Automated synchronization of orders represented in multiple markets

• US 7,835,975 B1
• Filed: 08/31/2006
• Issued: 11/16/2010
• Est. Priority Date: 04/10/2000
• Status: Expired due to Term

• Current Assignee: Xylon LLC (Intellectual Ventures LLC)
• Original Assignee: Stikine Technology LLC (Intellectual Ventures LLC)
• Inventors: Keith, Christopher
• Primary Examiner(s): Subramanian; Narayanswamy
• Application Number:
  US11/515,230
• Time in Patent Office: 1,538 Days
• Field of Search: 705 35- 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

An market process internal to a platform is configured to operate with a market external to the platform. Generally, the market process first attempts to reflect an order related action at the external market, and if successful, internally commits the order related action. In some situations, such as when trading becomes fast or when the external market expects to have control over all orders posted thereat, the market acts as a router for orders received from trading processing on the platform. When the external market elects to return to the try-commit operational protocol, the order file of the market process is resynchronized with the order file of the external market.

Claims

1. A computer-implemented method of operating a first market that is configured to interact with other markets, the method comprising:

under control of instructions executed by one or more processors in a computer system;

receiving, at the first market, an order that is available for execution, wherein the order is simultaneously available for execution at a second market;

receiving, at the first market, an order-related instruction that relates to the order that is simultaneously available for execution at both the first and second markets,

wherein the order-related instruction is automatically received by the first market as a result of an action being taken by the second market with respect to the order at the second market, and

wherein the order-related instruction specifies an action to be taken by the first market with respect to the order at the first market and a number of items in the order to be acted upon by the specified action;

determining a first number of items in the order that are available at the first market to be acted upon by the specified action, and setting a first value equal to the lesser of the determined first number of items and the number of items specified in the order-related instruction;

determining a second number of items in the order that are currently marked as being in process at the first market and thereby are not available to be acted upon by the specified action, and setting a second value equal to the determined second number of items;

marking a number of items in the order at the first market as being on hold for taking the specified action, wherein the number of items that are marked as being on hold equals the first value;

notifying the second market of the first and second values;

receiving, at the first market, an action acknowledgement indicating that the action being taken by the second market has been taken by the second market and identifying the number of items in the order at the second market that were acted upon by the action taken by the second market;

taking the specified action at the first market on items that were marked as being on hold, wherein the number of items acted upon by the specified action at the first market equals the number of items that were acted upon by the action taken by the second market; and

if the number of items acted upon by the specified action at the first market is less than the number of items that were marked as being on hold, removing the on hold marking from the items at the first market that were not acted upon by the specified action.

2. The method of claim 1, wherein the method further includes determining whether the second market is in a fast symbol mode of operation in which the second market controls the availability of items at the first market to be acted upon by taking the specified action, and if so, then immediately taking the specified action at the first market upon receipt of the order-related instruction.

3. The method of claim 1, further comprising, after taking the specified action at the first market, setting the first value equal to the number of items that were acted upon by the specified action taken at the first market.

4. The method of claim 1, further comprising, after taking the specified action at the first market, setting the second value equal to zero if no items were acted upon by the specified action taken at the first market.

5. A computer system for operating a first market that is configured to interact with other markets, the system comprising:

a communication component comprising one or more computing devices programmed to;

receive an order that is available for execution, wherein the order is simultaneously available for execution at a second market; and

receive an order-related instruction that relates to an order that is simultaneously available for execution at both the first and second markets, wherein the order-related instruction is automatically received by the communication component as a result of an action being taken by the second market with respect to the order at the second market, and wherein the order-related instruction specifies an action to be taken by the first market with respect to the order at the first market and a number of items in the order to be acted upon by the specified action; and

a processing component in communication with the communication component and comprising one or more computing devices programmed to;

determine a first number of items in the order that are available at the first market to be acted upon by the specified action and set a first value equal to the lesser of the determined first number of items and the number of items specified in the order-related instruction;

determine a second number of items in the order that are currently marked as being in process at the first market and thereby are not available to be acted upon by the specified action, and set a second value equal to the determined second number of items; and

mark a number of items in the order at the first market as being on hold for taking the specified action, wherein the number of items that are marked as being on hold equals the first value;

wherein the communication component is further programmed to notify the second market of the first and second values, and receive an action acknowledgement from the second market indicating that the action being taken by the second market has been taken by the second market and identifying the number of items in the order at the second market that were acted upon by the action taken at the second market; and

wherein the processing component is further programmed to take the specified action at the first market on items that were marked as being on hold, wherein the number of items acted upon by the specified action at the first market equals the number of items that were acted upon by the action taken by the second market, and if the number of items acted upon by the specified action at the first market is less than the number of items that were marked as being on hold, then remove the on hold marking from the items at the first market that were not acted upon by the specified action.

6. The computer system of claim 5, wherein the processing component is further programmed to determine whether the second market is in a fast symbol mode of operation in which the second market controls the availability of items at the first market to be acted upon by the specified action, and if so, then immediately take the specified action at the first market upon receipt of the order-related instruction.

7. The computer system of claim 5, wherein the specified action is a cancel operation and wherein the processing component is programmed to cancel only items in the order at the first market that are not marked as being in process.

