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US 2011/0238562 A1Published application
Methods and systems for matching and executing test trading orders
OwnerJames R. Driscoll, Matthew W. Clausinventors
Life of this patent
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Abstract
In various embodiments, real and test trading orders are received, processed, conditionally matched and results are transmitted back to the entities originating the orders.
Claims20
An apparatus comprising:
- at least one processor;
- and
- memory, wherein the memory stores instructions that, when executed by the at least one processor, direct the at least one processor to:
- receive a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price;
- receive a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
- wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order;
- match the first order with at least the second order;
- determine, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order;
- determine whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order;
- determine whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was not previously matched with the first order;
- perform at least one of:
- executing the first order, wherein executing the first order comprises reducing the first quantity of the instrument;
- executing the second order, wherein executing the second order comprises reducing the second quantity of the instrument;
- and
- setting the flag value for the second order to indicate that the second order was matched with the first order.
12 more elements
A method comprising:
- receiving, by at least one processor, a first order for an instrument, and a first indicator, wherein the first indicator indicates that the first order is one of a real order or a test order, wherein the first order is a test order, and wherein the first order specifies a first quantity of the instrument and a first price;
- receiving, by the at least one processor, a second order for the instrument, and a second indicator, wherein the second indicator indicates that the second order is one of a real order or a test order, wherein the second order is a real order, and wherein the second order specifies a second quantity of the instrument and a second price;
- wherein a test order cannot bind an originator of the test order to tender money or the instrument as specified in the test order;
- matching, by the at least one processor, the first order with at least the second order;
- determining, by the at least one processor, based at least in part on the first indicator, whether the first order is a test order or a real order, wherein determining whether the first order is a test order or a real order comprises determining that the first order is a test order;
- determining, by the at least one processor, whether the second order is a test order or a real order, wherein determining whether the second order is a test order or a real order comprises determining that the second order is a real order;
- determining, by the at least one processor, whether the second order was or was not previously matched with the first order, wherein determining whether the second order was or was not previously matched with the first order comprises verifying a flag value for the second order, the flag value indicating the second order was not previously matched with the first order;
- performing, by the at least one processor, at least one of:
- executing the first order, wherein executing the first order comprises reducing the first quantity of the instrument;
- executing the second order, wherein executing the second order comprises reducing the second quantity of the instrument;
- and
- setting the flag value for the second order to indicate that the second order was matched with the first order.
9 more elements
Dependencies are inferred from the claim text.