US 7,155,410 B1 · Systems and methods for linking orders in electronic trading systems

Abstract

Systems and methods for linking orders in electronic trading systems are provided. These systems and methods enable a trader to select two or more items that are to be linked and specify linking parameters for those items. Any desired set of items may be linked, and the linking parameters may include price adjustments, order sequencing instructions, automatic/manual execution controls, execution delays commands, and update frequency limits. Upon detecting a bid or offer for a linked item, the systems and methods may then determine a size and a price for each linked item based upon the size and the price of the bid or offer for the first linked item. In this way, the sizes and the prices for the other linked items may be propagated from the size and the price for the first item. Once the size and the price for each item is determined, the systems and methods may submit orders for the items in accordance with the linking parameters. In the case where orders for linked items may only be submitted in designated lot sizes, the systems and methods may round the sizes of the orders to the designated lot sizes, and then submit remainder orders to make up for the rounding.

Claims53

Dependent claims

A method for linking items in an electronic trading system, comprising:

operating a network server to communicate with a plurality of workstations and to receive bids and offers for at least one item from at least one of the plurality of workstations, wherein at least one of a group consisting of 1) at least one of the plurality of workstations and 2) the network server, is adapted for:
receiving a selection of a first item in a first market;
receiving a selection of a second item in a second market;
receiving at least one linking parameter that defines a relationship between the first item and the second item;
receiving order information for an order for the first item;
propagating order information for an order for the second item in the second market, the order information for the second item being based upon the order information for the first item and the linking parameter;
and
in response to identifying an order that matches at least a portion of the order for the second item, executing at least a portion of the order for the second item and propagating and executing a matching order for the first item, the matching order for the first item matching at least a portion of the order for the first item,
in which the executing at least a portion of the order for the second item and propagating and executing a matching order for the first item occurs independent of interference from external sources, said interference comprising a new bid or a new offer.

6 more elements

A method for linking items in an electronic trading system, comprising:

operating a network server to communicate with a plurality of workstations and to receive bids and offers for at least one item from at least one of the plurality of workstations, wherein at least one of a group consisting of 1) at least one of the plurality of workstations and 2) the network server, is adapted for:
receiving a selection of a first item in a first market;
receiving a selection of a second item in a second market;
receiving at least one linking parameter that defines a relationship between the first item and the second item;
receiving order information for an order for the first item;
propagating an order for the second item in the second market, the order for the second item being based upon the order information for the first item and the linking parameter;
and
in response to a bid or offer, executing at least a portion of the order for the second item and propagating and executing a matching order for the first item, the matching order for the first item matching at least a portion of the order for the first item, when the matching order for the first item and the order for the second item can be executed independent of interference from external sources, the interference from external sources comprising a new bid or a new offer.

5 more elements

A computer readable medium having program code recorded thereon, the program code for execution on a computer and for linking items in one or more electronic computer trading systems, the program code comprising:

a first program code for receiving a determination of a first item in a first electronic market;
a second program code for receiving a determination of a second item in a second electronic market;
a third program code for receiving one or more linking parameters for defining a relationship between the first item and the second item;
a fourth program code for automatically monitoring order information for the first item;
a fifth program code for deriving via a computer process at least one of a price and size for the second item based on the linking parameters and the order information for the first item;
and
a sixth program code for submitting a bid, offer, buy or sell order for the second item in the second market, the submitting being based on the one or more linking parameters and the order information for the first item, the submitting a bid, offer, buy or sell order for the second item in the second market occurring when the submitting can occur independent of interference from external sources, said interference comprising a new bid or a new offer.

4 more elements

a first program code for receiving a determination of a first item in a first electronic market;
a second program code for receiving a determination of a second item in a second electronic market;
a third program code for receiving one or more linking parameters for defining the relationship between the first item and the second item;
a fourth program code for automatically monitoring order information for the first item;
a fifth program code for deriving via a computer process at least one of a price and size for the second item based on the linking parameters and the order information for the first item;
a sixth program code for submitting a bid, offer, buy or sell order for the second item in the second market, the submitting being based on the one or more linking parameters and the order information for the first item;
and
a seventh program code for automatically submitting a bid, offer, buy or sell order for the first item based on the one or more linking parameters when at least a portion of the order for the second item has been executed, the submitting a bid, offer, buy or sell order for the first item in the first market occurring when the submitting can occur independent of interference from external sources, said interference comprising a new bid or a new offer.

5 more elements

A method for implementing on a computer system, the method for trading a first item and a second item in one or more electronic trading systems, the method comprising:

a display device that displays information relating to the first item and the second item;
a trade order submitting component for:
receiving a determination of a first item in a first electronic market;
receiving a determination of a second item in a second electronic market;
receiving one or more linking parameters for defining a relationship between the first item and the second item;
automatically monitoring order information for the first item;
deriving via a computer process at least one of a price and size for the second item based on the linking parameters and the order information for the first item;
submitting a bid, offer, buy or sell order for the second item in the second market, the submitting being based on the one or more linking parameters and the order information for the first item;
and
automatically submitting a bid, offer, buy or sell order for the first item based on the one or more linking parameters when at least a portion of the order for the second item has been executed, the submitting a bid, offer, buy or sell order for the first item in the first market occurring when the submitting can occur independent of interference from external sources, said interference comprising a new bid or a new offer.

7 more elements

Dependencies are inferred from the claim text.

Systems and methods for linking orders in electronic trading systems

Life of this patent

Systems and methods for linking orders in electronic trading systems

Life of this patent

Abstract

Claims53