System and method for processing composite trading orders at a client

An apparatus for processing a composite trading order, comprising:

• at least one processor;
• and
• at least one memory in electronic communication with a display device and having instructions stored thereon which, when executed by the at least one processor, direct the at least one processor to:
• receive, over a communication network, a first trading order for a first quantity of a first financial instrument from a first trading participant;
• automatically responsive to receiving the first trading order, cause, by transmission of display information over the communication network, display, on a graphical user interface of the display device, of a composite value representing a weighted quantity of a plurality of financial instruments, the plurality of financial instruments comprising at least a second financial instrument that is different from the first financial instrument;
• determine a composite trading order that, when filled, would substantially satisfy the first trading order, wherein:
• the composite trading order is associated with an amount that is equal to at least a portion of the composite value;
• and
• the composite trading order comprises a plurality of constituent trading orders for the plurality of financial instruments that are configured to, if filled, collectively substantially satisfy the composite trading order, in which at least one of the constituent trading orders comprises an order for a second quantity of the second financial instrument that is different from the first financial instrument;
• cause the at least one constituent trading order to be transmitted, over the communication network, to at least one market center;
• and
• automatically responsive to receiving to current trading conditions information in one or more market centers over the communication network, cause, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the current trading conditions in the one or more market centers.

A method for processing a composite trading order, comprising:

• receiving, by the at least one computing device, over a communication network, a first trading order for a first quantity of a first financial instrument from a first trading participant;
• automatically responsive to receiving the first trading order, causing, by at least one computing device, by transmission of display information over the communication network, display, on a graphical user interface of the display device, a composite value representing a weighted quantity of a plurality of financial instruments, the plurality of financial instruments comprising at least a second financial instrument that is different from the first financial instrument;
• determining, by the at least one computing device, at least one input representing a composite trading order, wherein:
• the at least one input comprises an amount that is equal to at least a portion of the composite value;
• and
• the at least one input is usable to generate a plurality of constituent trading orders for the plurality of financial instruments that are configured to, if filled, collectively substantially satisfy the composite trading order, in which at least one of the constituent trading orders comprises an order for the financial instrument that is different from the first trading product;
• causing, by the at least one computing device, the at least one constituent trading order to be transmitted, over the communication network, to at least one market center;
• and
• automatically responsive to receiving to current trading conditions information in one or more market centers over the communication network, causing, by the at least one computing device, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the current trading conditions in the one or more market centers.

An apparatus, comprising:

• a processor;
• and
• a memory, communicatively coupled to the processor, storing instructions that, when executed, cause the processor to:
• receive, over a communication network, a first trading order for a first quantity of a first trading product from a first trading participant;
• determine that a particular quantity of the first trading product is available for trade in one or more market centers;
• determine that the particular quantity of the first trading product is insufficient to fill the first trading order for the first quantity of the first trading product;
• determine a plurality of trading products, wherein the plurality of trading products comprises the first trading product, and wherein identifying the plurality of trading products comprises, for each trading product of the plurality of trading products other than the first trading product, determining that a respective quantity of the trading product is substantially equivalent to a quantity of the first trading product;
• receive, over the communication network, market data from the one or more market centers, wherein the market data relates to the plurality of trading products;
• automatically responsive to receiving the market data and based at least in part on the plurality of trading products, cause, by transmission of display information over the communication network, display, on a graphical user interface of a display device of the first trading participant, a composite value, wherein the composite value comprises a weighted quantity of at least one trading product of the plurality of trading products other than the first trading product and the particular quantity of the first trading product;
• determine, based at least in part on the composite value, one or more constituent trading orders, wherein the one or more constituent trading orders are configured to, if filled, combine to satisfy the composite value, and wherein at least two of identifying the plurality of trading products, determining the composite value, and determining the one or more constituent trading orders, are based at least in part on one or more stored preferences of the first trading participant;
• transmit, on behalf of the first trading participant, over the communication network, the one or more constituent trading orders to the one or more market centers;
• monitor whether the one or more constituent trading orders are filled successfully in the one or more market centers;
• determine that at least one constituent trading order of the one or more constituent trading orders was not filled successfully within a configurable time period;
• determine one or more additional constituent trading orders, wherein the one or more additional constituent trading orders are configured to be substantially equivalent to an unfilled portion of the at least one constituent trading order;
• and
• automatically responsive to receiving updated market data from the one or more market centers over the communication network, cause, by transmission of updated display information over the communication network, updating of the graphical user interface of the display device to display an updated composite value according to the updated marked data.