device in response to receiving a user command via a user input associated with the computing device, where the second price is determined according to the first price and a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange;
receiving, via an input device associated with the computing device, an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and
submitting, via the computing device, an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter.
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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
20 Claims
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1. A method for managing pending orders, the method comprising:
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submitting a first order for a first quantity of a first tradeable object at a first price and a second order for a second quantity of a second tradeable object at a second price from a computing device in response to receiving a user command via a user input associated with the computing device, where the second price is determined according to the first price and a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange; receiving, via an input device associated with the computing device, an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and submitting, via the computing device, an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer readable medium having instructions stored thereon executable by a computing device to carry out the acts comprising:
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submitting a first order for a first quantity of a first tradeable object at a first price and a second order for a second quantity of a second tradeable object at a second price from a computing device in response to receiving a user command, where the second price is determined according to the first price and a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange; receiving an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and submitting an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter. - View Dependent Claims (17, 18, 19)
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20. A computing device for electronic trading, comprising:
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an order transmitter configured to submit a first order for a first quantity of a first tradeable object at a first price and a second order for a second quantity of a second tradeable object at a second price in response to receiving a user command, where the second price is determined according to the first price and a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange; a market data input configured to receive an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and a pending order manager configured to submit an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter.
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Specification