Aggregated trading system

• US 7,555,457 B2
• Filed: 05/02/2006
• Issued: 06/30/2009
• Est. Priority Date: 11/06/2003
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Burns, Michael J., Monroe, Fred
• Primary Examiner(s): Havan; Thu Thao
• Application Number:
  US11/415,863
• Publication Number:
  US 20060253377A1
• Time in Patent Office: 1,155 Days
• Field of Search: 705 37- 38
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A trading system is described herein for hosting a collection of one or more electronic exchanges. The collection of electronic exchanges may be made up of separately designated exchanges under one or more authorizing and regulating bodies. The trading system receives from traders bids to purchase and offers to sell a tradeable object listed at one of the electronic exchanges. Then, the trading system directs the bids and offers to the appropriate exchange where the bids and offers may be automatically matched in the corresponding market. The trading system may also be used to take actions in one or more markets that are internal and external to the trading system on behalf of a trader using preprogrammed trading instructions.

Claims

1. A computer-based method for hosting a collection of independent electronic exchanges for use in electronic trading from remote client devices, the method comprising:

hosting a collection of independent electronic exchanges on one or more computers at a site operated by a managing entity, wherein the hosted collection of independent electronic exchanges comprises a first electronic exchange and a second electronic exchange;

using the hosted collection of independent electronic exchanges to host at the one or more computers the first electronic exchange controlled by a first entity that facilitates electronic trading between buyers and sellers of a first tradeable object, wherein the first entity is different from the managing entity;

using the hosted collection of independent electronic exchanges to host at the one or more computers a second electronic exchange controlled by a second entity that facilitates electronic trading between buyers and sellers of a second tradeable object, wherein the second entity is different from the first entity;

receiving at the one or more computers of the site bids to purchase or offers to sell the first tradeable object, and directing the bids and offers within the site to a first matching engine for the first electronic exchange, wherein the first matching engine automatically matches the bids and offers received for the first tradeable object; and

receiving at the one or more computers of the site bids to purchase or offers to sell the second tradeable object, and directing the bids and offers within the site to a second matching engine for the second electronic exchange, wherein the second matching engine automatically matches the bids and offers received for the second tradeable object.

2. The method of claim 1, further comprising:

leasing use of the hosted collection of independent electronic exchanges by the first entity from the managing entity; and

leasing use of the hosted collection of independent electronic exchanges by the second entity from the managing entity.

3. The method of claim 1, wherein the site consists of a single location under control of the managing entity for storing the one or more computers.

4. The method of claim 1, wherein the site comprises a plurality of locations under control of the managing entity for storing the one or more computers.

5. The method of claim 1, wherein the second entity is different from the managing entity.

6. The method of claim 1, wherein the second entity is the same as the managing entity.

7. The method of claim 1, wherein the first electronic exchange controlled by the first entity facilitates electronic trading between buyers and sellers of additional tradeable objects associated with the first entity.

8. The method of claim 1, wherein the second electronic exchange controlled by the second entity facilitates electronic trading between buyers and sellers of additional tradeable objects associated with the second entity.

9. The method of claim 1, further comprising forwarding bids or offers on behalf of a buyer or seller to an electronic exchange that is external to the hosted collection of independent electronic exchanges.

10. The method of claim 1, wherein the hosted collection of independent electronic exchanges comprises additional electronic exchanges.

11. A computer usable medium having computer readable program code embodied therein for commissioning an automated system, the computer readable program code in a computer program product comprising:

instructions for hosting a collection of independent electronic exchanges on one or more computers at a site operated by a managing entity, wherein the hosted collection of independent electronic exchanges comprises a first electronic exchange and a second electronic exchange;

instructions for using the hosted collection of independent electronic exchanges to host at the one or more computers the first electronic exchange controlled by a first entity that facilitates electronic trading between buyers and sellers of a first tradeable object, wherein the first entity is different from the managing entity;

instructions for using the hosted collection of independent electronic exchanges to host at the one or more computers a second electronic exchange controlled by a second entity that facilitates electronic trading between buyers and sellers of a second tradeable object, wherein the second entity is different from the first entity;

instructions for receiving at the one or more computers of the site bids to purchase or offers to sell the first tradeable object, and directing the bids and offers within the site to a first matching engine for the first electronic exchange, wherein the first matching engine automatically matches the bids and offers received for the first tradeable object; and

instructions for receiving at the one or more computers of the site bids to purchase or offers to sell the second tradeable object, and directing the bids and offers within the site to a second matching engine for the second electronic exchange, wherein the second matching engine automatically matches the bids and offers received for the second tradeable object.

12. The computer program product of claim 11, wherein the site comprises a single location under control of the managing entity for storing the one or more computers.

13. The computer program product of claim 11, wherein the site comprises a plurality of locations under control of the managing entity for storing the one or more computers.

14. The computer program product of claim 11, wherein the second entity is different from the managing entity.

15. The computer program product of claim 11, wherein the second entity is the same as the managing entity.

16. The computer program product of claim 11, wherein the first electronic exchange controlled by the first entity facilitates electronic trading between buyers and sellers of additional tradeable objects associated with the first entity.

17. The computer program product of claim 11, wherein the second electronic exchange controlled by the second entity facilitates electronic trading between buyers and sellers of additional tradeable objects associated with the second entity.

18. The computer program product of claim 11, further comprising instructions for forwarding bids or offers on behalf of a buyer or seller to an electronic exchange that is external to the hosted collection of independent electronic exchanges.

19. The computer program product of claim 11, wherein the hosted collection of independent electronic exchanges comprises additional electronic exchanges.