Patent ID: 11861703
Assignee: CHICAGO MERCANTILE EXCHANGE INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 12:
13. The system of claim 12, wherein the market segment gateway further:
receives a second electronic data transaction request message comprising data indicative of a second order specifying the same financial product, a second quantity, and a second value, wherein the second order does not include data indicative of a matching algorithm preference, the second electronic data transaction request message and the first electronic data transaction request message received sequentially;
routes, intelligently, the second order to one of a plurality of order books by:
determination, for the second order, of a default order book or an order book having a best bid and ask for the financial product based on an evaluation, by the market segment gateway, for each of the plurality of order books for the financial product, of a plurality of market conditions currently existing for each order book;
selection, based on the evaluation, of the first or a second order book from the plurality of order books for the second order; and
routing of the second order to the selected first or second order book, the second order book coupled with a second hardware matching processor, the second hardware matching processor following a second matching algorithm,

wherein the second hardware matching processor attempts to match the second order with a previously received but unsatisfied order counter to the second order stored in the selected first or second order book, and
wherein the first and second hardware matching processors follow different matching algorithms.