System and method for order placement in an electronic trading environment
First Claim
1. A method for trading in an electronic trading environment comprising:
- defining by a computing device a first spread strategy comprising a first tradeable object and at least one second tradeable object;
defining by the computing device a second spread strategy comprising the first tradeable object and at least one third tradeable object;
computing by the computing device a first price to buy or sell the first tradeable object, wherein the first price is computed based on market conditions corresponding to the at least one second tradeable object and further based on a desired spread price for the first spread strategy;
sending by the computing device a first order to buy or sell the first tradeable object at the first price to be placed in an order book of a computerized matching process, wherein the first order satisfies the desired spread price of the first spread strategy;
automatically sending by the computing device a plurality of queue holder orders to buy or sell the first tradeable object at a plurality of prices to be placed in the order book of the computerized matching process, wherein the plurality of queue holder orders are assigned to the first spread strategy and the plurality of prices are based on the first price of the first order corresponding to the first spread strategy, and wherein the plurality of queue holder orders do not satisfy the desired spread price of the first spread strategy;
determining by the computing device that the first order no longer satisfies the desired spread price of the first spread strategy subsequent to the placement of the first order and the plurality of queue holder orders;
using by the computing device a queue holder order of the plurality of queue holder orders for the first spread strategy instead of the first order when a second price of the queue holder order satisfies the desired spread price; and
when the queue holder order corresponding to the first spread strategy is filled, assigning by the computing device remaining queue holder orders of the plurality of queue holder orders to be used by the second spread strategy.
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Accused Products
Abstract
A system and associated methods are provided for intelligent placement and movement of orders in an electronic trading environment. According to one example method, in addition to submitting a leg order at a calculated price level, additional orders, queue holder orders, are submitted for the leg order at prices either below or above the calculated price level. Based on this configuration, if the conditions change such that it is necessary to re-price the leg order, there will be already an order resting in the exchange order book at the re-calculated price that can be used in the strategy. Upon re-pricing the leg order, one or more additional queue holder orders will be placed in the market. Other tools are provided as well.
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Citations
19 Claims
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1. A method for trading in an electronic trading environment comprising:
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defining by a computing device a first spread strategy comprising a first tradeable object and at least one second tradeable object; defining by the computing device a second spread strategy comprising the first tradeable object and at least one third tradeable object; computing by the computing device a first price to buy or sell the first tradeable object, wherein the first price is computed based on market conditions corresponding to the at least one second tradeable object and further based on a desired spread price for the first spread strategy; sending by the computing device a first order to buy or sell the first tradeable object at the first price to be placed in an order book of a computerized matching process, wherein the first order satisfies the desired spread price of the first spread strategy; automatically sending by the computing device a plurality of queue holder orders to buy or sell the first tradeable object at a plurality of prices to be placed in the order book of the computerized matching process, wherein the plurality of queue holder orders are assigned to the first spread strategy and the plurality of prices are based on the first price of the first order corresponding to the first spread strategy, and wherein the plurality of queue holder orders do not satisfy the desired spread price of the first spread strategy; determining by the computing device that the first order no longer satisfies the desired spread price of the first spread strategy subsequent to the placement of the first order and the plurality of queue holder orders; using by the computing device a queue holder order of the plurality of queue holder orders for the first spread strategy instead of the first order when a second price of the queue holder order satisfies the desired spread price; and when the queue holder order corresponding to the first spread strategy is filled, assigning by the computing device remaining queue holder orders of the plurality of queue holder orders to be used by the second spread strategy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer readable medium having stored therein instructions which when executed cause the computer in an electronic trading environment to perform the steps of:
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defining by a computing device a first spread strategy comprising a first tradeable object and at least one second tradeable object; defining by the computing device a second spread strategy comprising the first tradeable object and at least one third tradeable object; computing by the computing device a first price to buy or sell the first tradeable object, wherein the first price is computed based on market conditions corresponding to the at least one second tradeable object and further based on a desired spread price for the first spread strategy; sending by the computing device a first order to buy or sell the first tradeable object at the first price to be placed in an order book of a computerized matching process, wherein the first order satisfies the desired spread price of the first spread strategy; automatically sending by the computing device a plurality of queue holder orders to buy or sell the first tradeable object at a plurality of prices to be placed in the order book of the computerized matching process, wherein the plurality of queue holder orders are assigned to the first spread strategy and the plurality of prices are based on the first price of the first order corresponding to the first spread strategy, and wherein the plurality of queue holder orders do not satisfy the desired spread price of the first spread strategy; determining by the computing device that the first order no longer satisfies the desired spread price of the first spread strategy subsequent to the placement of the first order and the plurality of queue holder orders; using by the computing device a queue holder order of the plurality of queue holder orders for the first spread strategy instead of the first order when a second price of the queue holder order satisfies the desired spread price; and when the queue holder order corresponding to the first spread strategy is filled, assigning by the computing device remaining queue holder orders of the plurality of queue holder orders to be used by the second spread strategy. - View Dependent Claims (17, 18, 19)
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Specification