Processing composite trading orders

• US 7,921,056 B2
• Filed: 01/14/2010
• Issued: 04/05/2011
• Est. Priority Date: 12/20/2005
• Status: Expired due to Fees

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Noviello, Joseph C., Driscoll, James R., Manning, Gregory P., Claus, Matthew W.
• Primary Examiner(s): Khattar; Rajesh
• Application Number:
  US12/687,417
• Publication Number:
  US 20100332369A1
• Time in Patent Office: 446 Days
• Field of Search: 705 35- 45
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

An apparatus for processing a composite trading order comprises an interface operable to display a composite value representing a weighted quantity of a plurality of trading products. The apparatus further comprises a processor operable to receive at least one input representing a composite trading order, wherein the at least one input comprises a quantity that is equal to at least a portion of the weighted quantity. The at least one input is usable to generate one or more constituent trading orders that, when filled, combine to satisfy the composite trading order.

Claims

1. An apparatus, comprising:

a processor; and

a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to;

receive a first trading order for a first quantity of a first trading product from a trader;

identify one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receive market data from one or more market centers, wherein the market data relates to at least the one or more trading products;

determine, based at least in part on the market data and the one or more trading products, a composite value,

wherein the composite value comprises an aggregated quantity of at least one trading product of the one or more trading products,

and

wherein the aggregated quantity is substantially equivalent to another quantity of the first trading product;

perform at least one of;

receiving, from the trader, a composite trading order for at least a portion of the composite value; and

generating the composite trading order;

determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order;

submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and

determine one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order.

2. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

determine that a particular quantity of the first trading product is available for trade in the one or more market centers.

3. The apparatus of claim 2, wherein the instructions, when executed, further cause the processor to:

determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product.

4. The apparatus of claim 1, wherein the composite value comprises the aggregated quantity of:

the at least one trading product of the one or more trading products; and

the first trading product.

5. The apparatus of claim 1, wherein the at least one trading product of the one or more trading products comprises a second trading product and a third trading product;

and

wherein the composite value comprises the aggregated quantity of;

the second trading product; and

the third trading product.

6. The apparatus of claim 1, wherein the at least one trading product of the one or more trading products consists of a second trading product;

and

wherein the composite value consists of the aggregated quantity of;

the second trading product; and

the first trading product.

7. The apparatus of claim 1, wherein the composite value comprises:

a weighted quantity of at least one trading product of the one or more trading products; and

a particular quantity of the first trading product.

8. The apparatus of claim 1, wherein determining the composite value comprises:

determining a weighted quantity of at least one trading product of the one or more trading products.

9. The apparatus of claim 8, wherein determining the composite value further comprises:

summing together at least;

the weighted quantity of the at least one trading product of the one or more trading products; and

a particular quantity of the first trading product.

10. The apparatus of claim 9, wherein the weighted quantity of the at least one trading product of the one or more trading products comprises:

one weighted quantity of one trading product other than the first trading product; and

another weighted quantity of another trading product other than the first trading product;

and wherein summing together at least the weighted quantity and the particular quantity comprises;

summing together at least;

the one weighted quantity of the one trading product other than the first trading product;

the another weighted quantity of the another trading product other than the first trading product; and

the particular quantity of the first trading product.

11. The apparatus of claim 1, wherein the composite value comprises:

a derived quantity of at least one trading product of the one or more trading products; and

a particular quantity of the first trading product.

12. The apparatus of claim 1, wherein determining the composite value comprises:

deriving a quantity of at least one trading product of the one or more trading products.

13. The apparatus of claim 12, wherein determining the composite value further comprises:

combining at least;

the derived quantity of the at least one trading product of the one or more trading products; and

a particular quantity of the first trading product.

14. The apparatus of claim 13, wherein the derived quantity of the at least one trading product of the one or more trading products comprises:

one derived quantity of one trading product other than the first trading product; and

another derived quantity of another trading product other than the first trading product;

and wherein combining at least the derived quantity and the particular quantity comprises;

combining at least;

the one derived quantity of the one trading product other than the first trading product;

the another derived quantity of the another trading product other than the first trading product; and

the particular quantity of the first trading product.

15. The apparatus of claim 1, wherein the market data represent trading conditions in the one or more market centers.

16. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

update the composite value according to current trading conditions in the one or more market centers.

17. The apparatus of claim 1, wherein the composite value is usable to track at least the at least one trading product of the one or more trading products.

18. The apparatus of claim 1, wherein the composite value corresponds to available volumes of the first trading product and at least one trading product of the one or more trading products in the one or more market centers.

