Order matching system

• US 8,108,294 B2
• Filed: 03/08/2010
• Issued: 01/31/2012
• Est. Priority Date: 01/27/2000
• Status: Expired due to Fees

• Current Assignee: Fintegraph, LLC (Ascend Innovation Management, LLC)
• Original Assignee: Intellectual Ventures Fund 67 LLC (Intellectual Ventures LLC)
• Inventors: Marks De Chabris, Gloriana, Marks De Chabris, Andrew
• Primary Examiner(s): Subramanian, Narayanswamy
• Assistant Examiner(s): Robinson, Kito R
• Application Number:
  US12/719,537
• Publication Number:
  US 20100169238A1
• Time in Patent Office: 694 Days
• Field of Search: 705/37, 705/36, 705/35, 705/36.R, 705/36.T
• 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
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

Scheduling execution of orders is provided. An order system can enable users to define and modify buy/sell order schedules. The order system can use the order schedules and associated evaluation heuristics to evaluate and update order characteristics such as price and quantity based on user-specified criteria. An order manager, utilizing a schedule supervisor server, can maintain a database containing order schedules and order status information, and execute variable evaluations based on the order schedules and associated evaluation heuristics. A transaction supervisor server can monitor the status of order fills and to update the database periodically.

Claims

1. A method, comprising:

receiving, via a communications network, a definition of an order, defined by an evaluation heuristic, that identifies changes of respective characteristics of transaction instances of the order at respective execution times of the transaction instances;

transmitting, via the communications network, a message defining a transaction instance of the transaction instances to a transaction destination of the transaction instance;

receiving, via the communications network, a completion message identifying a status of the transaction instance from the transaction destination.

2. The method according to claim 1, wherein the receiving the completion message comprises updating the definition of the order according to the status yielding an updated definition, and wherein the transmitting the message comprises generating an updated message defining an updated transaction instance based on the updated definition.

3. The method according to claim 2, further comprising identifying an incomplete order, and wherein the defining the updated transaction instance includes cancelling the transaction instance or revising the transaction instance.

4. The method according to claim 3, wherein the revising the transaction instance comprises revising the transaction destination.

5. The method according to claim 3, wherein the transmitting the message includes transmitting message data identifying a price and a quantity, and wherein the defining the updated transaction instance comprises revising at least one of the price or the quantity.

6. The method according to claim 4, wherein the transmitting the message to the transaction destination comprises transmitting the message to a liquidity destination.

7. The method according to claim 5, wherein the transmitting the message to the transaction destination comprises transmitting the message to a liquidity destination.

8. The method of claim 1, wherein receiving the definition of the order further includes receiving the definition based on a table of prices associated with the execution times.

9. The method of claim 1, wherein receiving the definition of the order further includes receiving the definition based on changes of a price of respective transaction instances or changes of a quantity of the respective transaction instances.

10. A system, comprising:

at least one processor;

at least one memory communicatively coupled to the at least one processor, the at least memory having stored therein instructions, comprising;

a data storage component configured to store a definition of an order schedule, defined by an evaluation heuristic, identifying changes of respective characteristics of orders of the order schedule at respective execution times of the orders;

a schedule manager component configured to communicate, based on the evaluation heuristic, a message defining an order of the orders to a destination; and

an order manager component configured to receive a completion message identifying a status of the order from the destination.

11. The system according to claim 10, wherein the order manager component is further configured to update the definition of the order schedule based on the status, and wherein the schedule manager component is further configured to generate an updated order message defining an updated order based on the updated definition.

12. The system according to claim 11, wherein the status identifies an incomplete order, and the updated order comprises at least one of a canceled order or a revised order.

13. The system according to claim 12, wherein the revised order comprises a revised transaction destination.

14. The system according to claim 12, wherein the message identifies a price and a quantity, and the revised order comprises at least one of a revised price or a revised quantity.

15. The system according to claim 13, wherein the message identifies a price and a quantity, and the revised order comprises at least one of a revised price or a revised quantity.

16. The system of claim 10, wherein a characteristic of the characteristics is a price or a quantity.

17. A system, comprising:

means for storing a definition of an order schedule identifying, based on an evaluation heuristic, changes of respective characteristics of transactions of the order schedule at respective execution times of the transactions;

means for transmitting, based on the evaluation heuristic, an order message defining a transaction of the transactions to a transaction destination; and

means for receiving, from the transaction destination, a completion message identifying a completion status of the transaction.

18. The system according to claim 17, wherein the means for receiving the completion message further comprises means for updating the definition of the order schedule to obtain an updated order schedule based on the completion status;

and wherein the means for transmitting the order message further comprises means for generating an updated order message defining an updated transaction according to the updated order schedule.

19. The system according to claim 18, wherein the completion status identifies an incomplete transaction, and the updated order schedule comprises a canceled transaction or a revised transaction.

20. The system according to claim 19, wherein the revised transaction comprises a revised transaction destination.

21. The system according to claim 19, wherein the order message identifies a price and a quantity, and the revised transaction comprises a revision to at least one of the price or the quantity.

22. The system according to claim 20, wherein the order message identifies a price and a quantity, and the revised transaction comprises a revision to at least one of the price or the quantity.

23. A computer-readable medium including computer-executable instructions that, in response to execution by a computing device, cause the computing device to perform operations comprising:

receiving a definition associated with an evaluation heuristic specifying changes of respective parameters of transactions at respective execution times of the transactions;

transmitting, based on the evaluation heuristic, an order message defining a transaction of the transactions to a destination; and

receiving, from the destination, a completion message identifying a completion status of the transaction.

24. The non-transitory computer-readable medium according to claim 23, wherein the receiving the completion message comprises updating the definition in accordance with the completion status yielding an updated definition, and wherein the transmitting the order message comprises generating an updated order message defining an updated transaction based on the updated definition.

25. The non-transitory computer-readable medium according to claim 24, wherein the receiving the completion message includes receiving message data identifying a status identifying an incomplete transaction, and wherein the defining the updated transaction comprises cancelling the transaction or revising the transaction.

26. The non-transitory computer-readable medium according to claim 25, wherein the revising the transaction includes revising the transaction destination.

27. The non-transitory computer-readable medium according to claim 25, wherein the defining the transaction includes identifying a price and a quantity, and wherein the revising the transaction includes revising at least one of the price or the quantity.

28. The non-transitory computer-readable medium according to claim 26, wherein the defining the transaction includes identifying a price and a quantity, and wherein the revising the transaction includes revising at least one of the price or the quantity.