Routing control for orders eligible for multiple markets
First Claim
Patent Images
1. A method of facilitating trading, comprising:
- at a computer, storing a plurality of sets of conditional rules in a memory,wherein each set of conditional rules defines a discovery strategy and an action strategy, the discovery strategy specifying parameters for computer-implemented logic that determines whether to obtain a price quotation for at least one of a plurality of markets and indicates at least one procedure for obtaining the price quotation, and the action strategy specifying order processing parameters,wherein each set of conditional rules is implemented in a computer-executable order-handling program, andwherein execution of the order-handling program includes automatically routing an order to at least one of a plurality of markets in accordance with the selected set of conditional rules;
at a computer, receiving a trader selection of a set of conditional rules from the plurality of sets of conditional rules;
at a computer, receiving an order for processing in accordance with the selected set of conditional rules;
at a computer, receiving information that is applied to the selected set of conditional rules to determine at least one of the plurality of markets to which to route the order; and
at a computer, executing the order-handling program configured with the selected set of conditional rules to route the order to the at least one of the plurality of markets in accordance with the set of conditional rules.
4 Assignments
0 Petitions
Accused Products
Abstract
Trading processes are operative to route orders from order rooms to market processes, which process the orders according to respective market methodologies. The order routing strategy can be embodied in a decision table having rules with conditions and actions to be taken when the conditions are true. Accordingly, order rooms can readily configure and reconfigure trading processes.
-
Citations
28 Claims
-
1. A method of facilitating trading, comprising:
-
at a computer, storing a plurality of sets of conditional rules in a memory, wherein each set of conditional rules defines a discovery strategy and an action strategy, the discovery strategy specifying parameters for computer-implemented logic that determines whether to obtain a price quotation for at least one of a plurality of markets and indicates at least one procedure for obtaining the price quotation, and the action strategy specifying order processing parameters, wherein each set of conditional rules is implemented in a computer-executable order-handling program, and wherein execution of the order-handling program includes automatically routing an order to at least one of a plurality of markets in accordance with the selected set of conditional rules; at a computer, receiving a trader selection of a set of conditional rules from the plurality of sets of conditional rules; at a computer, receiving an order for processing in accordance with the selected set of conditional rules; at a computer, receiving information that is applied to the selected set of conditional rules to determine at least one of the plurality of markets to which to route the order; and at a computer, executing the order-handling program configured with the selected set of conditional rules to route the order to the at least one of the plurality of markets in accordance with the set of conditional rules. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. A system for facilitating trading, comprising:
-
a computer in communication with a memory, wherein the memory has stored therein a plurality of sets of conditional rules, each set of conditional rules defining a discovery strategy and an action strategy, the discovery strategy specifying parameters for computer-implemented logic that determines whether to obtain a price quotation for at least one of a plurality of markets and indicates at least one procedure for obtaining the price quotation, and the action strategy specifying order processing parameters, and wherein each set of conditional rules is implemented in a computer-executable order-handling program, said order-handling program being configured to automatically route an order to at least one of a plurality of markets in accordance with the conditional rules implemented in the order-handling program, wherein the computer has a selection component configured to receive a selection of a set of conditional rules from the plurality of sets of conditional rules, and wherein the computer further has an order component and an execution component, the order component being operable to receive an order for processing in accordance with the selected set of conditional rules, and the execution component being operable to receive information that is applied to the selected set of conditional rules to determine at least one of the plurality of markets to which to route the order and to execute the order-handling program to route the order to the at least one of the plurality of markets in accordance with the set of conditional rules. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
-
-
19. A non-transitory computer-accessible medium having executable instructions stored thereon for facilitating trading, wherein the instructions, in response to being executed, cause a computer to:
-
store a plurality of sets of conditional rules, wherein each set of conditional rules defines a discovery strategy and an action strategy, the discovery strategy specifying parameters for computer-implemented logic that determines whether to obtain a price quotation for at least one of a plurality of markets and indicates at least one procedure for obtaining the price quotation, and the action strategy specifying order processing parameters, wherein the selected set of conditional rules is implemented in a computer-executable order-handling program, and wherein the order-handling program is configured to automatically route an order to at least one of a plurality of markets in accordance with the conditional rules implemented in the order-handling program; receive a trader selection of a set of conditional rules from the plurality of sets of conditional rules; receive an order for processing in accordance with the selected set of conditional rules; receive information that is applied to the selected set of conditional rules to determine at least one of the plurality of markets to which to route the order; and execute the order-handling program configured with the selected set of conditional rules and routing the order to the at least one of the plurality of markets in accordance with the set of conditional rules. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27)
-
-
28. A system for facilitating trading, comprising:
-
computer means for storing a plurality of sets of conditional rules in a memory, wherein each set of conditional rules defines a discovery strategy and an action strategy, the discovery strategy specifying parameters for computer-implemented logic that determines whether to obtain a price quotation for at least one of a plurality of markets and indicates at least one procedure for obtaining the price quotation, and the action strategy specifying order processing parameters, wherein each set of conditional rules is implemented in a computer-executable order-handling program, and wherein execution of the order-handling program includes automatically routing an order to at least one of a plurality of markets in accordance with the selected set of conditional rules; computer means for receiving a trader selection of a set of conditional rules from the plurality of sets of conditional rules; computer means for receiving an order for processing in accordance with the selected set of conditional rules; computer means for receiving information that is applied to the selected set of conditions rules to determine at least one of the plurality of markets to which to route the order; and computer means for executing the order-handling program configured with the selected set of conditional rules to route the order to the at least one of the plurality of markets in accordance with the set of conditional rules.
-
Specification