Automated trading system for routing and matching orders
OwnerEdward T. TILLY, Anthony Montesano +1inventors
InventorsEdward T. TILLY, Anthony Montesano, Eileen C. Smith
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Abstract
An automated system for routing orders in an exchange configured for trading securities or derivatives is disclosed. The system includes an electronic trade engine operative to receive an order from an originating firm, the order including a designation specifying a preference for a particular market maker for a security or derivative at the exchange. Upon determining that the order cannot trade at the exchange, the electronic trade engine, via an order handling system, is operative to route the order to a second exchange with a second designation that is one of: identical to the designation of the received order or modified to a different designation according to predetermined instructions.
Claims9
An automated system for routing orders in an exchange configured for trading securities or derivatives comprising:
- an electronic order handling system configured for communication with at least a second exchange;
- an electronic trade engine at the exchange in communication with the order handling system, the electronic trade engine configured to:
- receive an order from an originating entity, the order including an original designation for a particular market maker for a security or derivative at the exchange;
- determine whether the order is immediately executable at the exchange;
- and
- upon a determination that the order is not immediately executable at the exchange, route the order with a second designation via the order handling system for execution at the second exchange, wherein the second designation is the original designation or a modification of the original designation based on predetermined instructions associated with the originating entity.
A method for routing orders in an exchange configured for trading securities or derivatives comprising:
- receiving an order at an electronic order handling system from an originating entity, the order including an original designation for a particular market maker for a security or derivative at the exchange;
- the electronic order handling system routing the order to an electronic trade engine at the exchange;
- determining, by the electronic trade engine, whether the order is immediately executable at the exchange;
- upon a determination by the electronic trade engine that the order is not immediately executable at the exchange, the electronic trade engine automatically routing the order with a second designation via the electronic order handling system for execution at the second exchange, wherein the second designation is the original designation or a modification of the original designation based on predetermined instructions associated with the originating entity.
Dependencies are inferred from the claim text.