System, method, and computer program product for executing a buy or sell order
First Claim
Patent Images
1. A computerized method for selling X shares of a stock, where X is a number greater than zero, comprising:
- via a computer in data communications with an electronic market place, electronically submitting to the electronic market place, an initial set of tranche orders to sell Y shares of the stock, wherein Y is a number less than or equal to X;
via said computer, calculating a total number of shares from the initial set of tranche orders that have been sold at a selected point in time;
employing a set of trading targets [Trading Value=xt, Time=t], wherein 0<
xt<
X for a plurality of time values t;
via said computer, calculating an urgency score, wherein the urgency score is based, at least in part, on said determined total number of shares sold at said selected point in time compared to X, and is also a function of a TradingValue associated with said selected point in time; and
via said computer, creating and electronically submitting to the electronic market place, at least one new tranche order specifying a quantity and a target price, or modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score.
7 Assignments
0 Petitions
Accused Products
Abstract
An auto-trading strategy for executing an order to buy or sell a specified quantity of a certain item. The strategy utilizes urgency scores rather than time bins. In one embodiment, an urgency score is determined at a certain point in time. The urgency score is a function of a trading target associated with the point in time and the actual number of items that have been traded as of the certain point in time.
-
Citations
30 Claims
-
1. A computerized method for selling X shares of a stock, where X is a number greater than zero, comprising:
-
via a computer in data communications with an electronic market place, electronically submitting to the electronic market place, an initial set of tranche orders to sell Y shares of the stock, wherein Y is a number less than or equal to X; via said computer, calculating a total number of shares from the initial set of tranche orders that have been sold at a selected point in time; employing a set of trading targets [Trading Value=xt, Time=t], wherein 0<
xt<
X for a plurality of time values t;via said computer, calculating an urgency score, wherein the urgency score is based, at least in part, on said determined total number of shares sold at said selected point in time compared to X, and is also a function of a TradingValue associated with said selected point in time; and via said computer, creating and electronically submitting to the electronic market place, at least one new tranche order specifying a quantity and a target price, or modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score. - View Dependent Claims (2, 3, 4, 5, 6, 7, 22, 25, 26)
-
-
8. A system for selling X shares of a stock, where X is a number greater than zero, comprising:
-
means for submitting an initial set of tranche orders to sell Y shares of the stock, wherein Y is a number less than or equal to X; means for determining a total number of shares from the initial set of tranche orders that have been sold at a selected point in time; means for employing a set of trading targets [TradingValue=xt,Time=t], wherein 0<
xt<
X for a plurality of time values t;means for determining an urgency score based, at least in part, on said total number of shares sold at said selected point in time compared to X and as function of a TradingValue associated with said selected point in time; and means for creating at least one new tranche order specifying a quantity and a target price, or means for modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score. - View Dependent Claims (9, 10, 11, 12, 13, 14, 23, 27, 28)
-
-
15. A computer program product stored on a computer readable medium including computer executable instructions for selling X shares of a stock, where X is a number greater than zero, by performing operations comprising:
-
submitting an initial set of tranche orders to sell Y shares of the stock, wherein Y is less than or equal to X; determining a total number of shares from the initial set of tranche orders that have been sold at a selected point in time; acquiring a set of trading targets [TradingVaue=xt,Time=t], wherein 0<
xt<
X for a plurality of time values t;determining an urgency score, wherein the urgency score is based, at least in part, on said total number of shares sold at said selected point in time compared to X, wherein the urgency score is also a function of a TradingValue associated with said selected point in time; and creating at least one new tranche order specifying a quantity and a target price, or instructions for modifying an existing tranche order from said initial set of tranche orders, wherein the target price or modification is determined based, at least in part, on the urgency score. - View Dependent Claims (16, 17, 18, 19, 20, 21, 24, 29, 30)
-
Specification