19. The apparatus of claim 1, wherein the at least the portion of the composite value is substantially equivalent to the first quantity of the first trading product.

20. The apparatus of claim 1, wherein the market data relate to the availability for trade of the one or more trading products and the first trading product in the one or more market centers.

21. The apparatus of claim 1, wherein submitting the one or more constituent trading orders to the one or more market centers comprises:

submitting, substantially simultaneously, the one or more constituent trading orders to the one or more market centers for execution.

22. The apparatus of claim 1, wherein:

the one or more constituent trading orders comprise a first constituent trading order for one trading product and a second constituent trading order for another trading product.

23. The apparatus of claim 22, wherein the one trading product is the first trading product.

24. The apparatus of claim 22, wherein the another trading product is the first trading product.

25. The apparatus of claim 22, wherein the one or more trading products comprises the one trading product and the another trading product.

26. The apparatus of claim 22, wherein:

the one trading product comprises a note associated with a first maturity; and

the another trading product comprises a note associated with a second maturity.

27. The apparatus of claim 22, wherein:

the one trading product comprises a particular currency; and

the another trading product comprises a futures contract associated with the particular currency.

28. The apparatus of claim 22, wherein:

the one trading product comprises a note; and

the another trading product comprises a futures contract associated with the note.

29. The apparatus of claim 1, wherein the another quantity of the first trading product comprises the first quantity of the first trading product.

30. The apparatus of claim 1, wherein the another quantity of the first trading product is different from the first quantity of the first trading product.

31. The apparatus of claim 1, wherein at least one of:

identifying the one or more trading products,

determining the composite value,

determining the one or more constituent trading orders, and

determining the one or more new constituent trading orders,

are based at least in part on one or more stored preferences of the trader.

32. The apparatus of claim 31, wherein the instructions, when executed, cause the processor to:

generate the composite trading order based at least in part on a first preference of the one or more stored preferences of the trader;

and

wherein determining the composite value comprises;

determining the composite value based at least in part on a second preference of the one or more stored preferences of the trader and not on the first preference;

and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders based at least in part on a third preference of the one or more stored preferences of the trader and not on the first preference.

33. The apparatus of claim 31, wherein determining the composite value comprises:

determining the composite value based at least in part on the one or more stored preferences of the trader.

34. The apparatus of claim 31, wherein determining the one or more constituent trading orders comprises:

determining the one or more constituent trading orders based at least in part on the one or more stored preferences of the trader.

35. The apparatus of claim 31, wherein identifying the one or more trading products comprises:

identifying the one or more trading products based at least in part on the one or more stored preferences of the trader.

36. The apparatus of claim 31, wherein the instructions, when executed, further cause the processor to:

retrieve, from the memory, a trader profile, the trader profile being associated with the trader and comprising the one or more stored preferences of the trader.

37. The apparatus of claim 1, further comprising:

a user interface, wherein the user interface is communicatively coupled to the processor.

38. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

receive updated market data from the one or more market centers; and

wherein determining the one or more new constituent trading orders comprises;

determining the one or more new constituent trading orders based at least in part on the updated market data.

39. The apparatus of claim 38, wherein the instructions, when executed, further cause the processor to:

submit, on behalf of the trader, the one or more new constituent trading orders to at least one market center of the one or more market centers.

40. The apparatus of claim 39, wherein the instructions, when executed, further cause the processor to:

monitor whether the one or more new constituent trading orders are filled successfully in the at least one market center;

determine that at least one new constituent trading order of the one or more new constituent trading orders was not filled successfully;

receive further updated market data from the one or more market centers; and

determine, based at least in part on the further updated market data, one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one new constituent trading order.

41. The apparatus of claim 39, wherein the instructions, when executed, further cause the processor to:

continue determining additional constituent trading orders and submitting the additional constituent trading orders to at least some of the one or more market centers until the composite trading order is satisfied.

42. The apparatus of claim 1, wherein identifying the one or more trading products comprises:

for each trading product of the one or more trading products;

determining that the trading product is related to the first trading product based in part on relationship data.

43. The apparatus of claim 1, wherein identifying the one or more trading products comprises:

determining the one or more trading products.

44. The apparatus of claim 1, wherein identifying the one or more trading products comprises:

retrieving stored information about the one or more trading products, the stored information comprising a prior determination of the one or more trading products.

45. The apparatus of claim 1, wherein the one or more trading products comprises a second trading product and a third trading product;

and

wherein identifying the one or more trading products comprises;

determining that a quantity of the second trading product is substantially equivalent to a second quantity of the first trading product; and

determining that a quantity of the third trading product is substantially equivalent to a third quantity of the first trading product.

46. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

receive updated market data from the one or more market centers, wherein the updated market data relates to at least one of;

at least one trading product of one or more trading products; and

the first trading product.

47. The apparatus of claim 46, wherein receiving the updated market data comprises:

receiving the updated market data from the one or more market centers via at least one of a network and a trading platform.

48. The apparatus of claim 46, wherein determining the one or more constituent trading orders comprises:

determining, based at least in part on the updated market data, the one or more constituent trading orders.

49. The apparatus of claim 1, wherein receiving the market data comprises:

receiving the market data from the one or more market centers via at least one of a network and a trading platform.

50. The apparatus of claim 1, wherein receiving the market data comprises:

after receiving the first trading order, receiving the market data.

51. The apparatus of claim 1, wherein receiving the first trading order comprises:

after receiving the market data, receiving the first trading order.

52. The apparatus of claim 1, wherein submitting the one or more constituent trading orders comprises:

submitting the one or more constituent trading orders to the one or more market centers via at least one of a network and a trading platform.

53. The apparatus of claim 1, wherein a client comprises the apparatus.

54. The apparatus of claim 53, wherein the client communicates with a trading platform via a network.

55. The apparatus of claim 1, wherein a trading platform comprises the apparatus.

56. The apparatus of claim 1, wherein the instructions, when executed, cause the processor to:

receive the composite trading order for at least the portion of the composite value, wherein receiving the composite trading order comprises;

receiving at least one input from the trader, wherein the at least one input represents the composite trading order.

57. The apparatus of claim 56, wherein the instructions, when executed, further cause the processor to:

display the composite value at a user interface, wherein the user interface is communicatively coupled to the processor.

58. The apparatus of claim 1, wherein receiving the first trading order for the first quantity of the first trading product from the trader comprises:

receiving at least one input from the trader, wherein the at least one input represents the first trading order.

59. The apparatus of claim 1, wherein the instructions, when executed, cause the processor to:

generate the composite trading order for at least the portion of the composite value.

60. The apparatus of claim 59, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on the composite value.

61. The apparatus of claim 60, wherein generating the composite trading order comprises:

generating the composite trading order based at least in part on one or more stored preferences of the trader.

62. The apparatus of claim 59, wherein the instructions, when executed, further cause the processor to:

display the composite trading order at a user interface, wherein the user interface is communicatively coupled to the processor.

63. The apparatus of claim 1, wherein the instructions, when executed, further cause the processor to:

display a message at a user interface, wherein the user interface is communicatively coupled to the processor, and wherein the message indicates that the first trading order cannot be filled from the one or more market centers solely with the first trading product.

64. The apparatus of claim 63, wherein the instructions, when executed, further cause the processor to:

receive an input from the trader, wherein the input is indicative of a decision to submit the composite trading order; and

wherein determining the one or more constituent trading orders comprises;

determining the one or more constituent trading orders responsively to the input.

65. A method, comprising:

receiving, by a processor of a computing device, a first trading order for a first quantity of a first trading product from a trader;

identifying, by the processor, one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receiving, by the processor, market data from one or more market centers, wherein the market data relates to at least the one or more trading products;

determining, by the processor, based at least in part on the market data and the one or more trading products, a composite value,

wherein the composite value comprises an aggregated quantity of at least one trading product of the one or more trading products,

and

wherein the aggregated quantity is substantially equivalent to another quantity of the first trading product;

performing, by the processor, at least one of;

receiving, from the trader, a composite trading order for at least a portion of the composite value; and

generating the composite trading order;

determining, by the processor, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order;

submitting, by the processor, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitoring, by the processor, whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determining, by the processor, that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and

determining, by the processor, one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order.

66. One or more non-transitory tangible computer-readable media storing instructions that, when executed, cause a processor to:

receive a first trading order for a first quantity of a first trading product from a trader;

identify one or more trading products other than the first trading product, wherein identifying the one or more trading products comprises, for each trading product of the one or more trading products, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;

receive market data from one or more market centers, wherein the market data relates to at least the one or more trading products;

determine, based at least in part on the market data and the one or more trading products, a composite value,

wherein the composite value comprises an aggregated quantity of at least one trading product of the one or more trading products,

and

wherein the aggregated quantity is substantially equivalent to another quantity of the first trading product;

perform at least one of;

receiving, from the trader, a composite trading order for at least a portion of the composite value; and

generating the composite trading order;

determine, based at least in part on the composite trading order, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, satisfy the composite trading order;

submit, on behalf of the trader, the one or more constituent trading orders to the one or more market centers;

monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers;

determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period; and

determine one or more new constituent trading orders, wherein the one or more new constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order.