US 2006/0136318 A1 · Automated system for routing orders for financial instruments

Abstract

A method for routing orders for financial instruments among users is provided. A first order for one of a plurality of financial instruments is received from a first user, wherein the first order, which includes undisclosed liquidity, includes a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity. An intention to trade message is sent to each of a plurality of users and the intention to trade message includes information indicative of the first side, first symbol, first price per unit component, and first unit quantity. Information is received regarding one or more orders containing undisclosed liquidity which have been sent to a trade execution entity by one or more of the plurality of users. Based on said information, a responsive order is sent to the trade execution entity to hit or take the undisclosed liquidity.

Claims60

Dependent claims

A method for routing orders for financial instruments among users, comprising

(a) transmitting an intention to trade message from a first of a plurality of users to at least two other ones of the plurality of users, the intention to trade message corresponding to a first order on the first user for one of a plurality of financial instruments, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity;
(b) receiving, at one of the at least two other users, a second order for the one of a plurality of financial instruments from the one of the at least two other users, wherein the second order includes a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity,
(c) if the second order is a reciprocal order of the first order, sending the second order, or a portion thereof, to a trade execution entity as an initiating order, and sending information indicative of the initiating order to the first user wherein at least a portion of the second unit quantity of the initiating order is an undisclosed quantity, the initiating order having a third price per unit component;
and
(d) at the first user, based upon said information indicative of the initiating order sent to the first user, sending a responsive order to the trade execution entity, the responsive order having the first side component, the first symbol component, a unit quantity, and the third price per unit component.

2 more elements

A method for routing orders for financial instruments among permissioned users, comprising

(a) receiving an intention to trade message from a first one of one or more permissioned users of a first user, the intention to trade message corresponding to a second order on the first permissioned user for one of a plurality of financial instruments, the second order including a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity, the intention to trade message including information indicative of the second side, second symbol, second price per unit component, and second unit quantity;
(b) receiving a first order for the one of a plurality of financial instruments from the first user, wherein the first order includes undisclosed liquidity, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity;
(c) if the second order is a reciprocal order of the first order, sending the first order, or a portion thereof, to a trade execution entity as an initiating order, and sending information indicative of the initiating order to the first permissioned user, wherein at least a portion of the second unit quantity of the initiating order is an undisclosed quantity, the initiating order having a third price per unit component;
(d) if the second order is not a reciprocal order of the first order, sending an intention to trade message to each permissioned user, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity.

1 more element

A method for routing orders for financial instruments among users, comprising

(a) transmitting an intention to trade message from a first of a plurality of users to each other ones of the plurality of users, the intention to trade message corresponding to a first order on the first user for one of a plurality of financial instruments, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity;
(b) receiving, at each of said other users, a second order for the one of a plurality of financial instruments from the first user, wherein the second order includes a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity,
(c) at each of said other users, if the second order is a reciprocal order of the first order, sending the second order, or a portion thereof, to a trade execution entity as an initiating order, wherein at least a portion of the second unit quantity of the initiating order is an undisclosed quantity, the initiating order having a third price per unit component;
(d) sending information indicative of the initiating order to the first user;
(e) at the first user, based upon said information indicative of each initiating order sent to the first user, sending a responsive order to the trade execution entity, the responsive order having the first side component, the first symbol component, a unit quantity, and the third price per unit component.

2 more elements

A method for routing orders for financial instruments among users, comprising:

(a) providing a plurality of users, wherein each user designates one or more other users as its permissioned users;
(b) each user selectively generating an intention to trade message, the intention to trade message corresponding to a first order of the user for one of a plurality of financial instruments and sending the intention to trade message to said each user's Permissioned users, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity;
(c) each user receiving intention to trade messages from its permissioned users;
and, selectively sending an initiating order to a trade execution entity, the initiating order corresponding to a reciprocal order for the one of the plurality of financial instruments, the initiating order including a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity, the second unit quantity including an undisclosed liquidity quantity;
(d) sending information indicative of the initiating order to each of the plurality of users
(e) each user, upon receiving the information from step (d), selectively sending a responsive order to the trade execution entity to hit or take at least a portion of the undisclosed liquidity quantity.

3 more elements

Computer readable media, having stored thereon, computer executable process steps for routing orders for financial instruments among users, comprising

(a) transmitting an intention to trade message from a first of a plurality of users to each other ones of the plurality of users, the intention to trade message corresponding to a first order on the first user for one of a plurality of financial instruments, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity;
(b) receiving, at each of said other users, a second order for the one of a plurality of financial instruments from the first user, wherein the second order includes a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity,
(c) at each of said other users, if the second order is a reciprocal order of the first order, sending the second order, or a portion thereof, to a trade execution entity as an initiating order, wherein at least a portion of the second unit quantity of the initiating order is an undisclosed quantity, the initiating order having a third price per unit component;
(d) sending information indicative of the initiating order to the first user;
(e) at the first user, based upon said information indicative of each initiating order sent to the first user, sending a responsive order to the trade execution entity, the responsive order having the first side component, the first symbol component, a unit quantity, and the third price per unit component.

2 more elements

A system for routing orders for financial instruments among users, comprising, on one or more computers

(a) transmitting an intention to trade message from a first of a plurality of users to each other ones of the plurality of users, the intention to trade message corresponding to a first order on the first user for one of a plurality of financial instruments, the first order including a first symbol component identifying the one of the plurality of financial instruments, a first side component identifying the order as one of a buy order or a sell order, a first price per unit component, and a first unit quantity, the intention to trade message including information indicative of the first side, first symbol, first price per unit component, and first unit quantity;
(b) receiving, at each of said other users, a second order for the one of a plurality of financial instruments from the first user, wherein the second order includes a second symbol component identifying the one of the plurality of financial instruments, a second side component identifying the order as one of a buy order or a sell order, a second price per unit component, and a second unit quantity,
(c) at each of said other users, if the second order is a reciprocal order of the first order, sending the second order, or a portion thereof, to a trade execution entity as an initiating order, wherein at least a portion of the second unit quantity of the initiating order is an undisclosed quantity, the initiating order having a third price per unit component;
(d) sending information indicative of the initiating order to the first user;
(e) at the first user, based upon said information indicative of each initiating order sent to the first user, sending a responsive order to the trade execution entity, the responsive order having the first side component, the first symbol component, a unit quantity, and the third price per unit component.

2 more elements

Dependencies are inferred from the claim text.

Automated system for routing orders for financial instruments

Life of this patent

Automated system for routing orders for financial instruments

Life of this patent

Abstract

Claims60