System and method for improved electronic trading
First Claim
1. A method for sending an order to an electronic market, comprising:
- receiving from a trader a first order message having an order to buy or sell a quantity of a first tradeable object at a first price and a market event request, the first order message received at a first electronic exchange having a first computerized matching process configured to match orders for the first tradeable object, the market event request including a condition and an associated predetermined action to be taken on behalf of the trader, the action including sending an order to buy or sell a second tradeable object to a second electronic exchange having a second computerized matching process configured to match orders for the second tradeable object;
detecting the condition at the first electronic exchange;
in response to detecting the condition, sending a second order to buy or sell the second tradeable object on behalf of the trader from the first electronic exchange to the second electronic exchange, wherein the second tradeable object is different from the first tradeable object, wherein tradeable objects matched at the first exchange are different than tradeable objects matched at the second exchange, and the action of sending the order is taken on behalf of the trader by the first electronic exchange using a microprocessor executing one or more instructions.
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0 Petitions
Accused Products
Abstract
A system and method is described herein for an exchange to act based on a market event on behalf of a trader. According to one aspect, a first electronic market can send orders to and/or manage orders at a second electronic market based on an internal and/or external market event on behalf of a trader. According to another aspect, an electronic market may manage orders in its own market based on an external market event on behalf of a trader. In particular, a trader, and exchange, or some other party can define an internal or external market event that comprises a condition and an action. Upon receiving internal and/or external information, when the market event condition is satisfied, the electronic market performs the action associated with the condition. An advantage, among many others, of the present embodiments is that it makes internal and external market influences and conditions visible to electronic markets to facilitate trading on behalf of a trader.
58 Citations
18 Claims
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1. A method for sending an order to an electronic market, comprising:
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receiving from a trader a first order message having an order to buy or sell a quantity of a first tradeable object at a first price and a market event request, the first order message received at a first electronic exchange having a first computerized matching process configured to match orders for the first tradeable object, the market event request including a condition and an associated predetermined action to be taken on behalf of the trader, the action including sending an order to buy or sell a second tradeable object to a second electronic exchange having a second computerized matching process configured to match orders for the second tradeable object; detecting the condition at the first electronic exchange; in response to detecting the condition, sending a second order to buy or sell the second tradeable object on behalf of the trader from the first electronic exchange to the second electronic exchange, wherein the second tradeable object is different from the first tradeable object, wherein tradeable objects matched at the first exchange are different than tradeable objects matched at the second exchange, and the action of sending the order is taken on behalf of the trader by the first electronic exchange using a microprocessor executing one or more instructions. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A non transitory computer readable medium containing program instructions for causing a microprocessor to execute a method for use by a trader in an electronic trading system that includes at least one computer terminal connected over a network to at least one electronic exchange, comprising:
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receiving from a trader a first order message having an order to buy or sell a quantity of a first tradeable object at a first price and a market event request, the first order message received at a first electronic exchange having a first computerized matching process configured to match orders for the first tradeable object, the market event request including a condition and an associated predetermined action to be taken on behalf of the trader, the action including sending an order to buy or sell a second tradeable object to a second electronic exchange having a second computerized matching process configured to match orders for the second tradeable object; detecting the condition at the first electronic exchange; in response to detecting the condition, sending a second order to buy or sell the second tradeable object on behalf of the trader from the first electronic exchange to the second electronic exchange, wherein the second tradeable object is different from the first tradeable object, wherein tradeable objects matched at the first exchange are different than tradeable objects matched at the second exchange, and the action of sending the order is taken on behalf of the trader by the first electronic exchange using a microprocessor executing one or more instructions.
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Specification