Methods and systems for placing, transmitting, and ranking trading orders
AssigneeBGC Partners, Inc.
InventorsJames R. Driscoll, Matthew W. Claus
Life of this patent
Estimating the term…
Abstract
In various embodiments, real and test trading orders are processed and results are transmitted back to the entities originating the orders.
Claims9
A trading and processing computer system for trading instruments and processing test orders comprising:
- structure for receiving real orders and test orders for an instrument;
- code for matching a test order with a real order;
- code for responding to said matching said test order with said real order by (1) automatically executing said test order so that said trading and processing computer system reduces a value for a quantity of said instrument associated with said test order and (2) not executing said real order so that a value for a quantity of said instrument associated with said real order remains unchanged.
A trading and processing computer system for trading instruments and processing test orders comprising:
- structure for receiving real orders and test orders for an instrument;
- an electronic real order book for storing said real orders for said instrument, wherein read and write access to said electronic real order book is controlled by said trading and processing computer system, and wherein said electronic real order book contains a bid table containing only real bid orders and an offer table containing only real offer orders;
- an electronic test order book containing a bid table for containing bid orders and an offer table for containing offer orders;
- and
- code for copying said orders in said electronic real order book to said electronic test order book;
- code for entering into said electronic test order book a test order.
A computer network system for processing a test order comprising:
- a trader's computer system;
- a trading and processing computer system;
- wherein said trader's computer system is designed to generate a test order for an instrument and to transmit said test order from said trader's computer system to said trading and processing computer system;
- wherein said trading and processing computer system is designed to rank said test order, enter said test order in an order book in said trading and processing computer system for said instrument, generate a response for said test order indicating at least whether said test order executed, and transmit said response for said test order from said trading and processing computer system to said trader's computer system.
A computer system on which is installed a computerized trading program, said computerized trading program designed to place orders with a trading and processing computer system, including test orders and real orders, and capable of being switch from placing test orders to partially or entirely placing real orders.
The computer system of clam 5 wherein said conditions include a market condition.
The computer system of clam 5 wherein said conditions include a measurement of performance of said computerized trading program in generating profit.
Dependencies are inferred from the claim text.