Reprice-to-block order
First Claim
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1. A method for repricing a posted limit order on a posting market center in view of a block trade executed on an away market center at an inferior price, the method comprising:
- posting a limit order on the posting market center with an identifier to reprice the limit order when an away market block trade executes at an inferior price to the limit order on the posting market center;
receiving data by a computing system regarding a trade executed (a) on an away market center (b) after posting the limit order on the posting market center;
determining by the computing system whether the away market center trade was a block trade;
wherein when the away market center trade is a block trade, determining by the computing system whether the block trade executed at an inferior price to the limit order posted on the posting market center; and
wherein when the block trade executed at an inferior price to the limit order posted on the posting market center, repricing by the computing system the limit order on the posting market center to the price of the block trade.
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Abstract
A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.
193 Citations
28 Claims
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1. A method for repricing a posted limit order on a posting market center in view of a block trade executed on an away market center at an inferior price, the method comprising:
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posting a limit order on the posting market center with an identifier to reprice the limit order when an away market block trade executes at an inferior price to the limit order on the posting market center; receiving data by a computing system regarding a trade executed (a) on an away market center (b) after posting the limit order on the posting market center; determining by the computing system whether the away market center trade was a block trade; wherein when the away market center trade is a block trade, determining by the computing system whether the block trade executed at an inferior price to the limit order posted on the posting market center; and wherein when the block trade executed at an inferior price to the limit order posted on the posting market center, repricing by the computing system the limit order on the posting market center to the price of the block trade. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system, comprising:
a computing system including at least one processor for executing code stored in at least one memory, wherein the code when executed; posts a limit order on the posting market center with an identifier to reprice the limit order when an away market block trade executes at an inferior price to the limit order posted on the posting market center; receives data regarding a trade executed (a) on an away market center (b) after posting the limit order on the posting market center; determines whether the away market center trade was a block trade; wherein when the away market center trade is a block trade, determines whether the block trade executed at an inferior price to the limit order posted on the posting market center; and wherein when the block trade executed at an inferior price to the limit order posted on the posting market center, reprices the limit order on the posting market center to the price of the block trade. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
Specification