System and method of utilizing a distributed order book in an electronic trade match engine
First Claim
1. A match engine implemented at a computer that matches orders for financial instruments, the match engine programmed with computer-executable instructions that, when executed, cause the computer to:
- (a) receive an order for a financial instrument;
(b) determine if the best price available to match the order is at the match engine or at a remote match engine;
(c) if the best price to match the order is available at the match engine, attempt to match the order with an order at the match engine; and
(d) if the order is not matched, transmit minimal order information to the remote match engine.
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Accused Products
Abstract
Methods and systems are providing for minimizing the effects of transmission delays when providing orders for financial instruments. A plurality of order books and match engines may be maintained at geographically dispersed locations. The orders may be synchronized to provide the appearance of a single order book to traders and other users. The plurality of order books and match engines allow traders and other users to transmit orders to the match engine associated with the shortest transmission delay and to access orders pending at other match engines.
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Citations
19 Claims
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1. A match engine implemented at a computer that matches orders for financial instruments, the match engine programmed with computer-executable instructions that, when executed, cause the computer to:
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(a) receive an order for a financial instrument; (b) determine if the best price available to match the order is at the match engine or at a remote match engine; (c) if the best price to match the order is available at the match engine, attempt to match the order with an order at the match engine; and (d) if the order is not matched, transmit minimal order information to the remote match engine. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer implemented method of processing an order for a financial instrument, the method comprising:
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(a) receiving an order at a local match engine implemented at a first computer; (b) if the best price is available at the local match engine, attempting to match the order at the local match engine to cause execution of a trade based on the match identified by the local match engine; and (c) if the best price is available at a remote match engine implemented at a second computer, causing the remote match engine to attempt to match the order to cause execution of a trade based on the match identified by the remote match engine. - View Dependent Claims (9, 10, 11, 12)
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13. A computer readable medium storing instructions that, when executed, cause a match engine computer to perform operations comprising:
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(a) receiving an order for a financial instrument; (b) determining if the best price available to match the order is available locally or at a remote match engine; (c) if the best price to match the order is available locally, attempting to locally match the order; and (d) if the order is not matched, transmitting minimal order information to the remote match engine. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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Specification