System and method for providing market updates in an electronic trading environment

• US 8,583,541 B2
• Filed: 04/19/2012
• Issued: 11/12/2013
• Est. Priority Date: 12/28/2004
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Schwarz, Stephen A., Burns, Michael J.
• Primary Examiner(s): Bartley, Kenneth
• Application Number:
  US13/451,372
• Publication Number:
  US 20120203687A1
• Time in Patent Office: 572 Days
• Field of Search: 705/37
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method are provided for modifying how market updates are provided in an electronic trading environment upon detecting one or more triggering events. One example method includes defining an event to be used to trigger modification of how market updates are provided to a client entity, receiving a market update from an electronic exchange, and, when the event is detected, modifying how the market update is provided to the client entity. As an example, the modification of how the market update is provided to the client entity may include providing less data in relation to market updates, and sending the market updates less frequently.

Claims

1. A system including:

a gateway,

wherein the gateway is configured to receive a definition for a first event, wherein the definition for the first event includes a rate market data is received from an electronic exchange,

wherein the gateway is configured to receive market data from the electronic exchange, wherein the market data is related to a tradeable object being traded at the electronic exchange,

wherein the gateway is configured to generate a first market update to be sent to a client entity, wherein the first market update is based on the market data and a first price coalescing interval,

wherein the gateway is configured to send the first market update to the client entity,

wherein the gateway is configured to determine whether the first event has been detected, wherein the first event is detected when the rate market data is received from the electronic exchange conforms to the rate defined for the first event,

wherein the gateway is configured to generate a second market update to be sent to the client entity, wherein the second market update is based on the market data and a second price coalescing interval, wherein the second price coalescing interval is determined based on detection of the first event, and wherein the second price coalescing interval is different from the first price coalescing interval in response to the first event being detected, and

wherein the gateway is configured to send the second market update to the client entity.

2. The system of claim 1, wherein the first event is detected based at least in part on a moving average of the rate market data is received.

3. The system of claim 1, wherein the first event is detected when the rate market data is received exceeds a threshold.

4. The system of claim 1, wherein the first event is detected when the rate market data is received for a current time period is different from the rate market data is received for a preceding time period.

5. The system of claim 1, wherein the second price coalescing interval is shorter than the first price coalescing interval.

6. The system of claim 1, wherein the second price coalescing interval is longer than the first price coalescing interval.

7. The system of claim 1, wherein the second price coalescing interval is further based on the first price coalescing interval.

8. The system of claim 1, wherein the second price coalescing interval is further based on a static value.

9. The system of claim 1, wherein the gateway is configured to receive definitions for a plurality of events, wherein the plurality of events includes the first event, wherein the second price coalescing interval is determined based on the detection of at least one of the plurality of events.

10. The system of claim 1, wherein the gateway includes a plurality of processing components positioned at one or more locations on a network.

11. A system including:

a gateway,

wherein the gateway is configured to receive a definition for a first event, wherein the definition for the first event includes a predefined time period;

wherein the gateway is configured to receive market data from an electronic exchange, wherein the market data is related to a tradeable object being traded at the electronic exchange;

wherein the gateway is configured to generate a first market update to be sent to a client entity, wherein the first market update is based on the market data and a first price coalescing interval;

wherein the gateway is configured to send the first market update to the client entity;

wherein the gateway is configured to determine whether the first event has been detected, wherein the first event is detected when the current time is within the predefined time period defined for the first event;

wherein the gateway is configured to generate a second market update to be sent to the client entity, wherein the second market update is based on the market data and a second price coalescing interval, wherein the second price coalescing interval is determined based on detection of the first event, and wherein the second price coalescing interval is different from the first price coalescing interval in response to the first event being detected; and

wherein the gateway is configured to send the second market update to the client entity.

12. The system of claim 11, wherein the second price coalescing interval is shorter than the first price coalescing interval.

13. The system of claim 11, wherein the second price coalescing interval is longer than the first price coalescing interval.

14. The system of claim 11, wherein the second price coalescing interval is further based on the first price coalescing interval.

15. The system of claim 11, wherein the second price coalescing interval is further based on a static value.

16. The system of claim 11, wherein the gateway is configured to receive definitions for a plurality of events, wherein the plurality of events includes the first event, wherein the second price coalescing interval is determined based on the detection of at least one of the plurality of events.

17. The system of claim 11, wherein the gateway includes a plurality of processing components positioned at one or more locations on a network.