Automatic generation of an order in an instrument in a specified currency

A non-transitory computer readable medium having a program recorded therein, said program comprising software code portions for a computer of an automated trading system wherein orders in an instrument in a specified currency are received and a trade in said instrument is performed when, for a certain volume of said instrument, an instrument bid price matches an instrument ask price, said software code portion causing the computer to perform a method for automatically generating an order in said instrument priced in said specified currency, the method comprising:

• repeatedly and automatically receiving, from an external source, an updated exchange rate between a currency other than said specified currency and said specified currency, wherein a last updated exchange rate received is a current exchange rate that is guaranteed at least until a next dated exchange rate is received;
• receiving, from a trader, an order in said instrument priced in said other currency;
• and
• calculating a price of said order in said specified currency based on said received order and said current exchange rate;
• and
• generating said order in said instrument priced in said specified currency in an order book,
• wherein said order book includes a plurality of instrument bid orders priced in said specified currency, each with a different instrument bid price from at least one other instrument bid order of said plurality of instrument bid orders, and
• wherein said order book includes a plurality of instrument ask orders priced in said specified currency, each with a different instrument ask price from at least one other instrument ask order of said plurality of instrument ask orders, and
• wherein the method further comprises performing a trade in said instrument between said generated order in said order book and another order in said order book and performing a currency transaction to convert between said other currency and said specified currency when said generated order is matched by said another order, wherein said trade and said currency transaction are performed concurrently.

An automated trading system, comprising:

• a computing device configured to implement an instrument trading module, an order receiving module, a currency exchange rate receiving module, a price calculating module, and a currency trading module,
• wherein said instrument trading module is arranged to perform a trade in an instrument priced in a specified currency when, for a certain volume of said instrument, an instrument bid price matches an instrument ask price,
• wherein said order receiving module is arranged to receive, from a trader, an order in said instrument priced in a currency other than said specified currency,
• wherein said currency exchange rate receiving module is arranged to repeatedly and automatically receive, from an external source, an updated exchange rate between said other currency and said specified currency, wherein a last updated exchange rate received is a current exchange rate that is guaranteed at least until a next updated exchange rate is received,
• wherein said price calculating module is arranged to calculate a price of said order in said specified currency based on said received order and said current exchange rate,
• wherein said order generating module is arranged to generate said order priced in said instrument in said specified currency in an order book,
• wherein said order book includes a plurality of instrument bid orders priced in said specified currency, each with a different instrument bid price from at least one other instrument bid order of said plurality of instrument bid orders,
• wherein said order book includes a plurality of instrument ask orders priced in said specified currency, each with a different instrument ask price from at least one other instrument ask order of said plurality of instrument ask orders,
• wherein said instrument trading module is arranged to perform a trade in said instrument between said generated order in said order book and another order in said order book when said generated order in said instrument priced in said specified currency is matched by said another order,
• wherein said currency trading module is arranged to perform a currency transaction between said other currency and said specified currency when said generated order in said instrument priced in said specified currency is matched by said another order, and
• wherein said instrument trading module and said currency trading module concurrently perform said trade in said instrument and said currency transaction.

In an automated trading system wherein orders in an instrument priced in a specified currency are received and a trade in said instrument is performed when, for a certain volume of said instrument, an instrument bid price matches an instrument ask price, and wherein orders in said specified currency are received and a trade in said specified currency is performed when, for a certain amount of said specified currency, a currency bid price matches a currency ask price, a method for automatically generating an order in said instrument priced in said specified currency, comprising:

