Reprice-to-block order
4 Assignments
0 Petitions
Accused Products
Abstract
A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.
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Citations
36 Claims
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1. (canceled)
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7. A method for repricing a posted limit order on a posting market center in view of a block trade executed on an away market center at an inferior price, the method comprising:
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posting a limit order on the posting market center with an identifier to reprice the limit order if an away market block trade executes at an inferior price to the limit order on the posting market center; receiving data by a computing system regarding a trade executed (a) on an away market center (b) after posting the limit order on the posting market center; determining by the computing system if the away market center trade was a block trade; wherein if the away market center trade is a block trade, determining by the computing system if the block trade executed at an inferior price to the limit order posted on the posting market center; and wherein if the block trade executed at an inferior price to the limit order posted on the posting market center, repricing by the computing system the limit order on the posting market center to the price of the block trade. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A posting market center, comprising:
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an internal order book and a public order book; an interface for receiving orders, including reprice-to-block orders; means for monitoring trade data marketwide; a posting market center memory for storing code for analyzing and processing reprice-to-block orders; a processor for executing the stored code for analyzing and processing reprice-to-block orders when the interface receives a reprice-to-block order, wherein the code, when executed; posts the reprice-to-block order on the internal order book and the public order book; monitors trade data market wide; determines from the trade data if a trade executed on an away market center is a block trade; wherein if the away market center trade is a block trade, determines if the block trade executed at an inferior price to the reprice-to-block order; and wherein if the block trade is executed at an inferior price to the reprice-to-block order, reprices the reprice-to-block order to the price of the block trade. - View Dependent Claims (21, 22, 23, 24, 25)
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26. (canceled)
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34. A system, comprising:
a computing system including at least one processor for executing code stored in at least one memory, wherein the code when executed; posts a limit order on the posting market center with an identifier to reprice the limit order if an away market block trade executes at an inferior price to the limit order posted on the posting market center; receives data regarding a trade executed (a) on an away market center (b) after posting the limit order on the posting market center; determines if the away market center trade was a block trade; wherein if the away market center trade is a block trade, determines if the block trade executed at an inferior price to the limit order posted on the posting market center; and wherein if the block trade executed at an inferior price to the limit order posted on the posting market center, reprices the limit order on the posting market center to the price of the block trade. - View Dependent Claims (35, 36)
Specification