8. The computer system of claim 5, wherein, after taking the specified action at the first market, the processing component is further programmed to set the first value equal to the number of items acted upon by the specified action taken at the first market.

9. The computer system of claim 5, wherein, after taking the specified action at the first market, the processing component is further programmed to set the second value equal to zero if no items were acted upon by the specified action taken at the first market.

10. A tangible computer-accessible storage medium on which computer-executable instructions are stored for operating a first market that is configured to interact with other markets, wherein the instructions, in response to being executed by a computer, cause the computer to:

receive an order that is available for execution, wherein the order is simultaneously available for execution at a second market;

receive an order-related instruction that relates to the order that is simultaneously available for execution at both the first and second markets, wherein the order-related instruction is automatically received by the first market as a result of an action being taken by the second market with respect to the order at the second market, and wherein the order-related instruction specifies an action to be taken by the first market with respect to the order at the first market and a number of items in the order to be acted upon by the specified action;

determine a first number of items in the order that are available at the first market to be acted upon by the specified action and set a first value equal to the lesser of the determined first number of items and the number of items specified in the order-related instruction;

determine a second number of items in the order that are currently marked as being in process at the first market and thereby are not available to be acted upon by the specified action, and set a second value equal to the determined second number of items; and

mark a number of items in the order at the first market as being on hold for taking the specified action, wherein the number of items that are marked as being on hold equals the first value;

notify the second market of the first and second values;

receive an action acknowledgement indicating that the action being taken by the second market has been taken by the second market and identifying the number of items in the order at the second market that were acted upon by the action taken by the second market;

take the specified action at the first market on items that were marked as being on hold, wherein the number of items acted upon by the specified action at the first market equals the number of items that were acted upon by the action taken by the second market; and

if the number of items acted upon by the specified action at the first market is less than the number of items that were marked as being on hold, remove the on hold marking from the items at the first market that were not acted upon by the specified action.

11. The computer-accessible storage medium of claim 10, wherein the instructions, in response to being executed, further cause the computer to determine whether the second market is in a fast symbol mode of operation in which the second market controls the availability of items at the first market to be acted upon by the specified action, and if so, then immediately take the specified action at the first market upon receipt of the order-related instruction.

12. The computer-accessible storage medium of claim 10, wherein the specified action is a cancel operation and wherein the instructions, in response to being executed, cause the computer to cancel only items in the order at the first market that are not marked as being in process.

13. The computer-accessible storage medium of claim 10, wherein, after taking the specified action at the first market, the instructions, in response to being executed, further cause the computer to set the first value equal to the number of items acted upon the specified action taken at the first market.

14. The computer-accessible storage medium of claim 10, wherein, after taking the specified action at the first market, the instructions, in response to being executed, further cause the computer to set the second value equal to zero if no items were acted upon by the specified action taken at the first market.

15. A computer system for operating a first market that is configured to interact with other markets, the system comprising:

means for receiving, at the first market, an order that is available for execution, wherein the order is simultaneously available for execution at a second market;

means for receiving, at the first market, an order-related instruction that relates to the order that is simultaneously available for execution at both the first and second markets, wherein the order-related instruction is automatically received at the first market as a result of an action being taken by the second market with respect to the order at the second market

means for determining, from the order-related instruction, an action to be taken by the first market with respect to the order at the first market and a number of items in the order to be acted upon by the specified action;

means for determining a first number of items in the order that are available at the first market to be acted upon by the specified action and setting a first value equal to the lesser of the determined first number of items and the number of items specified in the order-related instruction;

means for determining a second number of items in the order that are currently marked as being in process at the first market and thereby are not available to be acted upon by the specified action, and setting a second value equal to the determined second number of items;

means for marking a number of items in the order at the first market as being on hold for taking the specified action, wherein the number of items that are marked as being on hold equals the first value;

means for notifying the second market of the first and second values;

means for receiving, at the first market, an action acknowledgement indicating that the action being taken by the second market has been taken by the second market and identifying the number of items in the order at the second market that were acted upon by the action taken by the second market;

means for taking the specified action at the first market on items that were marked as being on hold, wherein the number of items acted upon by the specified action at the first market equals the number of items that were acted upon by the action taken at the second market; and

means for removing the on hold marking from the items at the first market that were not acted upon by the specified action if the number of items acted upon by the specified action at the first market is less than the number of items that were marked as being on hold.

16. The computer system of claim 15, further comprising means for determining whether the second market is in a fast symbol mode of operation in which the second market controls the availability of items at the first market to be acted upon by the specified action, and if so, then immediately taking the specified action at the first market upon receipt of the order-related instruction.

17. The computer system of claim 15, wherein the specified action is a cancel operation and wherein the means for taking the specified action is configured to cancel only items in the order at the first market that are not marked as being in process.

18. The computer system of claim 15, wherein, after taking the specified action at the first market, the means for taking the specified action is further configured to set the first value equal to the number of items acted upon by the specified action that was taken at the first market.

19. The computer system of claim 15, wherein, after taking the specified action at the first market, the means for taking the specified action is further configured to set the second value equal to zero if no items were acted upon by the specified action that was taken at the first market.