# US 2014/0195408 A1 · System and Method for Order Placement 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 2014/0195408 A1 - Document ID: US20140195408A1 - Status: Published application - Kind: A1 - Application number: 14/203,553 - Filed: 2014-03-10 - Published: 2014-07-10 - Earliest claimed: 2005-09-30 - Assignees: Trading Technologies International, Inc. - Applicants: Trading Technologies International, Inc. - Inventors: Michael J. Burns; Eric M. Herz; Sagy P. Mintz; Alexander D. Deitz - Web page: https://patentgrep.com/patent/US20140195408A1 ## CPC - G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange - G06Q 40/00: Finance; Insurance; Tax strategies; Processing of corporate or income taxes - G06Q 40/06: Asset management; Financial planning or analysis - 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 associated methods are provided for intelligent placement and movement of orders in an electronic trading environment. According to one example method, in addition to submitting a leg order at a calculated price level, additional orders, queue holder orders, are submitted for the leg order at prices either below or above the calculated price level. Based on this configuration, if the conditions change such that it is necessary to re-price the leg order, there will be already an order resting in the exchange order book at the re-calculated price that can be used in the strategy. Upon re-pricing the leg order, one or more additional queue holder orders will be placed in the market. Other tools are provided as well. ## Claims ### Claim 1 (canceled) ### Claim 2 A system comprising: a computing device, wherein the computing device is configured to compute a first price for a first order to buy or sell a first tradeable object, wherein the first price is computed based on market conditions corresponding to at least one second tradeable object and further based on a desired spread price for a spread strategy comprising the first tradeable object and the at least one second tradeable object; wherein the computing device is configured to send the first order to buy or sell the first tradeable object at the first price to be placed in an order book of a computerized matching process, wherein the first order satisfies the desired spread price of the spread strategy; wherein the computing device is configured to determine a plurality of prices to buy or sell the first tradeable object, wherein the plurality of prices create a first range of prices, and wherein the plurality of prices are determined based on the first price to buy or sell the first tradeable object; wherein the computing device is configured to send a plurality of orders within the first range of prices to be placed in the order book of the computerized matching process, wherein the plurality of orders do not satisfy the desired spread price of the spread strategy; wherein the computing device is configured to compute a second price for the first order to buy or sell the first tradeable object based on updated market conditions for the at least one second tradeable object in response to sending the first order and the plurality of orders to the computerized matching process, wherein, based on the second price, the first order no longer satisfies the desired spread price of the spread strategy; and wherein the computing device is configured to, based on the second price, modify at least one price of the plurality of orders such that the plurality of orders create a second range of prices. ### Claim 3 (depends on 2) The system of claim 2, wherein the updated market conditions comprise a change in an inside market of the at least one second tradeable object. ### Claim 4 (depends on 2) The system of claim 2, wherein to modify at least one price of the plurality of orders, the computing device is further configured to cancel at least one order and add at least one new order. ### Claim 5 (depends on 2) The system of claim 2, wherein the first range of prices and the second range of prices comprise the same number of price levels. ### Claim 6 (depends on 5) The system of claim 5, wherein the same number of price levels are user-configurable. ### Claim 7 (depends on 5) The system of claim 5, wherein the same number of price levels is determined based on a formula. ### Claim 8 (depends on 2) The system of claim 2, wherein the computing device is further configured to: detect an order fill of a full quantity corresponding to one of the plurality of orders; and delete any remaining orders of the plurality of orders. ### Claim 9 (depends on 2) The system of claim 2, wherein the computing device is further configured to: in response to placing of the plurality of orders within the first range, cancel the plurality of orders other than the first order at the first price upon detecting a user configurable event. ### Claim 10 (depends on 9) The system of claim 9, wherein the user configurable event is based on market conditions corresponding to the first tradeable object or the at least one second tradeable object. ### Claim 11 (depends on 2) The system of claim 2, wherein the plurality of orders are placed at consecutive prices within the first range of prices. ### Claim 12 (depends on 2) The system of claim 2, wherein at least one order of the plurality of orders is placed at a price that is not consecutive within the first range of prices.