System and method for routing a trading order according to price
First Claim
1. A method comprising:
- receiving, from a remote device, an order for a quantity of a trading product;
identifying, using a processor, a plurality of market centers that are able to match the order, in which the processor and the remote device are in communication over a network;
receiving, at the processor for each market center, a respective price for the order;
comparing, using the processor, each of the received prices to determine a best price for the order;
determining, using the processor, a respective best price policy for each market center, in which the respective best price policy indicates an action that is taken by the market center in response to the best price;
adjusting, using the processor, the received price of each market center in accordance with the respective best price policy of the market center;
selecting, based on the adjusted price of each market center, via the processor a market center from the plurality of market centers; and
routing, using the processor, the order to the selected market center.
2 Assignments
0 Petitions
Accused Products
Abstract
A system for routing a trading order to a market center according to price comprises a memory and a processor. The memory stores policy information, cost information, and rebate information associated with a plurality of market centers. The processor receives a trading order specifying a trading product, a plurality of market center prices for the trading order, and best price information for the trading product. The processor adjusts at least one market center price according to the policy information of the corresponding market center and the best price information. The processor also adjusts at least one market center price according to at least one of the cost information and the rebate information of the corresponding market center. The processor then compares the plurality of market center prices, and selects a particular market center based at least in part upon the comparison.
-
Citations
21 Claims
-
1. A method comprising:
-
receiving, from a remote device, an order for a quantity of a trading product; identifying, using a processor, a plurality of market centers that are able to match the order, in which the processor and the remote device are in communication over a network; receiving, at the processor for each market center, a respective price for the order; comparing, using the processor, each of the received prices to determine a best price for the order; determining, using the processor, a respective best price policy for each market center, in which the respective best price policy indicates an action that is taken by the market center in response to the best price; adjusting, using the processor, the received price of each market center in accordance with the respective best price policy of the market center; selecting, based on the adjusted price of each market center, via the processor a market center from the plurality of market centers; and routing, using the processor, the order to the selected market center. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. An apparatus comprising:
-
a processor; and a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to perform the acts of; receiving an order for a quantity of a trading product; identifying a plurality of market centers that are able to match the order; receiving, for each market center, a respective price for the order; comparing each of the received prices to determine a best price for the order; determining a respective best price policy for each market center, in which the respective best price policy indicates an action that is taken by the market center in response to the best price; adjusting the received price of each market center in accordance with the respective best price policy of the market center; selecting, based on the adjusted price of each market center a market center from the plurality of market centers; and routing the order to the selected market center. - View Dependent Claims (9, 10, 11, 12, 13, 14)
-
-
15. An article of manufacture comprising:
-
a storage medium, in which the storage medium stores instructions which, when executed by a processor, direct the processor to perform the acts of; receiving an order for a quantity of a trading product; identifying a plurality of market centers that are able to match the order; receiving, for each market center, a respective price for the order; comparing each of the received prices to determine a best price for the order; determining a respective best price policy for each market center, in which the respective best price policy indicates an action that is taken by the market center in response to the best price; adjusting the received price of each market center in accordance with the respective best price policy of the market center; selecting, based on the adjusted price of each market center, a market center from the plurality of market centers; and routing the order to the selected market center. - View Dependent Claims (16, 17, 18, 19, 20, 21)
-
Specification