Patent ID: 11941692
Assignee: CHICAGO MERCANTILE EXCHANGE INC.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 6:
7. A computer-implemented method comprising:
receiving, by a processor coupled with an electronic trading system, from a first user via a first graphical user interface of an electronic order entry device implemented by a second processor, in advance of an occurrence of at least one of a plurality of predefined conditions which occur external to the electronic trading system, at least one conditional order of a plurality of conditional orders for a financial instrument over a communication network coupled with the processor disposed between the electronic order entry device and a matching order engine, where the at least one received conditional order specifies at least one of the plurality of predefined conditions which occur external to the electronic trading system subsequent to receipt of the conditional order, wherein the at least one received conditional order is not based solely on a price of the financial instrument;
processing, by the processor, the at least one received conditional order;
determining, by the processor, that the at least one of the plurality of predefined conditions cannot occur until a future time;
storing, by the processor, the at least one processed conditional order in an order storage device of the electronic trading system, the order storage device being divided into a plurality of storage areas, wherein a plurality of processed conditional orders specifying the same at least one predefined condition are stored together in a same storage area of the plurality of storage areas in an order of receipt while awaiting occurrence of the at least one of the plurality of predefined conditions, each storage area of the plurality of storage areas corresponding to a different predefined condition of the plurality of predefined conditions;
receiving, by the processor, data via an electronic event feed, the data corresponding to the occurrence of any of the plurality of predefined conditions;
comparing, by the processor, the data received from a data source external to the electronic trading system with a plurality of predetermined data values indicating the occurrence of at least one of the plurality of predefined conditions;
determining, by the processor based on the comparing, when the data received from the data source external to the electronic trading system indicates that at least one of the plurality of predefined conditions has occurred, wherein the occurrence of the at least one of the plurality of predefined condition causes a triggering of a retrieval of each of the plurality of processed conditional orders stored in the same storage area of the plurality of storage areas by the processor and an execution of each of the plurality of processed conditional orders by a matching order engine;
retrieving, by the processor based on the determining, from the storage device, each of the plurality of processed conditional orders stored therein in the same storage area of the plurality of storage areas associated with each of the at least one of the plurality of predefined conditions which was determined to have occurred;
determining, by the processor, if any of the plurality of retrieved processed conditional orders is expired;
executing, by a matching order engine, each of the plurality of retrieved processed conditional orders that has not expired in the order in which those plurality of processed conditional orders were stored in the same storage area of the plurality of storage areas associated with each of the at least one of the plurality of predefined conditions which was determined to have occurred; and
submitting, by the processor, each of the plurality of retrieved processed conditional orders that has expired for cancellation,
wherein each of the plurality of retrieved processed conditional orders that has not expired are executed, by the matching order engine, prior to any other orders transmitted over the communication network to the electronic trading system subsequent to having been generated external thereto based on any of the at least one of the plurality of predefined conditions which was determined to have occurred, wherein the executing of the plurality of retrieved processed conditional orders prior to the any other orders is based on a reduced network latency of the plurality of retrieved processed conditional orders not having to travel over the communications network and not having to be processed following the occurrence of the at least one of the plurality of predefined conditions compared with the network latency of the any other orders that have to travel over the communication network and having to be processed following the occurrence of the at least one of the plurality of predefined conditions,
wherein the occurrence of the at least one of the plurality of predefined conditions causes a triggering of the generation and transmission over the communication network of the any other orders to the processor, and
wherein the processor processes the any other orders subsequent to the occurrence of the at least one of the plurality of predefined conditions.