Representation of order in multiple markets
First Claim
1. A method of processing a cancel order message to cancel an order that is simultaneously available for execution in both a first market and a second market, wherein the order specifies a number of items for a trade that, if executed at the first or second market, results in a trade of the items specified in the order, the method comprising, at the first market:
- electronically receiving a cancel order message from the second market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled;
electronically determining the number of items in the order that are available for cancellation and the number of items in the order that are held in process by the first market and not available for cancellation;
conditionally canceling the lesser of the number of items specified in the cancel order message and the number of items in the order that are available for cancellation; and
electronically returning a result from the first market to the second market via the representation process, wherein the result reports the number of items in the order that were canceled and the number of items being held in process by the first market.
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Accused Products
Abstract
A trading process represents an order that it is handling at multiple market processes simultaneously. Each of the market processes and the trading process follow a two-phase commit protocol, wherein permission to execute the order is obtained from the process controlling the order, and then the order is executed. Accordingly, multiple executions of an order are prevented. The control process is typically the trading process that originated the order. However, in some market methodologies, the market process may assume control over the order. Permission to execute the order is explicitly given by a trading process. Permission to execute the order may be inferred after a market process determines that no other market processes have control over the order.
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Citations
24 Claims
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1. A method of processing a cancel order message to cancel an order that is simultaneously available for execution in both a first market and a second market, wherein the order specifies a number of items for a trade that, if executed at the first or second market, results in a trade of the items specified in the order, the method comprising, at the first market:
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electronically receiving a cancel order message from the second market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled; electronically determining the number of items in the order that are available for cancellation and the number of items in the order that are held in process by the first market and not available for cancellation; conditionally canceling the lesser of the number of items specified in the cancel order message and the number of items in the order that are available for cancellation; and electronically returning a result from the first market to the second market via the representation process, wherein the result reports the number of items in the order that were canceled and the number of items being held in process by the first market. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer system for processing, at a first market, a cancel order message for canceling an order that is simultaneously available for execution in both the first market and a second market, wherein the order specifies a number of items for a trade that, if executed at the first or second market, results in a trade of the items specified in the order, the system comprising:
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a processing component configured to receive the cancel order message from the second market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled, and wherein the processing component is configured to determine the number of items in the order that are available for cancellation and the number of items in the order that are held in process by the first market and not available for cancellation; said processing component being further configured to conditionally cancel the lesser of the number of items specified in the cancel order message and the number of items in the order that are available for cancellation and return a result to the second market via the representation process that reports the number of items in the order that were canceled and the number of items being held in process by the first market. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer-accessible medium having executable instructions stored thereon for processing, at a first market, a cancel order message for canceling an order that is simultaneously available for execution in both the first market and a second market, wherein the order specifies a number of items for a trade that if executed at the first or second market, results in a trade of the items specified in the order, and wherein the instructions, when executed, cause a computer to:
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receive the cancel order message electronically from the second market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled; determine the number of items in the order that are available for cancellation and the number of items in the order that are held in process by the first market and not available for cancellation; conditionally cancel the lesser of the number of items specified in the cancel order message and the number of items in the order that are available for cancellation; and return a result to the second market via the representation process that reports the number of items in the order that were canceled and the number of items being held in process by the first market. - View Dependent Claims (16, 17, 18, 19, 20, 21)
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22. A method of canceling an order that is simultaneously available for execution in both a first market and a second market, wherein the order specifies a number of items for a trade that, if executed at any of the first or second market, results in a trade of the items specified in the order, the method comprising:
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at the second market, electronically sending a cancel order message to the first market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled; electronically receiving a cancel response message from the representation process that indicates the number of items in the order that were canceled by the first market and the number of items in the order that are held in process by the first market; electronically determining whether the first market is in a fast symbol mode in which the order that is simultaneously available for execution at both the first and second markets is immediately available for execution at the first market without regard to the status of the order at the second market; and when the first market is in a fast symbol mode, electronically canceling at the second market the number of items that were canceled by the first market. - View Dependent Claims (23)
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24. A computer-implemented system for processing a cancel order message to cancel an order that is simultaneously available for execution in both a first market and a second market, wherein the order specifies a number of items for a trade that, if executed at the first or second market, results in a trade of the items specified in the order, the system comprising, at the first market:
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means for electronically receiving a cancel order message from the second market via a representation process that communicatively couples the first market and the second market, wherein the cancel order message specifies the order and a number of items in the order to be canceled; means for electronically determining the number of items in the order that are available for cancellation and the number of items in the order that are held in process by the first market and not available for cancellation; means for conditionally canceling the lesser of the number of items specified in the cancel order message and the number of items in the order that are available for cancellation; and means for electronically returning a result from the first market to the second market via the representation process, wherein the result reports the number of items in the order that were canceled and the number of items being held in process by the first market.
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Specification