# US 2012/0084190 A1 · Systems and Methods for Using a Stacker Order in an Electronic Trading Environment

> Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt

- Number: US 2012/0084190 A1
- Document ID: US20120084190A1
- Status: Published application
- Kind: A1
- Application number: 12/895,391
- Filed: 2010-09-30
- Published: 2012-04-05
- Earliest claimed: 2010-09-30
- Assignees: Trading Technologies International, Inc.
- Inventors: Patricia A. Messina; Bharat Mittal
- Web page: https://patentgrep.com/patent/US20120084190A1

## CPC

- G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
- G06Q 99/00: Subject matter not provided for in other groups of this subclass
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## Abstract

A stacker order type is provided for a spread trading strategy. According to an example embodiment, when a stacker order is enter to buy or sell a spread at a desired spread price, a trading tool dynamically determines a plurality of desired spread prices at which to work the spread. To work the multiple desired spread prices, the trading tool may then enter a quoting order for each desired spread price. As leaned on market prices change, one or more of the quoting orders may be re-assigned between the desired spread prices to minimize re-quoting.

## Claims

### Claim 1

A method for executing a spread trading strategy, comprising:
identifying a plurality of desired spread prices to buy or sell a spread trading strategy;
submitting a quoting order to buy or sell the first tradeable object for each desired spread price, wherein the quoting order is submitted at a price determined based on one of the plurality of desired spread prices;
assigning the plurality of quoting order to the plurality of desired spread prices;
determining that at least a first quoting order corresponding to a first desired spread price of the plurality of desired spread prices is to be re-priced to a first new price based on a change in market conditions of the second tradeable object;
determining that a second quoting order corresponding to a second desired spread price of the plurality of desired spread price is pending at the first new price; and
assigning the second quoting order to the first desired spread price.

### Claim 2 (depends on 1)

The method of claim 1, further comprising:
receiving a desired spread price for the spread trading strategy; and, responsively,
identifying the plurality of desired spread prices based on the desired spread price.

### Claim 3 (depends on 1)

The method of claim 1, further comprising:
determining a number of price levels to be used for the spread trading strategy; and
determining a number of the plurality of desired spread prices based on the number of order levels.

### Claim 4 (depends on 3)

The method of claim 3, wherein the number is user defined.

### Claim 5 (depends on 3)

The method of claim 3, wherein the number is based on a formula.

### Claim 6 (depends on 1)

The method of claim 1, further comprising:
determining that the second quoting order corresponding to the second desired spread price is to be re-priced to a second new price based on the change in the market conditions of the second tradeable object; and
determining that a third quoting order is not at the second new price; and
submitting a new quoting order at the second new price for the second desired spread price.

### Claim 7 (depends on 6)

The method of claim 6, further comprising:
assigning the new quoting order to the second desired spread price.

### Claim 8 (depends on 1)

The method of claim 1, further comprising:
defining an offset value to be used in relation to the plurality of desired spread prices of the spread trading strategy; and
using the offset value to determine the plurality of desired spread prices.

### Claim 9 (depends on 1)

The method of claim 1, wherein the plurality of desired spread prices are consecutive prices corresponding to the spread trading strategy.

### Claim 10 (depends on 1)

The method of claim 1, wherein at least one of the plurality of desired spread prices is not a consecutive price corresponding to the spread trading strategy.

### Claim 11 (depends on 1)

The method of claim 1, further comprising:
identifying a plurality of quantities to execute the spread trading strategy at the plurality of desired spread prices, wherein each of the plurality of quantities comprises the same quantity.

### Claim 12 (depends on 1)

The method of claim 1, further comprising:
identifying a plurality of quantities to execute the spread trading strategy at the plurality of desired spread prices, wherein at least one of the plurality of quantities is not the same as another quantity of the plurality of quantities.

### Claim 13

A computer readable medium having stored therein instructions executable by a processor, wherein the instructions are executable to:
identify a plurality of desired spread prices to buy or sell a spread trading strategy;
submitting a quoting order to buy or sell the first tradeable object for each desired spread price, wherein the quoting order is submitted at a price determined based on one of the plurality of desired spread prices;
assign the plurality of quoting order to the plurality of desired spread prices;
determine that at least a first quoting order corresponding to a first desired spread price of the plurality of desired spread prices is to be re-priced to a first new price based on a change in market conditions of the second tradeable object;
determine that a second quoting order corresponding to a second desired spread price of the plurality of desired spread price is pending at the first new price; and
assign the second quoting order to the first desired spread price.

### Claim 14 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to:
receive a desired spread price for the spread trading strategy; and, responsively,
identify the plurality of desired spread prices based on the desired spread price.

### Claim 15 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to
determine a number of price levels to be used for the spread trading strategy; and
determine a number of the plurality of desired spread prices based on the number of order levels.

### Claim 16 (depends on 15)

The computer readable medium of claim 15, wherein the number is user defined.

### Claim 17 (depends on 15)

The computer readable medium of claim 15, wherein the number is based on a formula.

### Claim 18 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to:
determine that the second quoting order corresponding to the second desired spread price is to be re-priced to a second new price based on the change in the market conditions of the second tradeable object; and
determine that a third quoting order is not at the second new price; and
submit a new quoting order at the second new price for the second desired spread price.

### Claim 19 (depends on 18)

The computer readable medium of claim 18, wherein the instructions are further executable to:
assign the new quoting order to the second desired spread price.

### Claim 20 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to:
define an offset value to be used in relation to the plurality of desired spread prices of the plurality of spread orders; and
use the offset value to determine the plurality of desired spread prices.

### Claim 21 (depends on 13)

The computer readable medium of claim 13, wherein the plurality of desired spread prices are consecutive prices corresponding to the spread trading strategy.

### Claim 22 (depends on 13)

The computer readable medium of claim 13, wherein at least one of the plurality of desired spread prices is not a consecutive price corresponding to the spread trading strategy.

### Claim 23 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to:
identify a plurality of quantities to execute the spread trading strategy at the plurality of desired spread prices, wherein each of the plurality of quantities comprises the same quantity.

### Claim 24 (depends on 13)

The computer readable medium of claim 13, wherein the instructions are further executable to:
identify a plurality of quantities to execute the spread trading strategy at the plurality of desired spread prices, wherein at least one of the plurality of quantities is not the same as another quantity of the plurality of quantities.