Patent ID: 9697569
Date: 2017-07-04
CPC Classifications: G06Q

Claim:
1. A system for management of reporting to a plurality of market participants of data indicative of a change in state of an electronic order book for one or more financial products, the system comprising: a processor; a memory coupled therewith; and the system further comprising: first logic stored in the memory and executable by the processor to cause the processor to determine that an attempt to match an incoming order, received from one of the plurality of market participants for at least one transaction for the one or more financial products, with at least one previously received but unsatisfied order for a transaction which is counter thereto has resulted in at least partial satisfaction of one or both of the incoming order and the at least one other previously received order, and further cause the processor to generate first data identifying each of the one or more financial products transacted, as well as aggregate transacted quantity and transaction price thereof, as a result of the at least partial satisfaction of one or both of the incoming order and the at least one previously received but unsatisfied order, and generate, for each order that was at least partially satisfied, second data identifying the particular order that was at least partially satisfied; second logic stored in the memory and executable by the processor to cause the processor to generate, based on the determination that one or both of the incoming order and the at least one other previously received order were at least partially satisfied, a reporting message for reporting the occurrence of the transaction to all of the plurality of market participants, the reporting message comprising a first portion and a second portion, wherein the first portion comprises a single occurrence of the first data, and the second portion comprises the second data for each of the at least partially satisfied orders, and wherein data included in the first portion is not included in the second portion; and third logic stored in the memory and executable by the processor to cause the processor to communicate the reporting message to the plurality of market participants wherein the first portion is transmitted to the plurality of market participants prior to the second portion, and upon receipt of only the first portion, a receiving market participant is able to comprehend the change in state of the electronic order book due to the at least partial satisfaction of one or both of the incoming order or the at least one other previously received order.