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

Claim 11:
12. 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:
a non-transitory memory coupled with an order processor;
a plurality of order books stored in the non-transitory memory, wherein each order book of the plurality of order books provides a separate pool of liquidity for the financial product and is coupled with one of a plurality of hardware matching processors, wherein each hardware matching processor implements one of a 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;
a market segment gateway, implemented by the order processor, that receives a first electronic data transaction request message comprising data indicative of a first order of a plurality of orders, the first order specifying the financial product, a first quantity, and a first value, wherein the first order includes data indicative of a preference for a first matching algorithm from a plurality of matching algorithms, whereby the market segment gateway operates in multiple modes simultaneously to accept and match offers for the same financial product to increase liquidity for that financial product, wherein the market segment gateway is configured to route the plurality of orders from a plurality of client computers each associated with a user of a plurality of users to one of the plurality of order books by:
selection of, based on the data indicative of the preference for the first matching algorithm, a first order book from a plurality of order books for the financial product, the first order book coupled with a first hardware matching processor, the first hardware matching processor following the first matching algorithm;
routing of the first order to the first order book;

wherein the first hardware matching processor attempts to match the first order with a previously received but unsatisfied order counter to the first order stored in the first order book.