Interprogram communication using messages related to events and actions on an exchange

A method for controlling an electronic exchange system,

• in which the electronic exchange system includes a physical data bus, a first physical processing element of at least one processor and a second physical processing element of the at least processor, and
• in which the physical data bus directly communicatively couples the first physical processing element and the second physical processing element, and wherein the physical data bus is configured to deliver instructions from the first physical processing element to the second physical processing element,
• in which the method comprises:
• controlling, by the at least one processor, the second physical processing element to:
• receive indications of orders from remote devices that are not part of the electronic exchange system, wherein each order defines a respective side of a trade for a financial instrument;
• add each of the orders to a respective one of a queue of buy orders and a queue of sell orders for the financial instrument;
• determine that at least a first order in the queue of buy orders and a second order in the queue of sell orders match, and
• execute a trade that fulfill the first order and the second order;
• and
• controlling, by the at least one processor, the first physical processing element to:
• receive an indication of an occurrence of an event;
• in response to receiving the indication of occurrence of the event, determine that an adjustment to an order is conditioned on at least one criteria associated with the occurrence;
• determine that the at least one criteria associated with the occurrence on which the order is conditioned is satisfied;
• and
• in response to determining the at least one criteria is satisfied, transmit, through the physical data bus, to the second physical processing element, an indication to adjust the order that acts as an interrupt to processing of the second physical processing element to cause the second physical processing element to, in response to receiving the indication to adjust the order, adjust the order.

A method for controlling operation of an electronic exchange system,

• in which the electronic exchange system includes a physical data bus, a first physical processing element of at least one processor and a second physical processing element of the at least processor, and
• in which the physical data bus directly communicatively couples the first physical processing element and the second physical processing element, and wherein the physical data bus is configured to deliver instructions from the first physical processing element to the second physical processing element,
• in which the second physical processing element comprises a physical memory having a stack of machine instructions, wherein the physical data bus and the second physical processing element are configured such that, when an indication to adjust an order is received by the second physical processing element, the indication to adjust the order acts as an interrupt to processing of the second physical processing element
• in which the method comprises:
• controlling, by the at least one processor, the second physical processing element to:
• in response to an indication to adjust the order being received by the second physical processing element, insert an instruction to adjust the order corresponding to the indication to adjust the order in the stack of machine instructions before at least one instruction pending in the stack of machine instructions and before processing a given instruction in the stack of machine instructions,
• receive indications of orders, wherein each order defines a respective side of a trade for a financial instrument;
• add each of the orders to a respective one of a queue of buy orders and a queue of sell orders for the financial instrument;
• determine that at least a first order in the queue of buy orders and a second order in the queue of sell orders match;
• transmit to the first physical processing element an indication of a physical memory location in which the order is stored;
• execute a trade that fulfill the first order and the second order;
• and
• record the indication of the physical memory location in which the order is stored;
• and
• controlling, by the at least one processor, the first physical processing element to:
• receive an indication of an occurrence of an event,
• wherein the event includes at least one of:
• a placement of an order for an opposite side of the trade for the financial instrument that is associated with a quantity above a threshold value
• a change in a value of a second financial instrument;
• a change in a trading volume of a second financial instrument;
• a placement of an order for an opposite side of the trade;
• a change to regulations that regulate an industry;
• or
• a change in credit rating of a company, and
• wherein, at a time associated with the event, the order is not pending in a queue of the second physical processing element, and the indication to adjust the order includes an indication to add the order to the queue of the second physical processing element;
• in response to receiving the indication of occurrence of the event, determine that an adjustment to an order is conditioned on at least one criteria associated with the occurrence;
• determine that the at least one criteria associated with the occurrence on which the order is conditioned is satisfied;
• and
• in response to determining the at least one criteria is satisfied, transmit, through the physical data bus, to the second physical processing element, the indication to adjust the order.