Order centric tracking system and protocol for communications with handheld trading units

• US 7,107,240 B1
• Filed: 10/06/2000
• Issued: 09/12/2006
• Est. Priority Date: 10/06/1999
• Status: Active Grant

• Current Assignee: Goldman Sachs & Co. LLC (Goldman Sachs Group Incorporated)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Silverman, Andrew F., Lavicka, Matthew, Ngai, David W.
• Primary Examiner(s): PATEL, JAGDISH
• Application Number:
  US09/680,771
• Time in Patent Office: 2,167 Days
• Field of Search: 705/37, 705/35, 705/36
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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

Abstract

A computerized method and system for tracking orders implemented on a trading floor exchange is disclosed. The system is order-centric and is configured to route orders to a booth and floor broker in accordance with a symbol associated with the particular security being traded. Floor brokers communicate with the trading system through handheld devices connected to a handheld server via a wireless interface. A specific protocol for messaging protocol for communications between the handheld devices and the handheld server is also disclosed.

Claims

1. A computer implemented method for processing an order for a security traded on a floor of a trading exchange, the method comprising the steps of:

representing the security with a symbol in a computerized order management apparatus;

allocating the symbol in the computerized order management apparatus to a booth, wherein the allocation is accomplished by an automated process executed by the computerized order management apparatus;

allocating the symbol to a floor broker ID, wherein the allocation is accomplished by an automated process executed by the computerized order management apparatus;

transmitting an order message comprising a request to trade the security on a trading exchange to a computer server;

associating a computerized booth station with the booth;

routing the order message through the computer server to the computerized booth station associated with the booth to which the symbol has been allocated; and

routing the order message through the computer server to a handheld computing device associated with the floor broker ID to which the symbol has been allocated, wherein said order message comprises;

an order ID, the symbol, an order price, and an order quantity.

2. The computer implemented method of claim 1 wherein the order message further comprises a position of the order comprising one of:

buy and sell.

3. The computer implemented method of claim 1 wherein in the instance the order has previously been partially processed, the order message further comprises a remaining quantity for the order.

4. The computer implemented method of claim 1 wherein the order message further comprises a time of the order.

5. The computer implemented method of claim 1 wherein the order message further comprises a ticket number.

6. The computer implemented method of claim 1 wherein the order message further comprises a booth identifier and a trader identifier.

7. The computer implemented method of claim 1 additionally comprising the step of receiving an order reply message from the handheld computing device indicating at least one of:

a floor broker associated with the floor broker ID accepting the order and the floor broker associated with the floor broker ID rejecting the order.

8. The computer implemented method of claim 1 additionally comprising the step of receiving from the handheld computing device an indication that the order has been executed.

9. The computer implemented method of claim 8 additionally comprising the step of generating an execution acknowledgement comprising one or more identifier fields uniquely identifying an execution of the order across multiple handheld computing devices.

10. The computer implemented method of claim 1 additionally comprising the step of allocating an executed trade among multiple pending orders.

11. The computer implemented method of claim 10 additionally comprising the step of transmitting an execution allocation message to the handheld computing device, wherein the execution allocation message comprises a quantity of shares allocated to the order and a current leaves for the order.

12. The computer implemented method of claim 1 additionally comprising the step of receiving from the handheld computing device an indication that the order has been recalled.

13. A computerized system for processing an order for a security traded on a floor of a trading exchange, the system comprising:

at least one computerized booth station;

at least one handheld computing device;

a computer server linking the at least one handheld computing device and the at least one computerized booth station; and

software operative with the computer server for;

representing the security with a symbol in the computerized order management system;

allocating the symbol in the computerized order management system to a booth, wherein the allocation is accomplished by an automated process executed by the computerized order management system;

allocating the symbol to a floor broker ID, wherein the allocation is accomplished by an automated process executed by the computerized order management system;

transmitting an order message comprising a request to trade the security on a trading exchange to a computer server;

associating a computerized booth station with the booth;

routing the order message through the computer server to the computerized booth station associated with the booth to which the symbol has been allocated; and

routing the order message through the computer server to a handheld computing device associated with the floor broker ID to which the symbol has been allocated, wherein said order message comprises;

an order ID, the symbol, an order price, and an order quantity.

14. The computerized system of claim 13 wherein said software is further operative with the computer server for:

receiving from the at least one computerized booth station, details of an allocation of said executed trade among said order and one or more other orders; and

sending to the handheld computing device said details of said allocation.

15. A computer executable software code stored on a computer readable medium, the software code operative with a processor in a computerized order management apparatus to:

represent a security with a symbol in the computerized order management apparatus;

allocate the symbol in the computerized order management apparatus to a booth, wherein the allocation is accomplished by an automated process executed by the computerized order management apparatus;

allocate the symbol to a floor broker ID, wherein the allocation is accomplished by an automated process executed by the computerized order management apparatus;

transmit an order message comprising a request to trade the security on a trading exchange to a computer server;

associate a computerized booth station with the booth;

route the order message through the computer server to the computerized booth station associated with the booth to which the symbol has been allocated; and

route the order message through the computer server to a handheld computing device associated with the floor broker ID to which the symbol has been allocated, wherein said order message comprises;

an order ID, the symbol, an order price, and an order quantity.