SYSTEMS AND METHODS FOR LINKING ORDERS IN ELECTRONIC TRADING SYSTEMS
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Accused Products
Abstract
Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters. In the case where orders for linked items may only be submitted in designated lot sizes, the systems and methods may round the sizes of the orders to the designated lot sizes, and then submit remainder orders to make up for the rounding.
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Citations
109 Claims
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1-47. -47. (canceled)
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48. A method, comprising:
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receiving, by a computing device, from a trader, a selection of a first financial instrument, wherein the first financial instrument is transacted in a first market; determining, by the computing device, one or more financial instruments to which the first instrument can be linked, wherein the one or more financial instruments comprise a second financial instrument; causing, by the computing device, the one or more financial instruments to be displayed at an interface; after causing the one or more financial instruments to be displayed, receiving, by the computing device, from the trader, a selection of the second financial instrument, wherein the second financial instrument is transacted in a second market, and wherein the first financial instrument is different from the second financial instrument; receiving, by the computing device, from the trader, a linking relationship between the first financial instrument and the second financial instrument; monitoring, by the computing device, bids and offers from at least one external trading system, wherein the bids and offers comprise bids and offers for at least the first financial instrument; controlling, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises; generating, by the computing device, a price of an order for the second financial instrument based at least in part on applying a conversion factor to a price of a monitored bid or offer for the first financial instrument; generating, by the computing device, a size of the order for the second financial instrument based at least in part on applying a hedge ratio to a size of the monitored bid or offer for the first financial instrument; and submitting, by the computing device, the order for the second financial instrument to a second trading system. - View Dependent Claims (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, 96, 97, 98, 99, 100)
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101. A method, comprising:
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receiving, by a computing device, from a trader, a selection of a first financial instrument, wherein the first financial instrument is transacted in a first market; determining, by the computing device, one or more financial instruments to which the first instrument can be linked, wherein the one or more financial instruments comprise a second financial instrument; causing, by the computing device, the one or more financial instruments to be displayed at an interface; after causing the one or more financial instruments to be displayed, receiving, by the computing device, from the trader, a selection of the second financial instrument, wherein the second financial instrument is transacted in a second market, and wherein the first financial instrument is different from the second financial instrument; receiving, by the computing device, from the trader, a linking relationship between the first financial instrument and the second financial instrument; monitoring, by the computing device, bids and offers from at least one external trading system, wherein the bids and offers comprise bids and offers for at least the first financial instrument; controlling, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises; generating, by the computing device, at least one of a price and a yield of an order for the second financial instrument based at least in part on applying a conversion factor to at least one of a price and a yield of a monitored bid or offer for the first financial instrument; generating, by the computing device, a size of the order for the second financial instrument based at least in part on applying a hedge ratio to a size of the monitored bid or offer for the first financial instrument; and submitting, by the computing device, the order for the second financial instrument to a second trading system. - View Dependent Claims (102, 103, 104, 105)
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106. A method, comprising:
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receiving, by a computing device, from a trader, a selection of a first financial instrument, wherein the first financial instrument is transacted in a first market; determining, by the computing device, one or more financial instruments to which the first instrument can be linked, wherein the one or more financial instruments comprise a second financial instrument; causing, by the computing device, the one or more financial instruments to be displayed at an interface; after causing the one or more financial instruments to be displayed, receiving, by the computing device, from the trader, a selection of the second financial instrument, wherein the second financial instrument is transacted in a second market, and wherein the first financial instrument is different from the second financial instrument; receiving, by the computing device, from the trader, a linking relationship between the first financial instrument and the second financial instrument; monitoring, by the computing device, bids and offers from at least one external trading system, wherein the bids and offers comprise bids and offers for at least the first financial instrument; controlling, by the computing device, a submission of orders for the second financial instrument based at least in part on the linking relationship, wherein controlling the submission of orders for the second financial instrument comprises; generating, by the computing device, a price of an order for the second financial instrument based at least in part on a price adjustment and on applying a conversion factor to at least one of a price and a yield of a monitored bid or offer for the first financial instrument, wherein the price adjustment is relative to market value for the second financial instrument; generating, by the computing device, a size of the order for the second financial instrument based at least in part on applying a hedge ratio to a size of the monitored bid or offer for the first financial instrument; and submitting, by the computing device, the order for the second financial instrument to a second trading system. - View Dependent Claims (107, 108, 109)
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Specification