• said automated trading system receiving, from a trader, a first order in said instrument priced in another currency;
• said automated trading system forming a combination order comprising a second order in said instrument priced in said specified currency and a third order in said specified currency priced in said other currency based on said first order;
• said automated trading system performing, when said combination order is matched by an existing order in an order book, a trade in said instrument priced in said specified currency and a currency transaction between said specified currency and said another currency simultaneously;
• and
• said automated trading system generating, when said combination order is not matched by any existing order in said order book, a derived order in said instrument, in said specified currency, or both in said order book,
• wherein said derived order is formed so that when said derived order is matched by any existing order in said order book, said first and second orders of said combination order are automatically matched by existing orders in said order book, and trades in said instrument priced in said specified currency and said currency transaction between said specified currency and said another currency are performed simultaneously,
• wherein said order book includes a plurality of instrument bid orders priced in said specified currency, each with a different instrument bid price from at least one other instrument bid order of said plurality of instrument bid orders, and
• wherein said order book includes a plurality of instrument sell orders priced in said specified currency, each with a different instrument sell price from at least one other instrument sell order of said plurality of instrument sell orders.

In a client-based trader system connectable to a server-based trading system wherein orders in an instrument traded in a specified currency are received in said specified currency and in a currency other than said specified currency, an exchange rate between a currency other than said specified currency and said specified currency is received repeatedly, and when an order in said instrument priced in said other currency is received from a trader, a price of said order in said specified currency is calculated based on said received order and the last received exchange rate, said order in said instrument is generated in said specified currency, and when said order in said instrument generated in said specified currency is matched by another order, a trade in said instrument and a currency transaction are performed concurrently, a method for automatically trading in said instrument priced in said currency other than said specified currency, comprising:

• said client-based trader system sending to said server-based trading system a buy or sell order in said instrument priced in said other currency;
• said client-based trader system receiving information of said buy or sell order in said instrument priced in said specified currency from said server-based trading system, wherein a price of said buy or sell order in said instrument priced in said specified currency is based on a guaranteed exchange rate;
• and
• when said buy or sell order in said instrument priced in said specified currency is matched on the market, said client-based trader system receiving information of a trade in said instrument and a currency transaction as performed concurrently by said server-based trading system,
• wherein said buy or sell order in said instrument is generated in said server-based trading system in an order book,
• wherein said order book includes a plurality of instrument bid orders priced in said specified currency, each with a different instrument bid price from at least one other instrument bid order of said plurality of instrument bid orders, and
• wherein said order book includes a plurality of instrument ask orders priced in said specified currency, each with a different instrument ask price from at least one other instrument ask order of said plurality of instrument ask orders.

An automated trading system in which orders in an instrument priced in a specified currency are received and a trade in said instrument is performed when, for a certain volume of said instrument, an instrument bid price matches an instrument ask price, and wherein orders in said specified currency are received and a currency transaction between said specified currency and another currency is performed when, for a certain amount of said specified currency, a currency bid price matches a currency ask price, said system comprising:

• a computing device configured to implement an order receiving module, a combination order generating module, an instrument trading module, and a derived order generating module,
• wherein said order receiving module is arranged to receive, from a trader, a first order in said instrument priced in said another currency,
• wherein said combination order generating module is arranged to generate a combination order comprising a second order in said instrument priced in said specified currency and a third order in said specified currency priced in said other currency based on said first order,
• wherein said instrument trading module is arranged to perform a trade in said instrument priced in said specified currency and a currency transaction between said specified currency and said another currency simultaneously when said combination order is matched by an existing order an order book,
• wherein said derived order generating module is arranged to generate, when said combination order is not matched by any existing order in said order book, a derived order in said instrument, in said specified currency, or both in an order book,
• wherein said derived order is formed so that when said derived order is matched by any existing order in said order book, said first and second orders of said combination order are automatically matched by existing orders in said order book, and trades in said instrument priced in said specified currency and said currency transaction between said specified currency and said another currency are performed simultaneously,
• wherein said order book includes a plurality of instrument bid orders priced in said specified currency, each with a different instrument bid price from at least one other instrument bid order of said plurality of instrument bid orders, and
• wherein said order book includes a plurality of instrument sell orders priced in said specified currency, each with a different instrument sell price from at least one other instrument sell order of said plurality of instrument sell orders.