Electronic communication network ranking for automated market system
First Claim
1. A computer-implemented method for trading securities in an electronic market, the method comprises:
- receiving by a server system an order that specifies a quantity of a security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; and
matching the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to;
priority among displayed quotes/orders of market makers, electronic communication networks (ECNs) that do not charge a separate quote-access fee, and non-attributable agency orders of unlisted trading privilege (UTP) Exchanges, andwhen the trading interest of the displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges is exhausted, matching based on a;
priority among displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged.
8 Assignments
0 Petitions
Accused Products
Abstract
A method for trading a security in an electronic market includes entering an order at a client station for executing against any market participant that can at least in part satisfy the order, and matching the entered order at a server system against interest in the market based on how the market participant participates in the market with a portion of the interest in the market being prioritized according to price priority among displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges, and subsequently by displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged.
18 Citations
42 Claims
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1. A computer-implemented method for trading securities in an electronic market, the method comprises:
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receiving by a server system an order that specifies a quantity of a security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; and matching the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs) that do not charge a separate quote-access fee, and non-attributable agency orders of unlisted trading privilege (UTP) Exchanges, and when the trading interest of the displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges is exhausted, matching based on a; priority among displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented method for trading securities in an electronic market, the method comprises:
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receiving by a server system an order that specifies a quantity of a security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; aggregating for one or more electronic communication networks (ECNs) prices of orders with corresponding quote-access fees charged by the respective ECN to produce a price used for determining price priority; and matching the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs), and when the displayed quotes/orders of market makers, (ECNs) is exhausted, matching based on a; priority among non-attributable agency orders of unlisted trading privilege (UTP) Exchanges. - View Dependent Claims (10, 11, 12, 13, 14)
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15. A computer program product tangibly embodied on a non-transitory computer readable medium, the computer program product comprises instructions for trading a security in an electronic market that causes a computer to:
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receive by a server system an order that specifies a quantity of the security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; and match the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs) that do not charge a separate quote-access fee, and non-attributable agency orders of unlisted trading privilege (UTP) Exchanges, and when the trading interest of the displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges is exhausted, matching based on a; priority among displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22)
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23. A computer program product tangibly embodied on a non-transitory computer readable medium, the computer program product comprises instructions for trading a security in an electronic market that causes a computer to:
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receive by a server system an order that specifies a quantity of the security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; aggregate, for one or more electronic communication networks (ECNs), prices of orders with corresponding quote-access fees charged by the respective ECN to produce a price used for determining price priority; and match the entered order by the server system against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs); and when the displayed quotes/orders of market makers, (ECNs) is exhausted, matching based on a; priority among non-attributable agency orders of unlisted trading privilege (UTP) Exchanges. - View Dependent Claims (24, 25, 26, 27, 28)
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29. A system comprises:
one or more computers, each comprising; a processor; memory coupled to the processor, the processor configured to; receive an order that specifies a quantity of the security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; and match the entered order against a trading interest in the market, with the trading interest comprising quotes and orders, with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs) that do not charge a separate quote-access fee, and non-attributable agency orders of unlisted trading privilege (UTP) Exchanges, and when the trading interest of the displayed quotes/orders of market makers, ECNs that do not charge a separate quote-access fee, and non-attributable agency orders of UTP Exchanges is exhausted, matching based on a; priority among displayed quotes/orders of ECNs that charge a separate quote-access fee, with the quotes/orders of the ECNs that charge a separate quote-access fee being ranked by the amount of the quote-access fee charged. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36)
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37. A system comprises:
one or more computers, each comprising; a processor; memory coupled to the processor, the processor configured to; receive an order that specifies a quantity of the security, entered at a client station, for executing against any market participant that can satisfy a portion of the order; aggregate, for one or more electronic communication networks (ECNs), prices of orders with corresponding quote-access fees charged by the respective ECN to produce a price used for determining price priority; and match the entered order against a trading interest in the market, with the trading interest comprising quotes and orders, and with a priority to match based on how the market participant participates in the market with a portion of the trading interest in the market being prioritized for a price level of the trading interest in the market according to; priority among displayed quotes/orders of market makers, electronic communication networks (ECNs), and when the displayed quotes/orders of market makers, (ECNs) is exhausted, matching based on a; priority among non-attributable agency orders of unlisted trading privilege (UTP) Exchanges. - View Dependent Claims (38, 39, 40, 41, 42)
Specification