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Automated execution system having participation

  • US 7,653,584 B2
  • Filed: 06/29/2001
  • Issued: 01/26/2010
  • Est. Priority Date: 06/29/2001
  • Status: Active Grant
First Claim
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1. A method of trading products over an automated execution system, comprising:

  • receiving an electronic order for a product submitted by a participant into the automated execution system, the automated execution system having a book process subsystem, a firm participation subsystem and a market maker subsystem;

    automatically executing an initial portion of the electronic order against a stored order in the book process subsystem;

    automatically routing a first remaining portion of the electronic order to the firm participation subsystem, wherein a percentage of the first remaining portion of the electronic order is assigned by the automated execution system and executed against the participant; and

    automatically routing a second remaining portion of the electronic order, if any, to the market maker subsystem, wherein the second remaining portion of the electronic order is executed against another participant.

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