Trading program for interacting with market programs on a platform
First Claim
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1. A method for enabling an order of a user to interact with at least one market process, comprising:
- configuring a trading process in accordance with the order, wherein the order identifies an item for trading and wherein the order is executable by the market process to complete a trade for the item by pairing the order with a contra-side order of another party,automatically performing, at the trading process, market discovery according to a user-selected discovery strategy selected from a plurality of discovery strategies, wherein the discovery strategies are configured to obtain market information for the item in the order according to different discovery methodologies, and wherein the selected discovery strategy includes automatically sending a trial order to the at least one market process, wherein the trial order identifies an item for trading and a non-zero quantity of the item, and receiving a pairing report from the market process indicating a pairing of the trial order with a contra-side order at a pairing price, wherein upon pairing, the quantity of the item in the trial order is automatically adjusted to zero, the pairing report providing information about current market depth for the item at the pairing price for the non-zero quantity identified in the trial order while the pairing results in an execution of the trial order for a zero quantity of the item, andafter performing said market discovery, automatically acting upon the order at the trading process according to a user-selected action strategy selected from a plurality of action strategies based on information obtained from performing the market discovery,wherein the at least one market process and the trading process are computer-implemented software processes.
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Abstract
A trading process having a trading methodology selected by a user is operative to interact with market processes having respective market methodologies. The trading process and the market processes are supported on a platform that also supports platform processes for providing services to the trading processes and market processes. The trading processes interact with each other and with external markets through the market processes.
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Citations
110 Claims
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1. A method for enabling an order of a user to interact with at least one market process, comprising:
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configuring a trading process in accordance with the order, wherein the order identifies an item for trading and wherein the order is executable by the market process to complete a trade for the item by pairing the order with a contra-side order of another party, automatically performing, at the trading process, market discovery according to a user-selected discovery strategy selected from a plurality of discovery strategies, wherein the discovery strategies are configured to obtain market information for the item in the order according to different discovery methodologies, and wherein the selected discovery strategy includes automatically sending a trial order to the at least one market process, wherein the trial order identifies an item for trading and a non-zero quantity of the item, and receiving a pairing report from the market process indicating a pairing of the trial order with a contra-side order at a pairing price, wherein upon pairing, the quantity of the item in the trial order is automatically adjusted to zero, the pairing report providing information about current market depth for the item at the pairing price for the non-zero quantity identified in the trial order while the pairing results in an execution of the trial order for a zero quantity of the item, and after performing said market discovery, automatically acting upon the order at the trading process according to a user-selected action strategy selected from a plurality of action strategies based on information obtained from performing the market discovery, wherein the at least one market process and the trading process are computer-implemented software processes. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 66, 67, 68, 71, 72, 73, 75, 81, 85, 86, 92, 93, 98, 100, 103, 105, 108)
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62. The method of clain 61, wherein the market process operates according to an auction methodology.
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63. The method of clain 61, wherein the market process operates according to a match methodology.
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64. The method of clain 61, wherein the market process operates according to a negotiation methodology.
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65. The method of clain 61, wherein the market process operates according to an order book with crowd price improvement methodology.
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69. The method of clain 68, wherein posting the order includes providing discretion level information indicating data about the order that can be provided to other trading processes using the market process.
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70. The method of clain 68, wherein posting the order includes providing an order tail indicating the markets at which the order is posted.
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74. The method of clain 73, wherein the selected order handling feature is chosen from discretion level matching, providing a first look, and contra-party preference updating.
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76. The method of clain 75, wherein the automatically determining is based on the market discovery.
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77. The method of clain 75, wherein the automatically determining includes evaluating an objective function incorporating market information for the individual orders in the linked order.
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78. The method of clain 77, wherein the objective function includes at least one condition for each individual order, and wherein the automatically determining includes evaluating how many of the conditions are satisfied, and comparing the number of satisfied conditions with a threshold to decide if sufficient conditions are satisfied so that the linked order should be executed.
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79. The method of clain 75, further comprising obtaining a short term option for at least one of the individual orders in the linked order.
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80. The method of clain 75, wherein the execution process is part of a platform process.
