Solutions server

• US 8,571,968 B2
• Filed: 04/25/2012
• Issued: 10/29/2013
• Est. Priority Date: 05/25/2000
• Status: Expired due to Term

• Current Assignee: Morgan Stanley Services Group Inc. (Morgan Stanley)
• Original Assignee: E*Trade Financial Corporation (Morgan Stanley)
• Inventors: Kathwari, Omar, Bundy, Michael, Goldfeld, Vladimir, Prager, Randy
• Primary Examiner(s): Akintola, Olabode
• Application Number:
  US13/455,790
• Publication Number:
  US 20120239544A1
• Time in Patent Office: 552 Days
• Field of Search: None
• US Class Current: 705/37
• 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

Methods and systems for providing solutions for trading securities are disclosed, including receiving a level-two quote, the level-two quote including a symbol and at least one market participant quote, the market participant quote including a quote price, a quote quantity, a quote MPID, and a quote side. The methods and systems further include creating a solution set including at least one solution record corresponding to each market participant quote in the level-two quote, the solution record including a solution symbol, a solution side, a solution MPID, a solution price, a solution quantity, and a solution latency, the solution latency including a latency for the market identified by the solution MPID.

Claims

1. A method, comprising:

receiving a level-two quote, the level-two quote comprising a symbol and at least one market participant quote the market the market participant quote further comprising a quote price, a quote quantity, a quote market participant identification (“

MPID”

), and a quote side;

creating in computer memory a solution set comprising at least two solution records corresponding to each market participant quote in the level-two quote, the solution records comprising a solution symbol, a solution side, a solution MPID, a solution price, a solution quantity, and a solution latency, the latency comprising a latency for the market identified by the solution MPID;

sorting the solution records to yield sorted solution records; and

sending the solution set comprising the sorted solution records to at least one client.

2. The method of claim 1, further comprising:

storing the sent solution set in computer memory of the client;

using at least one of the sent solution records to create orders for securities; and

deleting from computer memory used solution records.

3. The method of claim 1 wherein the at least one client comprises more than one automated system for trading securities and the automated systems for trading securities are scaled.

4. The method of claim 1 wherein creating a solution set further comprises recording in the at least one solution record a solution side derived from a quote side, a solution market participant identification (MPID) derived from a quote MPID, a solution price derived from a quote price, and a solution symbol derived from a symbol in the level-two quote.

5. The method of claim 1 wherein sorting the solution records comprises sorting the solution records according to side.

6. The method of claim 1 wherein sorting the solution records comprises sorting the solution records according to price.

7. The method of claim 1 wherein sorting the solution records comprises sorting the solution records according to latency.

8. The method of claim 1 wherein sorting the solution records comprises sorting the solution records according to price and latency.

9. The method of claim 1 wherein sorting the solution records comprises sorting the solution records according to side, price, and latency.

10. The method of claim 1 further comprising deleting solution latency from the sorted solution records.

11. The method of claim 1 further comprising creating an index for the solution set.

12. The method of claim 7 wherein latency comprises the difference between the time a broker-dealer receives from a market a response to an order and the time the order was sent to the market.

13. A system, comprising:

means for receiving a level-two quote, the level-two quote comprising a symbol and at least one market participant quote, the market participant quote further comprising a quote price, a quote quantity, a quote market participant identification (“

MPID”

), and a quote side;

means for creating in computer memory a solution set comprising at least two solution records corresponding to each market participant quote in the level-two quote, the solution records comprising a solution symbol, a solution side, a solution MPID, a solution price, a solution quantity, and a solution latency, the solution latency comprising a latency for a market identified by the solution MPID;

means for sorting the solution records to yield sorted solution records; and

means for sending the solution set comprising the sorted solution records to at least one client.

14. The system of claim 13, further comprising:

means for storing the sent solution set;

means for creating, using at least one of the sent solution records, an order for securities; and

means for deleting used solution records.

15. The system of claim 13 wherein the at least one client comprises more than one automated system for trading securities and the automated systems for trading securities are scaled.

16. The system of claim 13 wherein means for creating a solution set further comprises means for recording in the at least one solution record a solution side derived from a quote side, a solution market participant identification (MPID) derived from a quote MPID, a solution price derived from a quote price, and a solution symbol derived from a symbol in the level-two quote.

17. The system of claim 13 wherein the means for sorting comprises means for sorting the solution records according to side.

18. The system of claim 13 wherein the means for sorting comprises means for sorting the solution records according to price.

19. The system of claim 13 wherein the means for sorting comprises means for sorting the solution records according to latency.

20. The system of claim 13 wherein the means for sorting comprises means for sorting the solution records according to price and latency.

21. The system of claim 13 wherein the means for sorting comprises means for sorting the solution records according to side, price, and latency.

22. The system of claim 13 wherein the means for sorting comprises means for deleting solution latency from the sorted solution records.

23. The system of claim 13 further comprising means for creating an index for the solution set.

24. The system of claim 19 wherein latency comprises the difference between the time a broker-dealer receives from a market a response to an order and the time the order was sent to the market.

25. A system, comprising:

a processor; and

memory coupled to the processor;

the processor to;

receive at least one level-two quote, the level-two quote comprising a symbol and at least one market participant quote, the market participant quote further comprising a quote price, a quote quantity, a quote market participant identification (“

MPID”

), and a quote side;

create a solution set comprising at least two solution records corresponding to each market participant quote in the level-two quote, the solution records comprising a solution symbol, a solution side, a solution MPID a solution price a solution quantity, and a solution latency, the solution latency comprising a latency for a market identified by the MPID;

sort the solution records to yield sorted solution records; and

send the solution set comprising the sorted solution records to a client.

26. The system of claim 25 wherein the client comprises more than one automated system for trading securities and the automated systems for trading securities are scaled.

27. The system of claim 25 the processor to record in the at least one solution record a solution side derived from a quote side, a solution market participant identification (MPID) derived from a quote MPID, a solution price derived from a quote price, and a solution symbol derived from a symbol in the level-two quote.

28. The system of claim 25 wherein sorting the solution records comprises sorting the solution records according to side.

29. The system of claim 25 wherein sorting the solution records comprises sorting the solution records according to price.

30. The system of claim 25 wherein sorting the solution records comprises sorting the solution records according to latency.

31. The system of claim 25 wherein sorting the solution records comprises sorting the solution records according to price and latency.

32. The system of claim 25 wherein sorting the solution records comprises sorting the solution records according to side, price, and latency.

33. The system of claim 25, the processor to delete solution latency from the sorted solution records.

34. The system of claim 25, the processor to create an index for the solution set.

35. The system of claim 31 wherein latency comprises the difference between the time a broker-dealer receives from a market a response to an order and the time the order was sent to the market.