Apparatus and methods for processing composite trading orders

• US 7,711,644 B2
• Filed: 04/05/2006
• Issued: 05/04/2010
• Est. Priority Date: 12/20/2005
• Status: Active Grant

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Noviello, Joseph C., Driscoll, James R., Manning, Gregory P., Claus, Matthew W.
• Primary Examiner(s): Kramer; James
• Assistant Examiner(s): Khattar; Rajesh
• Application Number:
  US11/399,019
• Publication Number:
  US 20070143203A1
• Time in Patent Office: 1,490 Days
• Field of Search: 705 35- 45
• US Class Current: 705/45
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system for processing a composite trading order comprises a memory operable to store market data received from one or more market centers. The system further comprises a processor operable to generate a composite value based at least in part on the market data. The processor is further operable to receive a composite trading order associated with at least a portion of the composite value. The processor is further operable to generate a plurality of constituent trading orders that, when filled, combine to satisfy the composite trading order.

Claims

1. An apparatus, comprising:

a processor; and

a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to;

identify a plurality of trading products, wherein the plurality of trading products comprises a first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receive market data from one or more market centers, wherein the market data relates to the plurality of trading products;

determine, based at least in part on the market data and the plurality of trading products, a composite value, wherein determining the composite value comprises;

determining one or more weighted quantities of one or more trading products of the plurality of trading products other than the first trading product; and

summing a particular quantity of the first trading product and the one or more weighted quantities;

perform at least one of;

receiving, from a trader, a composite trading order for at least a portion of the composite value; and

generating the composite trading order;

determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, combine to satisfy the composite trading order;

transmit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period;

receive updated market data from the one or more market centers;

determine, based at least in part on the updated market data, one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and

transmit, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and

wherein at least two of;

identifying the plurality of trading products,

determining the composite value,

determining the one or more constituent trading orders, and

determining the one or more new constituent trading orders,

are based at least in part on one or more stored preferences of the trader.

2. The apparatus of claim 1, wherein the one or more trading products of the plurality of trading products other than the first trading product comply with at least one preference of the one or more stored preferences of the trader, the at least one preference specifying that the one or more trading products of the plurality of trading products other than the first trading product be associated with a yield spread that satisfies a configurable threshold.

5. The apparatus of claim 1, wherein the market data represent trading conditions in the one or more market centers.

6. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

update the composite value according to current trading conditions in the one or more market centers.

7. The apparatus of claim 1, wherein the composite value is usable to track the plurality of trading products.

8. The apparatus of claim 1, wherein the composite value is substantially equivalent to a quantity of the first trading product.

9. The apparatus of claim 1, wherein the composite value corresponds to available volumes of the first trading product and the one or more trading products of the plurality of trading products other than the first trading product in the one or more market centers.

10. The apparatus of claim 1, wherein:

the one or more constituent trading orders comprise a first constituent trading order for one trading product of the plurality of trading products and a second constituent trading order for another trading product of the plurality of trading products.

11. The apparatus of claim 10, wherein the one trading product is the first trading product.

12. The apparatus of claim 10, wherein:

the one trading product comprises a note associated with a first maturity; and

the another trading product comprises a note associated with a second maturity.

13. The apparatus of claim 12, wherein the one trading product is the first trading product.

14. The apparatus of claim 10, wherein:

the one trading product comprises a particular currency; and

the another trading product comprises a futures contract associated with the particular currency.

15. The apparatus of claim 14, wherein the one trading product is the first trading product.

16. The apparatus of claim 10, wherein:

the one trading product comprises a note; and

the another trading product comprises a futures contract associated with the note.

17. The apparatus of claim 16, wherein the one trading product is the first trading product.

18. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

retrieve, from the memory, a trader profile, the trader profile being associated with the trader and comprising the one or more stored preferences of the trader.

19. The apparatus of claim 1, further comprising:

a user interface, wherein the user interface is communicatively coupled to the processor.

20. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

prior to identifying the plurality of trading products;

receive a first trading order for a first quantity of the first trading product from the trader;

determine that the particular quantity of the first trading product is available for trade in the one or more market centers; and

determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product.

21. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

monitor whether the one or more new constituent trading orders are filled successfully in the at least one market center;

determine that at least one new constituent trading order of the one or more new constituent trading orders was not filled successfully;

receive further updated market data from the one or more market centers; and

determine, based at least in part on the further updated market data, one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one new constituent trading order.

22. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

continue determining additional constituent trading orders and transmitting the additional constituent trading orders to at least some of the one or more market centers until all constituent trading orders underlying the composite trading order are filled and the composite trading order is satisfied.

23. The apparatus of claim 1, wherein identifying the plurality of trading products further comprises:

for each trading product of the plurality of trading products other than the first trading product;

determining that the trading product is related to the first trading product based in part on relationship data.

24. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

receive new market data from the one or more market centers, wherein the new market data relates to the plurality of trading products.

25. The apparatus of claim 24, wherein receiving the updated market data comprises:

receiving the new market data from the one or more market centers via at least one of a network and a trading platform.

26. The apparatus of claim 24, wherein determining the one or more constituent trading orders comprises:

determining, based at least in part on the new market data, the one or more constituent trading orders.

27. The apparatus of claim 1, wherein receiving the market data comprises:

receiving the market data from the one or more market centers via at least one of a network and a trading platform.

28. The apparatus of claim 1, wherein transmitting the one or more constituent trading orders comprises:

transmitting the one or more constituent trading orders to the one or more market centers via at least one of a network and a trading platform.

29. The apparatus of claim 1, wherein a client comprises the apparatus.

30. The apparatus of claim 29, wherein the client communicates with a trading platform via a network.

31. The apparatus of claim 1, wherein a trading platform comprises the apparatus.

32. The apparatus of claim 1, wherein the market data relates to the availability for trade of the plurality of trading products in the one or more market centers.

33. The apparatus of claim 1, wherein the at least a portion of the composite value is substantially equivalent to the first quantity of the first trading product.

34. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

receive the composite trading order for at least the portion of the composite value, wherein receiving the composite trading order comprises;

receiving at least one input from the trader, wherein the at least one input represents the composite trading order.

35. The apparatus of claim 34, wherein the instructions, when executed, further cause the processor to:

display the composite value at a user interface, wherein the user interface is communicatively coupled to the processor.

36. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

generate the composite trading order for at least the portion of the composite value.

37. The apparatus of claim 36, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on the composite value.

38. The apparatus of claim 37, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on the one or more stored preferences of the trader.

39. The apparatus of claim 36, wherein the instructions, when executed, further cause the processor to:

display the composite trading order at a user interface, wherein the user interface is communicatively coupled to the processor.

40. The apparatus of claim 39, wherein the instructions, when executed, further cause the processor to:

display a message at the user interface, wherein the message indicates that the first trading order cannot be filled from the one or more market centers solely with the first trading product.

41. The apparatus of claim 40, wherein the instructions, when executed, further cause the processor to:

receive an input from the trader, wherein the input is indicative of a decision to submit the composite trading order; and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders responsively to the input.

42. The apparatus of claim 1, wherein transmitting the one or more constituent trading orders to the one or more market centers comprises:

transmitting, substantially simultaneously, the one or more constituent trading orders to the one or more market centers for execution.

43. The apparatus of claim 1, wherein identifying the plurality of trading products further comprises:

identifying the plurality of trading products based at least in part on the one or more stored preferences of the trader.

44. The apparatus of claim 1, wherein determining the composite value comprises:

determining the composite value based at least in part on the one or more stored preferences of the trader.

45. The apparatus of claim 1, wherein determining the one or more constituent trading orders comprises:

determining the one or more constituent trading orders based at least in part on the one or more stored preferences of the trader.

46. The apparatus of claim 1, wherein determining the one or more new constituent trading orders comprises:

determining the one or more new constituent trading orders based at least in part on the one or more stored preferences of the trader.

47. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

generate the composite trading order based at least in part on a first preference of the one or more stored preferences of the trader; and

wherein identifying the plurality of trading products further comprises;

identifying the plurality of trading products based at least in part on at second preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the composite value comprises;

determining the composite value based at least in part on a third preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders based at least in part on a fourth preference of the one or more stored preferences of the trader and not on the first preference.

3. A method, comprising:

identifying, by a processor of a computer, a plurality of trading products, wherein the plurality of trading products comprises a first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receiving, by the processor, market data from one or more market centers, wherein the market data relates to the plurality of trading products;

determining, by the processor, based at least in part on the market data and the plurality of trading products, a composite value, wherein determining the composite value comprises;

determining, by the processor, one or more weighted quantities of one or more trading products of the plurality of trading products other than the first trading product; and

summing, by the processor, a particular quantity of the first trading product and the one or more weighted quantities;

performing, by the processor, at least one of;

receiving, by the processor, from a trader, a composite trading order for at least a portion of the composite value; and

generating, by the processor, the composite trading order;

determining, by the processor, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, combine to satisfy the composite trading order;

transmitting, by the processor, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitoring, by the processor, whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determining, by the processor, that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period;

receiving, by the processor, updated market data from the one or more market centers;

determining, by the processor, based at least in part on the updated market data, one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and

transmitting, by the processor, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and

wherein at least two of;

identifying, by the processor, the plurality of trading products,

determining, by the processor, the composite value,

determining, by the processor, the one or more constituent trading orders, and

determining, by the processor, the one or more new constituent trading orders,

are based at least in part on one or more stored preferences of the first trader.

48. The method of claim 3, wherein the one or more trading products of the plurality of trading products other than the first trading product comply with at least one preference of the one or more stored preferences of the trader, the at least one preference specifying that the one or more trading products of the plurality of trading products other than the first trading product be associated with a yield spread that satisfies a configurable threshold.

49. The method of claim 3, wherein the market data represent trading conditions in the one or more market centers.

50. The method of claim 3, further comprising:

updating, by the processor, the composite value according to current trading conditions in the one or more market centers.

51. The method of claim 3, wherein the composite value is usable to track the plurality of trading products.

52. The method of claim 3, wherein the composite value is substantially equivalent to a quantity of the first trading product.

53. The method of claim 3, wherein the composite value corresponds to available volumes of the first trading product and the one or more trading products of the plurality of trading products other than the first trading product in the one or more market centers.

54. The method of claim 3, wherein:

the one or more constituent trading orders comprise a first constituent trading order for one trading product of the plurality of trading products and a second constituent trading order for another trading product of the plurality of trading products.

55. The method of claim 54, wherein the one trading product is the first trading product.

56. The method of claim 54, wherein:

the one trading product comprises a note associated with a first maturity; and

the another trading product comprises a note associated with a second maturity.

57. The method of claim 56, wherein the one trading product is the first trading product.

58. The method of claim 54, wherein:

the one trading product comprises a particular currency; and

the another trading product comprises a futures contract associated with the particular currency.

59. The method of claim 58, wherein the one trading product is the first trading product.

60. The method of claim 54, wherein:

the one trading product comprises a note; and

the another trading product comprises a futures contract associated with the note.

61. The method of claim 60, wherein the one trading product is the first trading product.

62. The method of claim 3, further comprising:

retrieving, by the processor, a trader profile, the trader profile being associated with the trader and comprising the one or more stored preferences of the trader.

63. The method of claim 3, further comprising:

prior to identifying the plurality of trading products;

receiving, by the processor, a first trading order for a first quantity of the first trading product from the trader;

determining, by the processor, that the particular quantity of the first trading product is available for trade in the one or more market centers; and

determining, by the processor, that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product.

64. The method of claim 3, further comprising:

monitoring, by the processor, whether the one or more new constituent trading orders are filled successfully in the at least one market center;

determining, by the processor, that at least one new constituent trading order of the one or more new constituent trading orders was not filled successfully;

receiving, by the processor, further updated market data from the one or more market centers; and

determining, by the processor, based at least in part on the further updated market data, one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one new constituent trading order.

