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

Claim 17:
18. A system for matching, without disrupting a structure of an electronic market, each of a plurality of orders to trade a financial product in the electronic market with one or more of a set of previously received unmatched orders for the financial product which are counter thereto, the system comprising:
means for receiving a first electronic data transaction request message from a client computer of a user via a network, the first electronic data transaction request message comprising data indicative of a first order of the plurality of orders, the first order specifying the financial product, a first quantity, a first value, and data indicative of a preference for a first matching algorithm of a plurality of matching algorithms, whereby the system is configured to operate in multiple modes simultaneously to accept and match the plurality of orders for the same financial product to increase liquidity for that financial product;
means for routing, based on the data indicative of the preference for the first matching algorithm, the first order to one of a plurality of order books, each order book of the plurality of order books stored in a non-transitory memory, providing a separate pool of liquidity for the financial product, and coupled with one of a plurality of hardware matching processors, each hardware matching processor implementing one of the plurality of matching algorithms which is different from all other matching algorithms implemented by the other plurality of hardware matching processors for that financial product and which is not altered during trading hours for that financial product to follow a different matching algorithm, each hardware matching processor configured to execute orders for each order book according to the implemented matching algorithm, the routing further comprising:
selecting, based on the data indicative of the preference, a first order book from the plurality of order books for the financial product, the first order book coupled with a first hardware matching processor of the plurality of hardware matching processors, the first hardware matching processor following the first matching algorithm; and
routing the first order to the first order book; and

means for attempting to match the first order with a previously received but unsatisfied order counter thereto to the first order stored in the first order book.