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System for matching orders for futures contracts which facilitate electronic trading of over the counter futures contracts

  • US 8,001,036 B2
  • Filed: 05/30/2006
  • Issued: 08/16/2011
  • Est. Priority Date: 05/30/2006
  • Status: Active Grant
First Claim
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1. A computerized method for handling orders for an asset, the method comprising the steps of:

  • checking whether an order received from an order handling system for an asset is within predetermined price limits, and rejecting the received order if it is not within the predetermined price limits, otherwise, performing the following steps;

    a computerized matching engine determining whether the received order matches any previous contra-side order that the order handling system had previously sent to an electronic exchange;

    if the determining determines that there is no matching previous contra-side order, sending the received order to the electronic exchange; and

    if the determining determines that there is a matching previous contra-side order, the matching engine generating an instruction to the electronic exchange to revise the previous contra-side order sent to the electronic exchange and the matching engine performing a non-exchange based trade based on the order received from the order handling system and the matching previous contra-side order.

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