System and method for timed order entry and modification
First Claim
1. A method for configuring and processing timed orders associated with at least one tradeable object being traded in an electronic trading environment, the method comprising:
- defining a good until time order, wherein the good until time order is associated with a first time trigger defining a first intra-trading session time when the good until time order should be automatically modified on at least one electronic exchange;
submitting the good until time order to the at least one electronic exchange; and
automatically modifying the good until time order at the at least one electronic exchange upon detecting the first time trigger, wherein said automatically modifying includes at least one of replacing the good until time order and modifying at least one order parameter associated with the good until time order.
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Accused Products
Abstract
A system and method for defining and processing timed orders are defined. According to one embodiment, a trader may define a timed order by defining an intra-day time trigger or a time period when the timed order should be automatically modified, such as deleted or cancelled/replaced with a new order. In one embodiment, the intra-day time trigger or time period may be dynamically changed to a later time, for example, upon receiving a predetermined user input. Also, the time trigger and time period may be configured to dynamically vary based on any user configurable formula. Also, the timed order may be associated with one or more actions to be taken once the order is deleted, such as sending a new order, for example.
59 Citations
28 Claims
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1. A method for configuring and processing timed orders associated with at least one tradeable object being traded in an electronic trading environment, the method comprising:
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defining a good until time order, wherein the good until time order is associated with a first time trigger defining a first intra-trading session time when the good until time order should be automatically modified on at least one electronic exchange; submitting the good until time order to the at least one electronic exchange; and automatically modifying the good until time order at the at least one electronic exchange upon detecting the first time trigger, wherein said automatically modifying includes at least one of replacing the good until time order and modifying at least one order parameter associated with the good until time order. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for configuring and processing timed orders associated with at least one tradeable object being traded in an electronic trading environment, the method comprising:
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defining a good for time order, wherein the good for time order is associated with a time period defining how long the good for time order will remain active on at least one electronic exchange; submitting the good for time order to the at least one electronic exchange; and automatically modifying the good for time order at the end of the time period, wherein said automatically modifying includes at least one of replacing the good for time order and modifying at least one order parameter associated with the good for time order. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A computer readable medium having stored therein instructions for execution on a computer, the instructions causing a machine to perform the following method steps:
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defining a good until time order, wherein the good until time order is associated with a first time trigger defining a first intra-trading session time when the good until time order should be automatically modified on at least one electronic exchange; submitting the good until time order to the at least one electronic exchange; and automatically modifying the good until time order at the at least one electronic exchange upon detecting the first time trigger, wherein said automatically modifying includes at least one of replacing the good until time order and modifying at least one order parameter associated with the good until time order.
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28. A computer readable medium having stored therein instructions for execution on a computer, the instructions causing a machine to perform the following method steps:
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defining a good for time order, wherein the good for time order is associated with a time period defining how long the good for time order will remain active on at least one electronic exchange; submitting the good for time order to the at least one electronic exchange; and automatically modifying the good for time order at the end of the time period, wherein said automatically modifying includes at least one of replacing the good for time order and modifying at least one order parameter associated with the good for time order.
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Specification