Ratio spreads for contracts of different sizes in implied market trading
First Claim
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1. A computer implemented method for matching orders, the method comprising:
- receiving, by a processor, one or more real orders via a communication network;
generating, by the processor, an implied order, one or more components of the implied order being a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes; and
matching, by the processor, the one or more real orders with other real orders or the implied order.
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Abstract
A method for matching orders is provided. The method includes receiving a first order for a product, the first order specifying a first volume, receiving a second order for the product, the second order specifying a second volume, wherein the first volume is different than the second volume, generating an implied order based on a ratio spread defined between the first order and the second order, and matching a third order with the implied order.
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Citations
28 Claims
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1. A computer implemented method for matching orders, the method comprising:
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receiving, by a processor, one or more real orders via a communication network; generating, by the processor, an implied order, one or more components of the implied order being a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes; and matching, by the processor, the one or more real orders with other real orders or the implied order. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A match engine comprising:
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an input configured to receive one or more new orders; a processor configured to receive the one or more new orders and generate an implied order, one or more components of the implied order being a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes, the implied order being generated based on the one or more new orders; and an output configured to receive the implied order from the processor and transmit the implied order to a trade machine used for placing trades. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer-readable storage medium encoded with computer executable instructions, the computer executable instructions executable with a processor, the computer-readable medium comprising:
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instructions executable to receive one or more real orders via a communication network; and instructions executable to generate an implied order, one or more components of the implied order being a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes; and instructions executable to match the one or more real orders with other real orders or the implied order. - View Dependent Claims (16, 17, 18)
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19. A match engine comprising:
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means for receiving one or more real orders via a communication network; means for generating an implied order, one or more components of the implied order being a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes; and means for matching the one or more real orders with other real orders or the implied order. - View Dependent Claims (20, 21, 22)
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23. A trading environment, comprising:
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one or more trading workstations for entry of a plurality of orders; a communication network coupled to the trading workstations; and a trade matching system coupled to the communication network, wherein the trade matching system generates an implied order wherein one or more components of the implied order is a ratio spread linking a first contract and a second contract that have been specified with a common product but with trading units of different sizes. - View Dependent Claims (24, 25, 26, 27)
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28. A computer implemented method for matching orders, the method comprising:
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receiving, by a processor, a first order for a product, the first order specifying a first volume; receiving, by the processor, a second order for the product, the second order specifying a second volume, wherein the first volume is different than the second volume; generating, by the processor, an implied order based on a ratio spread defined between the first order and the second order; and matching, by the processor, a third order with the implied order.
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Specification