Order price threshold for automated market system
First Claim
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1. A method for trading a security in an electronic market, the method comprises:
- entering an order at a client station for executing against any market participant that can at least in part satisfy the order;
determining a threshold for executing the entered order based on an inside price of the security in the electronic market, wherein the threshold is based on one of an inside bid minus a percentage of the inside bid and an inside offer plus a percentage of the inside offer;
matching a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold; and
returning any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold.
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Abstract
A method for trading a security in an electronic market includes entering an order at a client station for executing against any market participant that can at least in part satisfy the order, determining a threshold for executing the entered order based on an inside price of the security in the electronic market, matching a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold, and returning any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold.
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Citations
27 Claims
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1. A method for trading a security in an electronic market, the method comprises:
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entering an order at a client station for executing against any market participant that can at least in part satisfy the order; determining a threshold for executing the entered order based on an inside price of the security in the electronic market, wherein the threshold is based on one of an inside bid minus a percentage of the inside bid and an inside offer plus a percentage of the inside offer; matching a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold; and returning any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 15, 16, 17, 18)
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10. A computer program product residing on a computer readable medium comprises instructions, for trading a security in an electronic market, to cause a computer to:
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enter an order at a client station for executing against any market participant that can at least in part satisfy the order; determine a threshold for executing the entered order based on an inside price of the security in the electronic market, wherein the threshold is based on one of an inside bid minus a percentage of the inside bid and an inside offer plus a percentage of the inside offer; match a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold; and return any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold. - View Dependent Claims (11, 12, 13, 14)
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19. A trading process, for trading a security in an electronic market, the trading process comprises:
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an order entering process to enter an order at a client station for executing against any market participant that can at least in part satisfy the order; a threshold process to determine a threshold for executing the entered order based on an inside price of the security in the electronic market, wherein the threshold is based on one of an inside bid minus a percentage of the inside bid and an inside offer plus a percentage of the inside offer; a matching process to match a portion of the entered order at a server system against interest in the market that does not exceed the determined threshold; and a returning process to return any unmatched portion of the entered order that can not be matched by the interest in the market without exceeding the determined threshold. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27)
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Specification