Systems and methods for routing trading orders
AssigneeBGC Partners, Inc.
InventorsMatthew W. Claus, Joseph C. Noviello
Life of this patent
Estimating the term…
Abstract
Systems and methods are provided for routing trading orders. The system determines that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity. The system determines that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity. The system receives a third trading order. The system preferences the first trading entity over the second trading entity in the routing of trading orders, e.g., by routing the third trading order to the first trading entity.
Claims21
1-40. (canceled)
A non-transitory machine-readable medium having instructions stored thereon which, when executed by at least one processor, direct the at least one processor to perform a method comprising:
- determining that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity;
- determining that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity;
- receiving a third trading order;
- based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing the third trading order to the first trading entity.
An apparatus comprising:
- at least one processor;
- and
- at least one memory having instructions stored thereon which are configured to, when executed by the at least one processor, direct the at least one processor to:
- determine that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity;
- determine that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity;
- receive a third trading order;
- responsive to (1) the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and (2) the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, route at least a portion of the third trading order to the first trading entity.
A method comprising:
- determining, by at least one processor, that a first trading entity disclosed to the trading platform a reserve quantity of a first trading order received from the first entity;
- determining, by the at least one processor, that a second trading entity did not disclose a reserve quantity of a second trading order received from the second trading entity;
- receiving, by the at least one processor, a third trading order;
- based on the act of determining that the first trading entity disclosed to the trading platform the reserve quantity of a first trading order and the act of determining that the second trading entity did not disclose the reserve quantity of the second trading order received from the second trading entity, preferencing, by the at least one processor, the first trading entity over the second trading entity in the routing of trading orders, in which the act of preferencing the first trading entity over the second trading entity comprises routing at least a portion of the third trading order to the first trading entity.
Dependencies are inferred from the claim text.