# US 2014/0156494 A1 · System and method for linking and managing linked orders 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 2014/0156494 A1 - Document ID: US20140156494A1 - Status: Published application - Kind: A1 - Application number: 14/174,130 - Filed: 2014-02-06 - Published: 2014-06-05 - Earliest claimed: 2003-01-31 - Assignees: Trading Technologies International, Inc. - Applicants: Trading Technologies International, Inc. - Inventors: Ryan N. Andrews; Sagy P. Mintz; Jyoti Chawla; David W. Garrison - Web page: https://patentgrep.com/patent/US20140156494A1 ## CPC - G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange - 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 system and method for linking and managing linked orders are described. According to one method, a trader may first link two or more orders into a linked order, and then one or more parameters associated with one of the orders may be dynamically changed based on user inputs or information being received from an exchange. For example, a trader may link any two orders as an order cancel order, and each linked order may be associated with the same or different tradable objects, order quantities, and may be submitted to one or more exchanges. The order quantities may be then dynamically updated based on updates being received from the one or more exchanges and further based on a quantity ratio between the two orders. Further, the linked order may be submitted upon detecting a fill for another order. ## Claims ### Claim 1 (canceled) ### Claim 2 A method for managing pending orders, the method comprising: submitting a first order for a first tradeable object and a second order for a second tradeable object from a computing device in response to receiving a user command via a user input device associated with the computing device, where the second order comprises at least one parameter determined according to a predetermined relationship between the first tradeable object and the second tradeable object, and where the first order is submitted to a first electronic exchange and the second order is submitted to a second electronic exchange; receiving, via the computing device, an electronic market data transmission from the first electronic exchange for a first updated order parameter for the first order, the electronic market data transmission being received at a first time when both the first order is executable at the first electronic exchange and the second order is executable at the second electronic exchange; and submitting, via the computing device, an update message to the second electronic exchange to update the second order with a second updated order parameter determined according to the predetermined relationship and the first updated order parameter. ### Claim 3 (depends on 2) The method of claim 2 where the at least one parameter of the second order is further determined according to at least one parameter of the first order. ### Claim 4 (depends on 2) The method of claim 2 where the first order comprises a first quantity of a first tradeable object at a first price and the second order comprises a second quantity of a second tradeable object at a second price. ### Claim 5 (depends on 4) The method of claim 4 where the update message comprises any of a cancel command for the second order, a new second order for the second tradeable object, an updated second quantity of the second tradeable object, and combinations thereof. ### Claim 6 (depends on 5) The method of claim 5 where the updated second quantity is determined according to the predetermined relationship. ### Claim 7 (depends on 4) The method of claim 4 further comprising submitting a change message to the second electronic exchange to change the second quantity in response to a change in the first quantity. ### Claim 8 (depends on 7) The method of claim 7 where the second quantity is changed according to the predetermined relationship. ### Claim 9 (depends on 7) The method of claim 7 where the change message comprises a cancel order for the second order and submission of a new second order for a changed second quantity of the second tradeable object. ### Claim 10 (depends on 4) The method of claim 4, further comprising submitting a change message to the second electronic exchange to change the second quantity in response to a change in the first price. ### Claim 11 (depends on 10) The method of claim 10 where the second quantity is changed according to the predetermined relationship. ### Claim 12 (depends on 4) The method of claim 4, further comprising submitting a change message to the second electronic exchange to change the second price in response to a change in the first price. ### Claim 13 (depends on 12) The method of claim 12 where the second quantity is changed according to the predetermined relationship. ### Claim 14 (depends on 4) The method of claim 4 where the first updated order parameter comprises any of an update to the first quantity, the first price and combinations thereof. ### Claim 15 (depends on 2) The method of claim 2 where the first electronic exchange is different from the second electronic exchange. ### Claim 16 (depends on 2) The method of claim 2 where the first electronic exchange comprises the second electronic exchange. ### Claim 17 (depends on 2) The method of claim 2, further comprising submitting a delete message to the second electronic exchange to delete the second order executable by the second electronic exchange in response to any of deletion and cancellation of the first order. ### Claim 18 (depends on 2) The method of claim 2 where the first order is submitted in response to detecting a predetermined condition associated with a third order executable at a third electronic exchange. ### Claim 19 (depends on 18) The method of claim 18 where the predetermined condition comprises a fill update associated with the third order. ### Claim 20 (depends on 19) The method of claim 19 where the first order comprises a first quantity determined based on a filled order quantity identified in the fill update. ### Claim 21 (depends on 2) The method of claim 2 where the predetermined relationship comprises a ratio.