System and method for quick quote configuration
First Claim
1. A computer based method for providing a quick quote configuration when trading a spread between a first tradeable object and a second tradeable object, the method comprising:
- receiving by a computing device a desired spread price for a spread comprising a first tradeable object and a second tradeable object;
automatically monitoring by the computing device market data corresponding to the first tradeable object and the second tradeable object to determine a market direction of each market corresponding to the first tradeable object and the second tradeable object;
based on the market direction for each tradeable object, automatically selecting by the computing device the first tradeable object as a leg to be quoted and the second tradeable object as a leg to be hedged;
computing by the computing device a price of an order to buy or sell the first tradeable object based on the desired spread price and market conditions in the second tradeable object;
automatically sending by the computing device the order to buy or sell the first tradeable object at the computed price to an electronic exchange in response to automatically selecting the first tradeable object as the leg to be quoted;
detecting by the computing device a change in the market direction for the second tradeable object;
dynamically switching by the computing device the selection of the leg to be quoted and the leg to be hedged such that the second tradeable object is selected as the leg to be quoted and the first tradeable object is selected as the leg to be hedged;
computing a price of an order to buy or sell the second tradeable object based on the desired spread price and market conditions in the first tradeable object;
automatically sending by the computing device the order to buy or sell the second tradeable object at the computed price to an electronic exchange in response to dynamically switching the selection; and
automatically sending by the computing device a message to the electronic exchange to delete the order to buy or sell the first tradeable object in response to dynamically switching the selection.
1 Assignment
0 Petitions
Accused Products
Abstract
A method and system are described for providing a trader with the ability to quickly configure the quoting side of a trading tool, without experiencing the normal delays associated with conventional methods of quoting. In spread trading, an automated spread trading tool may automatically work an order to buy or sell a tradeable object. A user may configure the trading tool to work an order in a certain tradeable object first. The system allows the user to essentially on-the-fly configure the trading tool to work a second order in another tradeable object, and in response to the change, the system can take specific actions such as deleting the order in the first tradeable object and automatically entering the second order in the other tradeable object. This allows the trader to trade quickly and efficiently.
41 Citations
10 Claims
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1. A computer based method for providing a quick quote configuration when trading a spread between a first tradeable object and a second tradeable object, the method comprising:
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receiving by a computing device a desired spread price for a spread comprising a first tradeable object and a second tradeable object; automatically monitoring by the computing device market data corresponding to the first tradeable object and the second tradeable object to determine a market direction of each market corresponding to the first tradeable object and the second tradeable object; based on the market direction for each tradeable object, automatically selecting by the computing device the first tradeable object as a leg to be quoted and the second tradeable object as a leg to be hedged; computing by the computing device a price of an order to buy or sell the first tradeable object based on the desired spread price and market conditions in the second tradeable object; automatically sending by the computing device the order to buy or sell the first tradeable object at the computed price to an electronic exchange in response to automatically selecting the first tradeable object as the leg to be quoted; detecting by the computing device a change in the market direction for the second tradeable object; dynamically switching by the computing device the selection of the leg to be quoted and the leg to be hedged such that the second tradeable object is selected as the leg to be quoted and the first tradeable object is selected as the leg to be hedged; computing a price of an order to buy or sell the second tradeable object based on the desired spread price and market conditions in the first tradeable object; automatically sending by the computing device the order to buy or sell the second tradeable object at the computed price to an electronic exchange in response to dynamically switching the selection; and automatically sending by the computing device a message to the electronic exchange to delete the order to buy or sell the first tradeable object in response to dynamically switching the selection. - View Dependent Claims (2, 3, 4, 5)
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6. A computer readable medium having stored therein instruction for execution by a processor to perform a method for providing a quick quote configuration when trading a spread between a first tradeable object and a second tradeable object, the method comprising:
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receiving by a computing device a desired spread price for a spread comprising a first tradeable object and a second tradeable object; automatically monitoring by the computing device market data corresponding to the first tradeable object and the second tradeable object to determine a market direction of each market corresponding to the first tradeable object and the second tradeable object; based on the market direction for each tradeable object, automatically selecting by the computing device the first tradeable object as a leg to be quoted and the second tradeable object as a leg to be hedged; computing by the computing device a price of an order to buy or sell the first tradeable object based on the desired spread price and market conditions in the second tradeable object; automatically sending by the computing device the order to buy or sell the first tradeable object at the computed price to an electronic exchange in response to automatically selecting the first tradeable object as the leg to be quoted; detecting by the computing device a change in the market direction for the second tradeable object; dynamically switching by the computing device the selection of the leg to be quoted and the leg to be hedged such that the second tradeable object is selected as the leg to be quoted and the first tradeable object is selected as the leg to be hedged; computing a price of an order to buy or sell the second tradeable object based on the desired spread price and market conditions in the first tradeable object; automatically sending by the computing device the order to buy or sell the second tradeable object at the computed price to an electronic exchange in response to dynamically switching the selection; and automatically sending by the computing device a message to the electronic exchange to delete the order to buy or sell the first tradeable object in response to dynamically switching the selection. - View Dependent Claims (7, 8, 9, 10)
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Specification