65. The method of claim 3, further comprising:

continue determining, by the processor, additional constituent trading orders and transmitting, by the processor, the additional constituent trading orders to at least some of the one or more market centers until all constituent trading orders underlying the composite trading order are filled and the composite trading order is satisfied.

66. The method of claim 3, wherein identifying the plurality of trading products further comprises:

for each trading product of the plurality of trading products other than the first trading product;

determining, by the processor, that the trading product is related to the first trading product based in part on relationship data.

67. The method of claim 3, further comprising:

receiving, by the processor, new market data from the one or more market centers, wherein the new market data relates to the plurality of trading products.

68. The method of claim 67, wherein receiving the updated market data comprises:

receiving, by the processor, the new market data from the one or more market centers via at least one of a network and a trading platform.

69. The method of claim 67, wherein determining the one or more constituent trading orders comprises:

determining, by the processor, based at least in part on the new market data, the one or more constituent trading orders.

70. The method of claim 3, wherein receiving the market data comprises:

receiving, by the processor, the market data from the one or more market centers via at least one of a network and a trading platform.

71. The method of claim 3, wherein transmitting the one or more constituent trading orders comprises:

transmitting, by the processor, the one or more constituent trading orders to the one or more market centers via at least one of a network and a trading platform.

72. The method of claim 3, wherein the market data relates to the availability for trade of the plurality of trading products in the one or more market centers.

73. The method of claim 3, wherein the at least a portion of the composite value is substantially equivalent to the first quantity of the first trading product.

74. The method of claim 3, further comprising:

receiving, by the processor, the composite trading order for at least the portion of the composite value, wherein receiving the composite trading order comprises;

receiving, by the processor, at least one input from the trader,

wherein the at least one input represents the composite trading order.

75. The method of claim 74, further comprising:

displaying the composite value at a user interface, wherein the user interface is communicatively coupled to the processor.

76. The method of claim 3, further comprising:

generating, by the processor, the composite trading order for at least the portion of the composite value.

77. The method of claim 76, wherein generating the composite trading order comprises:

generating, by the processor, the composite trading order based at least in part on the composite value.

78. The method of claim 77, wherein generating the composite trading order comprises:

generating, by the processor, the composite trading order based at least in part on the one or more stored preferences of the trader.

79. The method of claim 76, further comprising:

displaying the composite trading order at a user interface, wherein the user interface is communicatively coupled to the processor.

80. The method of claim 79, further comprising:

displaying a message at the user interface, wherein the message indicates that the first trading order cannot be filled from the one or more market centers solely with the first trading product.

81. The method of claim 80, further comprising:

receiving, by the processor, an input from the trader, wherein the input is indicative of a decision to submit the composite trading order; and

wherein determining the one or more constituent trading orders comprises;

determining, by the processor, the one or more constituent trading orders responsively to the input.

82. The method of claim 3, wherein transmitting the one or more constituent trading orders to the one or more market centers comprises:

transmitting, by the processor, substantially simultaneously, the one or more constituent trading orders to the one or more market centers for execution.

83. The method of claim 3, wherein identifying the plurality of trading products further comprises:

identifying, by the processor, the plurality of trading products based at least in part on the one or more stored preferences of the trader.

84. The method of claim 3, wherein determining the composite value comprises:

determining, by the processor, the composite value based at least in part on the one or more stored preferences of the trader.

85. The method of claim 3, wherein determining the one or more constituent trading orders comprises:

determining, by the processor, the one or more constituent trading orders based at least in part on the one or more stored preferences of the trader.

86. The method of claim 3, wherein determining the one or more new constituent trading orders comprises:

determining, by the processor, the one or more new constituent trading orders based at least in part on the one or more stored preferences of the trader.