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82. The method of clain 81, further comprising receiving notice from the market process that the short term option was granted.
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83. The method of clain 82, further comprising forwarding the notice that the short term option was granted to an order room.
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84. The method of clain 81, wherein the term of the short term option is less than one second.
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87. The method of clain 86, further comprising enqueueing an instruction to cancel at least one of the affirmed shares when the other market indicated that the at least one affirmed share was in process at the other market.
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88. The method of clain 85, further comprising checking availability of the shares before automatically affirming.
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89. The method of clain 88, wherein the checking availability is based on a number of unpaired shares of the order and a number of in process shares of the order.
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90. The method of clain 85, further comprising marking shares as in process after affirming their availability.
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91. The method of clain 85, wherein the shares are marked as in process for the market to which the shares were affirmed, and further comprising summing the in process shares at all of the markets at which the order is represented to obtain an in process number of shares.
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94. The method of clain 93, wherein the information comprises a rule for determining the preference rating of the other market participant.
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95. The method of clain 93, wherein the information comprises a rating for the other market participant.
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96. The method of clain 93, wherein the preference updating process is part of a platform process.
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97. The method of clain 93, wherein the preference updating process is part of a market process.
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99. The method of clain 98, further comprising
automatically determining how to respond to the trading proposal in accordance with a decision table having rules, each rule having at least one condition and at least one action to be taken when the condition is satisfied.
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101. The method of clain 100, wherein the automatically determining is in accordance with a decision table.
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102. The method of clain 100, wherein the automatically determining includes requesting an instruction from a user.
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104. The method of clain 103, wherein the market process determines the premium when the order is posted thereto.
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106. A computing system comprising a programmed processor that enables an order to interact with at least one market process, the system comprising:
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a configuration component that is operable to configure a trading process in accordance with the order, wherein the order identifies an item for trading and is executable by the market process to complete a trade for the item by pairing the order with a contra-side order of another party, a discovery component that is operable to automatically perform, at the trading process, market discovery according to a user-selected discovery strategy selected from a plurality of discovery strategies, wherein the discovery strategies are configured to obtain market information for the item in the order according to different discovery methodologies, the selected discovery strategy including automatically sending a trial order to the at least one market process, wherein the trial order identifies an item for trading and a non-zero quantity of the item, and receiving a pairing report from the market process indicating a pairing of the trial order with a contra-side order at a pairing price, wherein upon pairing, the quantity of the item in the trial order is automatically adjusted to zero, the pairing report providing information about current market depth for the item at the pairing price for the non-zero quantity identified in the trial order while the pairing results in an execution of the trial order for a zero quantity of the item, and an action component that is operable, after said market discovery has been performed, to automatically act upon the order at the trading process according to a user-selected action strategy selected from a plurality of action strategies based on information obtained from performing the market discovery, wherein the at least one market process and the trading process are software processes implemented on the computing system. - View Dependent Claims (109)
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107. A computer-accessible medium having executable instructions stored thereon for enabling an order to interact with at least one market process, wherein the instructions, when executed, cause a computer to:
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configure a trading process in accordance with the order, wherein the order identifies an item for trading and wherein the order is executable by the market process to complete a trade for the item by pairing the order with a contra-side order of another party, automatically perform, at the trading process, market discovery according to a user-selected discovery strategy selected from a plurality of discovery strategies, wherein the discovery strategies are configured to obtain market information for the item in the order according to different discovery methodologies, the selected discovery strategy including automatically sending a trial order to the at least one market process, wherein the trial order identifies an item for trading and a non-zero quantity of the item, and receiving a pairing report from the market process indicating a pairing of the trial order with a contra-side order at a pairing price, wherein upon pairing, the quantity of the item in the trial order is automatically adjusted to zero, the pairing report providing information about cuffent market depth for the item at the pairing price for the non-zero quantity identified in the trial order while the pairing results in an execution of the trial order for a zero quantity of the item, and after said market discovery has been performed, automatically act upon the order at the trading process according to a user-selected action strategy selected from a plurality of action strategies, wherein the at least one market process and the trading process are computer-implemented software. - View Dependent Claims (110)
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Specification