Order management system and method

A trading system for enabling a trader to trade trading elements in a trading environment, the system comprising:

• means for storing a plurality of predefined order types;
• an interface for enabling a trader to enter an order for at least one trading element based on a predefined order type, wherein entering the order comprises defining values for a plurality of parameters associated with the predefined order type;
• means for analyzing the order to divide the order into at least one monitoring condition and at least one distilled order element;
• monitoring means for obtaining data from an external source to determine whether the monitoring condition is fulfilled;
• means for placing the at least one distilled order element into the trading environment if, the monitoring condition is fulfilled.

A trading system for enabling a trader to trade trading elements in a trading environment, the system comprising:

• means for storing a plurality of predefined order types, wherein each order types comprises at least one monitoring condition and at least one distilled order element;
• an interface for enabling a trader to create a new order type by combining at least one monitoring condition and at least one distilled order element;
• an interface for enabling a trader to enter an order for at least one trading element based on a predefined order type or the new order type;
• means for enabling a plurality of traders to enter orders based on the new order type;
• means for analyzing the order to divide the order into at least one monitoring condition and at least one distilled order element;
• monitoring means for obtaining data from an external source to determine whether the monitoring condition is fulfilled;
• means for placing the at least one distilled order element into the trading environment if the monitoring condition is fulfilled.

A system according to any preceding claim wherein the monitoring condition is based on at least one of:

• market data;
• the status of an order or a distilled order element;
• risk data, in particular the volatility of an asset;
• the time and/or date;
• external data.

A system according to any preceding claim wherein the exchange comprises a trading exchange for at least one of:

• shares;
• commodities;
• options;
• futures;
• currencies.

A method of operating a trading system, the method comprising:

• receiving an order via a trading interface, wherein the order relates to a trading element on an exchange, the order having at least one associated predetermined condition;
• determining the data required to fulfil the one or more predetermined conditions associated with the order;
• obtaining the data required from an external source;
• monitoring the data obtained to determine whether the one or more predetermined conditions associated with the trading order are fulfilled;
• placing one or more distilled orders on the exchange if the one or more predetermined conditions associated with the order are fulfilled;
• displaying the order as a single filled or unfilled order at the trading interface.

A method for enabling a trader to trade trading elements in a trading environment, the method comprising:

• storing a plurality of predefined order types;
• receiving an order entered by the trader for at least one trading element based on a predefined order type, wherein entering the order comprises defining values for a plurality of parameters associated with the predefined order type;
• analyzing the order to divide the order into at least one monitoring condition and at least one distilled order element;
• obtaining data from an external source to determine whether the monitoring condition is fulfilled;
• placing the at least one distilled order element into the trading environment if the monitoring condition is fulfilled.

A method for enabling a trader to trade trading elements in a trading environment, the method comprising:

• storing a plurality of predefined order types, wherein each order types comprises at least one monitoring condition and at least one distilled order element;
• receiving an order from a trader to create a new order type, wherein the order type is created by combining at least one monitoring condition and at least one distilled order element;
• receiving an order from a trader for at least one trading element based on a predefined order type or the new order type;
• enabling a plurality of traders to enter orders based on the new order type;
• analyzing the order to divide the order into at least one monitoring condition and at least one distilled order element;
• obtaining data from an external source to determine whether the monitoring condition is fulfilled;
• placing the at least one distilled order element into the trading environment if the monitoring condition is fulfilled.