87. The method of claim 3, further comprising:

generating, by the processor, the composite trading order based at least in part on a first preference of the one or more stored preferences of the trader; and

wherein identifying the plurality of trading products further comprises;

identifying, by the processor, the plurality of trading products based at least in part on at second preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the composite value comprises;

determining, by the processor, the composite value based at least in part on a third preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the one or more constituent trading orders comprises;

determining, by the processor, the one or more constituent trading orders based at least in part on a fourth preference of the one or more stored preferences of the trader and not on the first preference.

4. One or more non-transitory tangible computer-readable media storing instructions that, when executed, cause a processor to:

identify a plurality of trading products, wherein the plurality of trading products comprises a first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receive market data from one or more market centers, wherein the market data relates to the plurality of trading products;

determine, based at least in part on the market data and the plurality of trading products, a composite value, wherein determining the composite value comprises;

determining one or more weighted quantities of one or more trading products of the plurality of trading products other than the first trading product; and

summing a particular quantity of the first trading product and the one or more weighted quantities;

perform at least one of;

receiving, from a trader, a composite trading order for at least a portion of the composite value; and

generating the composite trading order;

determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, combine to satisfy the composite trading order;

transmit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period;

receive updated market data from the one or more market centers;

determine, based at least in part on the updated market data, one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order; and

transmit, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers; and

wherein at least two of;

identifying the plurality of trading products,

determining the composite value,

determining the one or more constituent trading orders, and

determining the one or more new constituent trading orders,

are based at least in part on one or more stored preferences of the trader.

88. The one or more computer-readable media of claim 4, wherein the one or more trading products of the plurality of trading products other than the first trading product comply with at least one preference of the one or more stored preferences of the trader, the at least one preference specifying that the one or more trading products of the plurality of trading products other than the first trading product be associated with a yield spread that satisfies a configurable threshold.

89. The one or more computer-readable media of claim 4, wherein the market data represent trading conditions in the one or more market centers.

90. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

update the composite value according to current trading conditions in the one or more market centers.

91. The one or more computer-readable media of claim 4, wherein the composite value is usable to track the plurality of trading products.

92. The one or more computer-readable media of claim 4, wherein the composite value is substantially equivalent to a quantity of the first trading product.

93. The one or more computer-readable media of claim 4, wherein the composite value corresponds to available volumes of the first trading product and the one or more trading products of the plurality of trading products other than the first trading product in the one or more market centers.

94. The one or more computer-readable media of claim 4, wherein:

the one or more constituent trading orders comprise a first constituent trading order for one trading product of the plurality of trading products and a second constituent trading order for another trading product of the plurality of trading products.

95. The one or more computer-readable media of claim 94, wherein the one trading product is the first trading product.

96. The one or more computer-readable media of claim 94, wherein:

the one trading product comprises a note associated with a first maturity; and

the another trading product comprises a note associated with a second maturity.

97. The one or more computer-readable media of claim 96, wherein the one trading product is the first trading product.

98. The one or more computer-readable media of claim 94, wherein:

the one trading product comprises a particular currency; and

the another trading product comprises a futures contract associated with the particular currency.

99. The one or more computer-readable media of claim 98, wherein the one trading product is the first trading product.

100. The one or more computer-readable media of claim 94, wherein:

the one trading product comprises a note; and

the another trading product comprises a futures contract associated with the note.

101. The one or more computer-readable media of claim 100, wherein the one trading product is the first trading product.

102. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

retrieve a trader profile, the trader profile being associated with the trader and comprising the one or more stored preferences of the trader.

103. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

prior to identifying the plurality of trading products;

receive a first trading order for a first quantity of the first trading product from the trader;

determine that the particular quantity of the first trading product is available for trade in the one or more market centers; and

determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product.

104. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

monitor whether the one or more new constituent trading orders are filled successfully in the at least one market center;

determine that at least one new constituent trading order of the one or more new constituent trading orders was not filled successfully;

receive further updated market data from the one or more market centers; and

determine, based at least in part on the further updated market data, one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one new constituent trading order.

105. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

continue determining additional constituent trading orders and transmitting the additional constituent trading orders to at least some of the one or more market centers until all constituent trading orders underlying the composite trading order are filled and the composite trading order is satisfied.

106. The one or more computer-readable media of claim 4, wherein identifying the plurality of trading products further comprises:

for each trading product of the plurality of trading products other than the first trading product;

determining that the trading product is related to the first trading product based in part on relationship data.

107. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

receive new market data from the one or more market centers, wherein the new market data relates to the plurality of trading products.

108. The one or more computer-readable media of claim 107, wherein receiving the updated market data comprises:

receiving the new market data from the one or more market centers via at least one of a network and a trading platform.

109. The one or more computer-readable media of claim 107, wherein determining the one or more constituent trading orders comprises:

determining, based at least in part on the new market data, the one or more constituent trading orders.

110. The one or more computer-readable media of claim 4, wherein receiving the market data comprises:

receiving the market data from the one or more market centers via at least one of a network and a trading platform.

111. The one or more computer-readable media of claim 4, wherein transmitting the one or more constituent trading orders comprises:

transmitting the one or more constituent trading orders to the one or more market centers via at least one of a network and a trading platform.

112. The one or more computer-readable media of claim 4, wherein the market data relates to the availability for trade of the plurality of trading products in the one or more market centers.

113. The one or more computer-readable media of claim 4, wherein the at least a portion of the composite value is substantially equivalent to the first quantity of the first trading product.

114. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

receive the composite trading order for at least the portion of the composite value, wherein receiving the composite trading order comprises;

receiving at least one input from the trader, wherein the at least one input represents the composite trading order.

115. The one or more computer-readable media of claim 114, wherein the instructions, when executed, further cause the processor to:

display the composite value at a user interface, wherein the user interface is communicatively coupled to the processor.

116. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

generate the composite trading order for at least the portion of the composite value.

117. The one or more computer-readable media of claim 116, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on the composite value.

118. The one or more computer-readable media of claim 117, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on the one or more stored preferences of the trader.

119. The one or more computer-readable media of claim 116, wherein the instructions, when executed, further cause the processor to:

display the composite trading order at a user interface, wherein the user interface is communicatively coupled to the processor.

120. The one or more computer-readable media of claim 119, wherein the instructions, when executed, further cause the processor to:

display a message at the user interface, wherein the message indicates that the first trading order cannot be filled from the one or more market centers solely with the first trading product.

121. The one or more computer-readable media of claim 120, wherein the instructions, when executed, further cause the processor to:

receive an input from the trader, wherein the input is indicative of a decision to submit the composite trading order; and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders responsively to the input.

122. The one or more computer-readable media of claim 4, wherein transmitting the one or more constituent trading orders to the one or more market centers comprises:

transmitting, substantially simultaneously, the one or more constituent trading orders to the one or more market centers for execution.

123. The one or more computer-readable media of claim 4, wherein identifying the plurality of trading products further comprises:

identifying the plurality of trading products based at least in part on the one or more stored preferences of the trader.

124. The one or more computer-readable media of claim 4, wherein determining the composite value comprises:

determining the composite value based at least in part on the one or more stored preferences of the trader.

125. The one or more computer-readable media of claim 4, wherein determining the one or more constituent trading orders comprises:

determining the one or more constituent trading orders based at least in part on the one or more stored preferences of the trader.

126. The one or more computer-readable media of claim 4, wherein determining the one or more new constituent trading orders comprises:

determining the one or more new constituent trading orders based at least in part on the one or more stored preferences of the trader.

127. The one or more computer-readable media of claim 4, wherein the instructions, when executed, further cause the processor to:

generate the composite trading order based at least in part on a first preference of the one or more stored preferences of the trader; and

wherein identifying the plurality of trading products further comprises;

identifying the plurality of trading products based at least in part on at second preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the composite value comprises;

determining the composite value based at least in part on a third preference of the one or more stored preferences of the trader and not on the first preference; and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders based at least in part on a fourth preference of the one or more stored preferences of the trader and not on the first preference.