Lack of Liquidity Order Type
AssigneeChicago Mercantile Exchange Inc.
InventorsJohn Labuszewski, Richard Co, John Nyhoff, Lori Aldinger, James Boudreault
Life of this patent
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Abstract
Systems and methods are provided for matching orders. Orders are initially received at a central limit order book system. If an order remains unmatched or a portion of the order remains unmatched after a predetermined time period, order information is sent to a request for quote system. The request for quote system distributes a request for quote and provides any quotes to the original trading entity. An order may be matched at the central limit order book system or the request for quote system.
Claims21
A method of processing orders for financial instruments comprising:
- (a) receiving an order for a financial instrument at a central limit order book system;
- (b) determining at the central limit order book system if the order for the financial instrument is unmatched;
- and
- (c) when it is determined that the order is unmatched in (b), routing the order to a request for quote system.
A financial instrument trading system comprising:
- a request for quote system;
- a central limit order book system configured to:
- (a) receive an order for a financial instrument;
- (b) determine if the order for the financial instrument is unmatched;
- and
- (c) when it is determined that the order is unmatched in (b), routing the order to the request for quote system.
A non-transitory computer-readable medium containing computer-executable instructions that when executed cause an exchange computer system to perform the steps comprising:
- (a) receiving an order for a financial instrument at a central limit order book system;
- (b) determining if the order for the financial instrument is unmatched;
- and
- (c) when it is determined that the order is unmatched in (b), routing the order to a request for quote system.
Dependencies are inferred from the claim text.