Trade execution methods and systems
First Claim
1. A computer implemented trade execution method, comprising:
- sending from an execution venue to each of a plurality of smart order routers a notification message;
receiving at each of the smart order routers the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue;
sending from at least one of the smart order routers to the execution venue at least one order to execute against the non-displayed priced order;
receiving at the execution venue each order sent from each of the smart order routers; and
executing at least one order received from at least one of the smart order routers against the non-displayed priced order.
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Accused Products
Abstract
One embodiment of the present invention relates to securities trading using electronic systems. Another embodiment of the present invention relates to a computer implemented trade execution method, comprising: sending from an execution venue to each of a plurality of smart order routers a notification message; receiving at each of the smart order routers the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue; sending from at least one of the smart order routers to the execution venue at least one order to execute against the non-displayed priced order; receiving at the execution venue each order sent from each of the smart order routers; and executing at least one order received from at least one of the smart order routers against the non-displayed priced order.
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Citations
20 Claims
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1. A computer implemented trade execution method, comprising:
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sending from an execution venue to each of a plurality of smart order routers a notification message; receiving at each of the smart order routers the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue; sending from at least one of the smart order routers to the execution venue at least one order to execute against the non-displayed priced order; receiving at the execution venue each order sent from each of the smart order routers; and executing at least one order received from at least one of the smart order routers against the non-displayed priced order. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 20)
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10. A trade execution system, comprising:
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an execution venue; and a plurality of smart order routers; wherein the execution venue sends to each of the plurality of smart order routers a notification message; wherein each of the smart order routers receives the notification message sent thereto, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue; wherein at least one of the smart order routers sends to the execution venue at least one order to execute against the non-displayed priced order; wherein the execution venue receives each order sent from each of the smart order routers; and wherein the execution venue executes at least one order received from at least one of the smart order routers against the non-displayed priced order. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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18. A computer program comprising computer program code adapted to perform, when said program is run on a computer, the steps of:
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sending from an execution venue to each of a plurality of smart order routers a notification message, wherein the notification message notifies each of the smart order routers about the presence of a non-displayed priced order at the execution venue; receiving at the execution venue an order sent from each of the smart order routers, wherein each order is an order to execute against the non-displayed priced order; and executing at least one order received from at least one of the smart order routers against the non-displayed priced order. - View Dependent Claims (19)
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Specification