Routing control for orders eligible for multiple markets

• US 7,769,672 B2
• Filed: 08/31/2006
• Issued: 08/03/2010
• Est. Priority Date: 04/10/2000
• Status: Expired due to Term

• Current Assignee: Xylon LLC (Intellectual Ventures LLC)
• Original Assignee: Stikine Technology LLC (Intellectual Ventures LLC)
• Inventors: Keith, Christopher
• Primary Examiner(s): Weisberger; Richard C
• Application Number:
  US11/469,466
• Publication Number:
  US 20070005487A1
• Time in Patent Office: 1,433 Days
• Field of Search: 705 35- 45
• US Class Current: 705/37
• 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

Trading processes are operative to route orders from order rooms to market processes, which process the orders according to respective market methodologies. The order routing strategy can be embodied in a decision table having rules with conditions and actions to be taken when the conditions are true. Accordingly, order rooms can readily configure and reconfigure trading processes.

Claims

1. A computer-implemented method of facilitating trading, comprising:

executing, on at least one computer, a set of order handling programs that generate respective trading processes, wherein each respective trading process is configured to independently interact with a market to process an order according to user-specified parameters that implement an order processing strategy for trading the order at the market,

executing, on at least one computer, the trading processes in accordance with their respective order processing strategies, wherein executing each trading process includes;

obtaining market pricing information pertaining to the order represented by the trading process,

after obtaining said market pricing information, building an action list of actions to take for the order, wherein the action list is built using a decision table that is private to the trading process and is based on characteristics of the order, market characteristics, and the obtained market pricing information, and

taking action on the action list, wherein at least one action includes automatically routing the order to at least one of a plurality of markets in accordance with the order processing strategy being implemented by the respective trading process.

2. The method of claim 1, wherein, during an overlapping time interval, an order of a trading process is routed by at least one computer to at least two of the markets where the entire order is simultaneously available to complete a trade.

3. The method of claim 1, wherein the automatically routing is performed in accordance with a relationship between the trading process and the market, wherein the relationship is particular to the market and the trading process, and wherein the relationship is not shared by the market with all of the trading processes.

4. The method of claim 3, wherein the relationship is represented by a code defined between the trading process and the market, and wherein the code is communicated by the trading process to the market in connection with communicating an order.

5. The method of claim 1, wherein at least one of the markets is an informal market provided by a liquidity provider not subject to regulation by a government securities regulation agency.

6. The method of claim 1, wherein the automatically routing is based on information in the decision table internal to the respective trading processes.

7. The method of claim 1, wherein the automatically routing is based on information obtained from processes that are executing on the platform and are separate and external to the trading processes for deciding how to automatically route.

8. The method of claim 7, wherein the external processes are configured for providing information to the trading processes.

9. The method of claim 7, wherein the external processes are operated by the market.

10. A computer system for facilitating trading, comprising:

at least one computer with a processing component configured to execute a set of order handling programs that generate respective trading processes, wherein each respective trading process is configured to independently interact with a market to process an order according to user-specified parameters that implement an order processing strategy for trading the order at the market,

wherein the processing component is further configured to execute the trading processes in accordance with their respective order processing strategies, wherein executing each trading process includes;

obtaining market pricing information pertaining to the order represented by the trading process,

after obtaining said market pricing information, building an action list of actions to take for the order, wherein the action list is built using a decision table that is private to the trading process and is based on characteristics of the order, market characteristics and the obtained market pricing information, and

taking action on the action list, wherein at least one action includes automatically routing the order to at least one of a plurality of markets in accordance with the order processing strategy being implemented by the respective trading process.

11. The system of claim 10, wherein, during an overlapping time interval, the processing component is configured to route an order of a trading process to at least two of the markets where the entire order is simultaneously available to complete a trade.

12. The system of claim 10, wherein the processing component is configured to automatically route the order in accordance with a relationship between the trading process and the market, wherein the relationship is particular to the market and the trading process and is not shared by the market with all of the trading processes.

13. The system of claim 12, wherein the relationship is represented by a code defined between the trading process and the market, wherein the processing component is configured to communicate the code from the trading process to the market in connection with communicating an order.

14. The system of claim 10, wherein at least one of the markets is an informal market provided by a liquidity provider not subject to regulation by a government securities regulation agency.

15. The system of claim 10, wherein the processing component is configured to automatically route the order based on information in the decision table internal to the respective trading processes.

16. The system of claim 10, wherein the processing component is configured to automatically route the order based on information obtained from processes that are executing on the platform and are separate and external to the trading processes for deciding how to automatically route.

17. A computer-accessible medium having executable instructions stored thereon for facilitating trading, wherein the instructions, if executed, cause a computer to:

execute a set of order handling programs that generate respective trading processes, wherein each respective trading process is configured to independently interact with a market to process an order according to user-specified parameters that implement an order processing strategy for trading the order at the market, and

execute the trading processes in accordance with their respective order processing strategies, wherein executing each trading process includes;

obtaining market pricing information pertaining to the order represented by the trading process,

after obtaining said market pricing information, building an action list of actions to take for the order, wherein the action list is built using a decision table that is private to the trading process and is based on characteristics of the order, market characteristics and the obtained market pricing information, and

taking action on the action list, wherein at least one action includes automatically routing the order to at least one of a plurality of markets in accordance with the order processing strategy being implemented by the respective trading process.

18. The computer-accessible medium of claim 17, wherein, during an overlapping time interval, the instructions cause the computer to route an order of a trading process to at least two of the markets where the entire order is simultaneously available to complete a trade.

19. The computer-accessible medium of claim 17, wherein the automatically routing is performed in accordance with a relationship between the trading process and the market, wherein the relationship is particular to the market and the trading process, and wherein the relationship is not shared by the market with all of the trading processes.

20. The computer-accessible medium of claim 19, wherein the relationship is represented by a code defined between the trading process and the market, wherein the code is communicated by the trading process to the market in connection with communicating an order.

21. The computer-accessible medium of claim 17, wherein at least one of the markets is an informal market provided by a liquidity provider not subject to regulation by a government securities regulation agency.

22. The computer-accessible medium of claim 17, wherein the automatically routing is based on information in the decision table internal to the respective trading processes.

23. The computer-accessible medium of claim 17, wherein the automatically routing is based on information obtained from processes that are executing on the platform and are separate and external to the trading processes for deciding how to automatically route.

24. A system for facilitating trading, comprising:

means for executing a set of order handling programs that generate respective trading processes, wherein each respective trading process is configured to independently interact with a market to process an order according to user-specified parameters that implement an order processing strategy for trading the order at the market,

means for executing the trading processes in accordance with their respective order processing strategies, wherein said means for executing the trading processes includes, for each trading process;

means for obtaining market pricing information pertaining to the order represented by the trading process,

means for building an action list of actions to take for the order after obtaining said market pricing information, wherein the action list is built using a decision table that is private to the trading process and is based on characteristics of the order, market characteristics and the obtained market pricing information, and

means for taking action on the action list, wherein at least one action includes automatically routing the order to at least one of a plurality of markets in accordance with the order processing strategy being implemented by the respective trading process.