System and method for order placement in an electronic trading environment
First Claim
1. A method for trading in an electronic trading environment, comprising:
- identifying by a computing device a price condition associated with a trading strategy, wherein the trading strategy comprises a first tradeable object and a second tradeable object;
sending by the computing device a first order to buy or sell the first tradeable object at a first price to be placed in an order book of a computerized matching process, wherein the first order at the first price satisfies the price condition;
sending by the computing device a second order to buy or sell the first tradeable object at a second price to be placed in the order book of the computerized matching process, wherein the second order at the second price does not satisfy the price condition;
determining by the computing device that the first order at the first price does not satisfy the price condition subsequent to placement of the first order and the second order in the order book; and
using the second order at the second price for the trading strategy instead of the first order when the second order at the second price satisfies the price condition.
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Accused Products
Abstract
A system and associated methods are provided for intelligent placement and movement of orders in an electronic trading environment. According to one example method, in addition to submitting a leg order at a calculated price level, additional orders, queue holder orders, are submitted for the leg order at prices either below or above the calculated price level. Based on this configuration, if the conditions change such that it is necessary to re-price the leg order, there will be already an order resting in the exchange order book at the re-calculated price that can be used in the strategy. Upon re-pricing the leg order, one or more additional queue holder orders will be placed in the market. Other tools are provided as well.
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Citations
24 Claims
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1. A method for trading in an electronic trading environment, comprising:
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identifying by a computing device a price condition associated with a trading strategy, wherein the trading strategy comprises a first tradeable object and a second tradeable object; sending by the computing device a first order to buy or sell the first tradeable object at a first price to be placed in an order book of a computerized matching process, wherein the first order at the first price satisfies the price condition; sending by the computing device a second order to buy or sell the first tradeable object at a second price to be placed in the order book of the computerized matching process, wherein the second order at the second price does not satisfy the price condition; determining by the computing device that the first order at the first price does not satisfy the price condition subsequent to placement of the first order and the second order in the order book; and using the second order at the second price for the trading strategy instead of the first order when the second order at the second price satisfies the price condition. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A computer readable medium having stored therein instructions which when executed cause a computer in an electronic trading environment to perform a method comprising:
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identifying by a computing device a price condition associated with a trading strategy, wherein the trading strategy comprises a first tradeable object and a second tradeable object; sending by the computing device a first order to buy or sell the first tradeable object at a first price to be placed in an order book of a computerized matching process, wherein the first order at the first price satisfies the price condition; sending by the computing device a second order to buy or sell the first tradeable object at a second price to be placed in the order book of the computerized matching process, wherein the second order at the second price does not satisfy the price condition; determining by the computing device that the first order at the first price does not satisfy the price condition subsequent to placement of the first order and the second order in the order book; and using the second order at the second price for the trading strategy instead of the first order when the second order at the second price satisfies the price condition. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
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Specification