System and method for trading order priority levels in an electronic trading environment
AssigneeTrading Technologies International, Inc.
InventorFred Monroe
Life of this patent
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Abstract
A system and method for trading order priority levels in an electronic trading environment are described. In one embodiment, a trader who is willing to have his order moved from a high priority level to a lower priority level in an order queue may advertise his willingness to do so, and other traders can place bids for the high priority level. In such an embodiment, for example, a bidder who places the highest bid or whose bid is received first may get the high priority level in the order queue in exchange for the paid fee.
Claims20
A system for trading order priority levels in an electronic trading environment, the system comprising:
- a computing device configured to receive a first order message for a first order to buy or sell a tradable object, wherein the received first order message comprises an order price and a first priority level parameter, wherein the first priority level parameter comprises a condition that determines a priority level for at least a portion of an order quantity associated with the first order;
- wherein the computing device is further configured to prioritize the first order in an order queue at an electronic exchange based on the order price, the first priority level parameter, and a time when the first order message is received, wherein the first order is arranged in the order queue for the order price according to the time when the first order message is received and prioritized within the order queue according to the first priority level parameter in the first order message and a second priority level parameter associated with a second order in the order queue.
Dependencies are inferred from the claim text.