Trading order routing
First Claim
1. An apparatus for routing trading orders, comprising:
- at least one processor of a trading platform; and
a memory, coupled to the at least one processor, that stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising;
receiving from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders;
receiving from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders;
receiving a trading order;
determining that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders;
determining that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders;
based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, routing at least a portion of the trading order to the first market center, in which the act of routing at least a portion of the trading order to the first market center comprises;
determining a quantity of the trading order that can be fulfilled at the first market center; and
routing the determined quantity of the trading order to the first market center for fulfillment of the determined quantity;
determining that a remaining quality of the trading order can be fulfilled at the second market center; and
routing the remaining quantity to the second market center.
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Accused Products
Abstract
An apparatus for routing trading orders comprises a memory and a processor. The memory stores first trading information associated with a first buy order placed with a first market center. The first buy order is associated with a product and the first trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The memory also stores second trading information associated with a second buy order placed with a second market center. The second buy order is associated with the product and the second trading information comprises a disclosed quantity of the product and a reserved quantity of the product. The processor is coupled to the memory and receives a sell order associated with a quantity of the product. The processor further cancels at least a portion of the second buy order placed with the second market center for placement with the first market center. The canceled portion of the second buy order is determined based at least in part upon the second trading information. The processor further routes at least one additional sell order to the first market center having a quantity that is based upon at least one of the first trading information and the canceled portion of the second buy order.
188 Citations
20 Claims
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1. An apparatus for routing trading orders, comprising:
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at least one processor of a trading platform; and a memory, coupled to the at least one processor, that stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising; receiving from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders; receiving from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders; receiving a trading order; determining that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders; determining that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders; based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, routing at least a portion of the trading order to the first market center, in which the act of routing at least a portion of the trading order to the first market center comprises; determining a quantity of the trading order that can be fulfilled at the first market center; and routing the determined quantity of the trading order to the first market center for fulfillment of the determined quantity; determining that a remaining quality of the trading order can be fulfilled at the second market center; and routing the remaining quantity to the second market center. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 10, 19)
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9. A method for routing trading orders, comprising:
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receiving, by at least one processor of a trading platform, from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders; receiving, by the at least one processor, from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders; receiving, by the at least one processor, a trading order; determining, by the at least one processor, that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders; determining, by the at least one processor, that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders; based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders and (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, routing, by the at least one processor, at least a portion of the trading order to the first market center, in which the act of routing at least a portion of the trading order to the first market center comprises; determining a quantity of the trading order that can be fulfilled at the first market center; and routing the determined quantity of the trading order to the first market center for fulfillment of the determined quantity; determining that a remaining quantity of the trading order can be fulfilled at the second market center; and routing the remaining quantity to the second market center. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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20. A apparatus for routing trading orders, comprising:
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at least one processor of a trading platform; and a memory, coupled to the at least one processor, the stores instructions which, when executed by the at least one processor, direct the at least one processor to perform a method comprising; receiving from a first market center first trading information about a first plurality of orders, the first trading information comprising a respective disclosed quantity and a respective reserved quantity for each of the first plurality of orders; receiving from a second market center second trading information about a second plurality of orders, the second trading information comprising a respective disclosed quantity for each of the second plurality of orders, each of the second plurality of orders comprising a respective reserved quantity, in which the trading platform does not receive the reserved quantities for any of the second plurality of orders; receiving a first trading order; determining that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders; determining that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders; determining that at least a second trading order at the second market center is contra to the first trading order and is available to be matched with the first trading order; determining that at least a third trading order at the first market center is contra to the first stranding order and is available to be matched with the first trading order; based on (1) the determination that the first market center provided to the trading platform the respective reserved quantities for each of the first plurality of orders, (2) the determination that the second market center did not provide to the trading platform reserved quantities for any of the second plurality of orders, and (3) the determination that the third order at the first market center is contra to the received trading order and is available to be at least partially matched with the trading order, exhibiting a preference for the first market center over the second market center by routing the first trading order to the first market center, in which the first trading order is at least partially matched with the at least third trading order at the first market center, in which the act of routing at least a porting of the trading order to the first market center comprises; determining a quantity of the trading order that can be fulfilled at the first market center; and routing the determined quantity of the trading order to the first market center for fulfillment of the determined quantity; determining that a remaining quantity of the trading order can be fulfilled at the second market center; and routing the remaining quantity to the second market center.
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Specification