System and method for electronic trading of assets
DCFirst Claim
Patent Images
1. A method for online trading assets via transactionally linked virtual markets comprising the steps of:
- defining attributes and behaviors of virtual markets;
placing individual buy and sell orders in the virtual markets;
defining at least one unified cross-market trading strategy that includes at least a first order in a first virtual market and a second order in a second virtual market;
automatically calculating, based on the unified cross-market trading strategy, a price and an amount for the first order in the first virtual market based on a price and an amount of one or more orders in the second virtual market;
automatically calculating, based on the unified cross-market trading strategy, a price and an amount for the second order in the second virtual market based on a price and an amount of one or more orders in the first virtual market;
automatically routing the first and second orders to their respective virtual markets; and
automatically matching and executing both individual orders and orders generated by cross-market trading strategies for virtual markets;
wherein at least part of the method is performed on one or more computer systems.
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Abstract
A method for online trading of assets via transactionally linked virtual markets comprising the steps of defining attributes and behaviors of each of the virtual markets; placing individual buy or sell orders in each of the virtual markets; optionally defining trading strategies that will each span at least two virtual markets; calculating a price and amount for each order in the virtual markets defined by a trading strategy; generating an order in each of the virtual markets contained within a trading strategy; and matching and executing both the individual orders and orders generated by the defined trading strategies.
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Citations
19 Claims
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1. A method for online trading assets via transactionally linked virtual markets comprising the steps of:
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defining attributes and behaviors of virtual markets; placing individual buy and sell orders in the virtual markets; defining at least one unified cross-market trading strategy that includes at least a first order in a first virtual market and a second order in a second virtual market; automatically calculating, based on the unified cross-market trading strategy, a price and an amount for the first order in the first virtual market based on a price and an amount of one or more orders in the second virtual market; automatically calculating, based on the unified cross-market trading strategy, a price and an amount for the second order in the second virtual market based on a price and an amount of one or more orders in the first virtual market; automatically routing the first and second orders to their respective virtual markets; and automatically matching and executing both individual orders and orders generated by cross-market trading strategies for virtual markets; wherein at least part of the method is performed on one or more computer systems. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for online trading of assets via transactionally linked virtual markets comprising
a market creation mechanism to enable users to create a plurality of virtual markets; -
a plurality of active market servers to support the operation of each of the created virtual markets; an order creation mechanism to allow users to create, buy, or sell orders related to the virtual markets; a strategy creation mechanism to enable users to define cross-market trading strategies and specify the virtual markets referenced by the cross-market trading strategies, wherein the cross-market trading strategies comprise at least one unified cross-market trading strategy that includes at least a first order in a first virtual market and a second order in a second virtual market; a plurality of active strategy servers to generate new orders on behalf of the specified cross-market trading strategies and to dynamically coordinate with the plurality of active market servers to continuously monitor relationships between virtual markets and modify orders generated on behalf of cross-market trading strategies;
wherein at least one of the servers automatically calculates, based on the unified cross-market trading strategy, a price and an amount for the first order in the first virtual market based on a price and an amount of one or more orders in the second virtual market; and
at least one of the servers automatically calculates, based on the unified cross-market trading strategy, a price and an amount for the second order in the second virtual market based on a price and an amount of one or more orders in the first virtual market; anda linking mechanism to enable orders and counterorders from different servers to be linked. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A system for online trading of assets via transactionally linked virtual markets comprising:
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a plurality of client systems for entering orders by a client; a plurality of order routers for determining which market for an existing plurality of markets the order is in and transmitting the order to a market server; a plurality of market servers for matching the order with existing counterorders and monitoring the plurality of markets; and a plurality of strategy servers for generating new orders, and routing the generated orders to each market defined in a trading strategy and coordinating with the plurality of market servers to insure atomic execution of all orders that make up the trading strategy;
wherein at least one of the servers automatically calculates, based on a unified cross-market trading strategy, a price and an amount for a first order in a first virtual market based on a price and an amount of one or more orders in a second virtual market; and
at least one of the servers automatically calculates, based on the unified cross-market trading strategy, a price and an amount for a second order in the second virtual market based on a price and an amount of one or more orders in the first virtual market.
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Specification