System and method for linking and managing linked orders in an electronic trading environment
First Claim
1. A method for managing orders in an electronic trading environment comprising:
- submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange via a computing device, the submitted first order pending in a first order book at the first electronic exchange for the first tradeable object and being executable by the first electronic exchange at a first time;
in response to submitting the first order, submitting a second order to trade a second quantity of a second tradeable object at a second price via the computing device, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted to a second electronic exchange substantially simultaneously as submitting the first order, the submitted second order pending in a second order book at the second electronic exchange for the second tradeable object and being executable by the second electronic exchange at the first time that the first order is pending in the first order book at the first electronic exchange and executable by the first electronic exchange;
detecting, via the computing device, a change in at least one order parameter of the submitted first order at the first time; and
in response to detecting the change in the at least one order parameter, submitting a first update message via the computing device to the second electronic exchange to change at least one order parameter of the second order pending in the second order book.
4 Assignments
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Accused Products
Abstract
A system and method for linking and managing linked orders are described. According to one method, a trader may first link two or more orders into a linked order, and then one or more parameters associated with one of the orders may be dynamically changed based on user inputs or information being received from an exchange. For example, a trader may link any two orders as an order cancel order, and each linked order may be associated with the same or different tradable objects, order quantities, and may be submitted to one or more exchanges. The order quantities may be then dynamically updated based on updates being received from the one or more exchanges and further based on a quantity ratio between the two orders. Further, the linked order may be submitted upon detecting a fill for another order.
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Citations
18 Claims
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1. A method for managing orders in an electronic trading environment comprising:
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submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange via a computing device, the submitted first order pending in a first order book at the first electronic exchange for the first tradeable object and being executable by the first electronic exchange at a first time; in response to submitting the first order, submitting a second order to trade a second quantity of a second tradeable object at a second price via the computing device, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted to a second electronic exchange substantially simultaneously as submitting the first order, the submitted second order pending in a second order book at the second electronic exchange for the second tradeable object and being executable by the second electronic exchange at the first time that the first order is pending in the first order book at the first electronic exchange and executable by the first electronic exchange; detecting, via the computing device, a change in at least one order parameter of the submitted first order at the first time; and in response to detecting the change in the at least one order parameter, submitting a first update message via the computing device to the second electronic exchange to change at least one order parameter of the second order pending in the second order book. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer readable medium having instructions stored thereon executable by a processor for carrying out the acts comprising:
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submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange, the submitted first order pending in a first order book at the first electronic exchange for the first tradeable object and being executable by the first electronic exchange at a first time; in response to submitting the first order, submitting a second order to trade a second quantity of a second tradeable object at a second price, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted to a second electronic exchange substantially simultaneously as submitting the first order, the submitted second order pending in a second order book at the second electronic exchange for the second tradeable object and being executable by the second electronic exchange at the first time that the first order is pending in the first order book at the first electronic exchange and executable by the first electronic exchange; detecting a change in at least one order parameter of the submitted first order at the first time; and in response to detecting the change in the at least one order parameter, submitting a first update message to the second electronic exchange to change at least one order parameter of the second order pending in the second order book. - View Dependent Claims (15, 16, 17, 18)
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Specification