Patent ID: 8799131
Filing Date: 2014-08-05
Classification: G06Q

Abstract:
1. A method comprising: (a) providing a posting market center having an internal book and having a guarantee order book populated with a plurality of guarantee sell orders each having a price and size; (a) receiving by a computer in a computing system a directed buy order on a posting market center, the directed buy order having a price and size and the posting market center having an internal book a guarantee order book populated with a plurality of guarantee sell orders each having a price and size; (b) determining by the computer computing system a best guarantee sell order, wherein the best guarantee sell order has the lowest price of the plurality of guarantee sell orders; (c) retrieving by the computer computing system a national best bid and offer; (d) determining by the computer computing system whether the best guarantee sell order is lower than the national best offer; (e) responsive to determining that the best guarantee sell order is lower than the national best offer: (e)(i) determining by the computer computing system whether the posting market center allows guarantee sell orders to execute at prices lower than the national best offer; (e)(ii) responsive to determining that the posting market center allows guarantee sell orders to execute at prices lower than the national best offer: (e)(ii)(a) setting by the computer computing system a directed cross price parameter to the best guarantee sell order's price; (e)(iii) responsive to determining that the posting market center does not allow guarantee sell orders to execute at prices lower than the national best offer: (e)(iii)(a) setting by the computer computing system the directed cross price parameter to the national best offer; (f) responsive to determining that the best guarantee sell order is not lower than the national best offer: (f)(i) setting by the computer computing system the directed cross price parameter to the best guarantee sell order's price; (g) determining by the computer computing system whether the directed buy order's price is greater than or equal to the directed cross price parameter; (h) responsive to determining that the directed buy order's price is not greater than or equal to the directed cross price parameter: (h)(i) processing by the computer computing system the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (i) responsive to determining that the directed buy order's price is greater than or equal to the directed cross price parameter: (j)(ii) responsive to determining that the directed cross price parameter is not greater than the national best bid; (j)(ii)(a) determining by the computer computing system whether the posting market center allows adjustment of the directed cross price parameter; (j)(ii)(c) responsive to determining that the posting market center does not allow adjustment of the directed cross price parameter: (j)(ii)(c)(i) processing by the computer computing system the directed buy order as a non-directed buy order in the posting market center's continuous order matching process; (k) determining by the computer computing system whether the directed buy order's size is greater than or equal to the best guarantee sell order's size; (l) responsive to determining that the directed buy order's size is not greater than or equal to the best guarantee sell order's size: (m) responsive to determining that the directed buy order's size is greater than or equal to the best guarantee sell order's size: (m)(i) pulling retrieving by the computer computing system the best guarantee sell order; (m)(ii) setting by the computer computing system the maximum cross quantity parameter equal to the best guarantee sell order's size; (n) appending by the computer computing system a matched sell instruction to the directed buy order, wherein the matched sell instruction includes the directed cross price and maximum cross quantity parameters; (o) ranking by the computer computing system the best guarantee sell order in the internal book according to a price/time priority of the directed cross price parameter; and (p) presenting sending by the computer computing system the directed buy order to the internal book.