System and method for routing a trading order
First Claim
Patent Images
1. A method comprising:
- receiving, via a processor in a trading exchange platform, a trading order that comprises;
(i) a total amount of a trading product; and
(ii) a disclosure amount that is to be disclosed to a plurality of market centers capable of executing the trading order, in which the disclosure amount is a portion of the total amount;
routing, via the processor, a portion of the trading order to be matched with at least one internal trading order, in which the at least one internal trading order is stored in a database that is internal to the trading exchange platform;
computing, via the processor, a remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the total amount minus the portion of the trading order;
identifying, via the processor, at least one market center that is capable of matching the remaining quantity of the trading order, in which the at least one market center is external to the trading platform;
receiving, from a remote device, an indication of a disclosure policy of the at least one market center, in which the disclosure policy specifies a manner for disclosing the remaining quantity of the trading order to the at least one market center, in which the remote device and the processor are in electronic communication over a network; and
transmitting, via the processor, the remaining quantity of the trading order to the at least one market center in accordance to the disclosure policy.
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Abstract
A system for routing a trading order to a market center comprises a memory and a processor. The memory stores a trading order specifying a trading product. The processor determines a plurality of market center prices for the trading product, each market center price associated with at least one of a plurality of market centers. The processor selects one of the plurality of market centers based upon the determined market center prices. The processor further determines a disclosure policy for the selected market center and routes the trading order to the selected market center according to the determined disclosure policy.
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Citations
11 Claims
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1. A method comprising:
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receiving, via a processor in a trading exchange platform, a trading order that comprises; (i) a total amount of a trading product; and (ii) a disclosure amount that is to be disclosed to a plurality of market centers capable of executing the trading order, in which the disclosure amount is a portion of the total amount; routing, via the processor, a portion of the trading order to be matched with at least one internal trading order, in which the at least one internal trading order is stored in a database that is internal to the trading exchange platform; computing, via the processor, a remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the total amount minus the portion of the trading order; identifying, via the processor, at least one market center that is capable of matching the remaining quantity of the trading order, in which the at least one market center is external to the trading platform; receiving, from a remote device, an indication of a disclosure policy of the at least one market center, in which the disclosure policy specifies a manner for disclosing the remaining quantity of the trading order to the at least one market center, in which the remote device and the processor are in electronic communication over a network; and transmitting, via the processor, the remaining quantity of the trading order to the at least one market center in accordance to the disclosure policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. An apparatus comprising:
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a processor; and a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to; receive, in a trading exchange platform, a trading order that comprises; (i) a total amount of a trading product; and (ii) a disclosure amount that is to be disclosed to a plurality of market centers capable of executing the trading order, in which the disclosure amount is a portion of the total amount; route a portion of the trading order to be matched with at least one internal trading order, in which the at least one internal trading order is stored in a database that is internal to the trading exchange platform; compute a remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the total amount minus the portion of the trading order; identify at least one market center that is capable of matching the remaining quantity of the trading order, in which the at least one market center is external to the trading platform; receive an indication of a disclosure policy of the at least one market center, in which the disclosure policy specifies a manner for disclosing the remaining quantity of the trading order to the at least one market center; and transmit the remaining quantity of the trading order to the at least one market center in accordance to the disclosure policy.
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11. An article of manufacture comprising:
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a computer-readable medium, in which the computer-readable medium is non-transitory and stores instructions which, when executed by a processor, direct the processor to; receive, in a trading exchange platform, a trading order that comprises; (i) a total amount of a trading product; and (ii) a disclosure amount that is to be disclosed to a plurality of market centers capable of executing the trading order, in which the disclosure amount is a portion of the total amount; route a portion of the trading order to be matched with at least one internal trading order, in which the at least one internal trading order is stored in a database that is internal to the trading exchange platform; compute a remaining quantity of the trading order, in which the remaining quantity of the trading order comprises the total amount minus the portion of the trading order; identify at least one market center that is capable of matching the remaining quantity of the trading order, in which the at least one market center is external to the trading platform; receive an indication of a disclosure policy of the at least one market center, in which the disclosure policy specifies a manner for disclosing the remaining quantity of the trading order to the at least one market center; and transmit the remaining quantity of the trading order to the at least one market center in accordance to the disclosure policy.
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Specification