Trading system
AssigneeOpenmatch Holdings LLC
InventorMark Sulavka
Life of this patent
Estimating the term…
Abstract
A Computer apparatus configured to process transactions in fungible assets on behalf of account holders on a client controlled, order by order basis, via account controlled and configured private books of business and public books, as well as proactively route public orders to external venues based on analysis of account-specific best execution configurations including venue cost assignments and account-specific venue routing parameters.
Claims22
A Computer apparatus configured to process transactions in fungible assets on behalf of account holders on a client controlled, order by order basis, via account controlled and configured private books of business and public books, and to proactively route public orders to external venues based on analysis of account-specific best execution configurations including venue cost assignments and account-specific venue routing parameters, the apparatus being provided with a matching engine including an internalised matching utility for conducting transactions on account defined private books of business, in addition to public books of business, the computer apparatus comprising:
- operation files comprising configuration information including account holder rules and preferences, and wherein said rules comprise definitions of private book relationships defined in terms of eligible private book counterparties per account holder identity;
- an operation file configuration interface configured to establish private book relationships and define deal criteria applying between eligible private book counterparties;
- a volatile memory configured for receiving and holding in-memory book of business data, including private book data, market data from external venues, and other relevant data based on information in orders;
- a matching engine comprising an internalised matching utility processor configured to parse the private book data in the volatile memory according to account holder rules and preferences.
A method of operating a computer apparatus configured to process transactions in fungible assets on behalf of account holders via private and public books of business, as well as proactively route orders to external venues based on best execution analysis for the account holder and account holder configuration, the apparatus being provided with a matching engine including an internalised matching utility for conducting transactions on private books of business, in addition to public books business, the method comprising:
- receiving an order from a remote account holder computer with the ability to determine the originating account holder and eligibility for one or more of a number of predetermined order scopes including a private book type of order, public book type of order, and proactive routing to external venue;
- determining order type and order scope(s) and providing order data to relevant components of the apparatus in dependence on the determination, in the case of the order being eligible as a private book the order passing the order to an internalised matching utility processor for handling;
- loading book of business data including, where appropriate, private book data and market data from external venues into a volatile memory for processing based on configuration information maintained in operation files, said information including account holder identity and eligible private book counterparties per account holder;
- and
- operating a matching engine comprising an internalised matching utility processor to parse private book data in the volatile memory according to account holder rules and preferences in said operational files;
- and
- operating a matching engine comprising a best execution analysis processor to parse eligible proactive route orders and route to determined external venues based on account holder rules and preferences in said operational files;
- and
- conducting a transaction pursuant to the received order.
A computer readable medium encoded with computer code, which, when loaded onto a computer, causes the computer to become capable of processing transactions in fungible assets on behalf of account holders via private and public books of business, as well as proactively route orders to external venues based on best execution analysis for an account holder based on account preferences and order data, the computer code encoding a matching engine including an internalised matching utility for conducting transactions on private books of business, in addition to public books business, the code comprising code to cause the computer to:
- receive an order from a remote account holder computer with the ability to determine the originating account holder and eligibility for one or more of a number of predetermined order scopes including a private book type of order, public book type of order, and proactive routing to external venue;
- determine order type and order scopes and pass order data to relevant components of the apparatus in dependence on the determination, in the case of the order being a private book order passing the order to an internalised matching utility processor for handling;
- load book of business data including, where appropriate, private book data and market data from external venues into a volatile memory for processing based on configuration information in operation files, said information including account holder identity and eligible private book counterparties per account holder;
- and
- operate a matching engine comprising an internalised matching utility processor to parse private book data in the volatile memory according to account holder rules and preferences in said operational files;
- and
- operate a matching engine comprising a best execution analysis processor to parse eligible proactive route orders and route to determined external venues based on account holder rules and preferences in said operational files;
- and
- conduct a transaction pursuant to the order.
Dependencies are inferred from the claim text.