Order matching system

A system for coordinating and timing orders to be executed by a computer in communication with a communication network, the order coordination and timing system comprising:

• data storage for storing an order definition defined with an evaluation heuristic, the evaluation heuristic identifying a plurality of transaction instances, each said transaction instance identifying an order, a transaction destination and a predefined time instant for execution of the order with the transaction destination;
• schedule supervisor software in communication with the data storage for transmitting, at the predefined time instant associated with one of the transaction instances, an order message to the associated transaction destination over the communications network, the order message identifying the one transaction instance;
• the predefined time instant, the order and the transaction destination of the order message being determined in accordance with the evaluation heuristic to coordinate and time the order;
• and
• transaction supervisor software in communication with the data storage for receiving over the communications network a completion message identifying a completion status of the order at the transmitted transaction destination, and for updating the order schedule in the data storage in accordance with the completion status.

A distributed server architecture for implementing a system for coordinating and timing orders over a communication network the distributed server architecture comprising:

• a database server for storing an order definition defined with an evaluation heuristic, the evaluation heuristic identifying a plurality of transaction instances, each said transaction instance identifying an order, a transaction destination and a predefined time instant for execution of the order with the transaction destination;
• a schedule supervisor server in communication with the database server for transmitting, at the predefined time instant associated with one of the transaction instances, an order message to the associated transaction destination over the communications network, the order message identifying the one transaction instance;
• the time instant, the order and the transaction destination of the order message being determined in accordance with the evaluation heuristic to coordinate and time the order;
• and
• a transaction supervisor server in communication with the database server for receiving over the communications network a completion message identifying a completion status of the order at the transmitted transaction destination, and for updating the order schedule in the database server in accordance with the completion status.

A computer-readable medium comprising processing instructions which when loaded into a memory of a computer cause the computer to:

• a) receive a transaction definition defined with an evaluation heuristic, the evaluation heuristic identifying a plurality of transaction instances, each said transaction instance identifying an order, a transaction destination and a time instant for the order with the transaction destination;
• b) at the time instant associated with one of the transaction instances, transmit over a communications network to the associated transaction destination an order message identifying the associated order;
• the time instant, the order and the transaction destination of the order message being determined in accordance with the evaluation heuristic;
• c) receive over the communications network a completion message identifying a completion status of the order at the transmitted transaction destination;
• and
• d) repeat steps b) and c) in accordance with the completion status and the evaluation heuristic.