Order centric tracking system and protocol for communications with handheld trading units

• US 8,090,645 B1
• Filed: 09/11/2009
• Issued: 01/03/2012
• Est. Priority Date: 10/06/1999
• Status: Active Grant

• Current Assignee: Goldman Sachs & Co. LLC (Goldman Sachs Group Incorporated)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Silverman, Andrew F., Lavicka, Matthew, Ngai, David W.
• Primary Examiner(s): Patel, Jagdish
• Application Number:
  US12/558,444
• Time in Patent Office: 844 Days
• Field of Search: 705/37
• US Class Current: 705/37
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computerized method and system for tracking orders implemented on a trading floor exchange is disclosed. The system is order-centric and is configured to route orders to a booth and floor broker in accordance with a symbol associated with the particular security being traded. Floor brokers communicate with the trading system through handheld devices connected to a handheld server via a wireless interface. A specific protocol for messaging protocol for communications between the handheld devices and the handheld server is also disclosed.

Claims

1. A handheld computing device implemented method for processing an order for a security traded on a floor of a trading exchange, the method comprising:

receiving from a computer server an order message comprising a request to trade a security associated with a symbol;

processing the received order message in the handheld computing device to extract data identifying the symbol associated with the request to trade;

generating in the handheld computing device an order reply message that indicates whether the order message is accepted or rejected;

sending the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and

in the instance where the order reply message indicates that the handheld computing device accepted the order, sending to the computer server an execution message comprising;

the symbol, an execution price, and an execution quantity.

2. The method of claim 1, further comprising, in the instance where the order reply message indicates that the handheld computing device rejected the order, placing the order message in a holding state.

3. The method of claim 1, further comprising:

generating a list of outstanding orders associated with received order messages and aggregating leaves of like orders;

determining a number of shares to buy and sell, and acceptable prices based on the maintained list of outstanding orders and aggregated leaves of like orders.

4. The method of claim 1, further comprising receiving from the computer server, an execution allocation message comprising a quantity of shares allocated to the order and a current leaves for the order.

5. The method of claim 4, further comprising receiving effects information associated with the order allocation.

6. The method of claim 5, further comprising sending an order recall message to the computer server.

7. A non-transitory processor-readable medium storing processor-issuable instructions to:

receive from a computer server an order message comprising a request to trade a security associated with a symbol;

process the received order message to extract data identifying the symbol associated with the request to trade;

generate an order reply message that indicates whether the order message is accepted or rejected;

send the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and

in the instance where the order reply message indicates that the order has been accepted, send to the computer server an execution message comprising;

the symbol, an execution price, and an execution quantity.

8. The method of claim 7, further comprising instructions to, in the instance where the order reply message indicates that the handheld computing device rejected the order, place the order message in a holding state.

9. The method of claim 7, further comprising instructions to:

generate a list of outstanding orders associated with received order messages and aggregating leaves of like orders;

determine a number of shares to buy and sell, and acceptable prices based on the maintained list of outstanding orders and aggregated leaves of like orders.

10. The method of claim 7, further comprising instructions to receive from the computer server, an execution allocation message comprising a quantity of shares allocated to the order and a current leaves for the order.

11. The method of claim 10, further comprising instructions to receive effects information associated with the order allocation.

12. The method of claim 11, further comprising instructions to send an order recall message to the computer server.

13. A system for processing an order for a security traded on a floor of a trading exchange, comprising:

a memory;

a processor disposed in communication with said memory, and configured to issue a plurality of processing instructions stored in the memory, wherein the processor issues instructions to;

receive from a computer server an order message comprising a request to trade a security associated with a symbol;

process the received order message to extract data identifying the symbol associated with the request to trade;

generate an order reply message that indicates whether the order message is accepted or rejected;

send the order reply message to the computer server, the reply message indicating whether the order message is accepted or rejected; and

in the instance where the order reply message indicates that the order has been accepted, send to the computer server an execution message comprising;

the symbol, an execution price, and an execution quantity.