Patent ID: 7769652
Filing Date: 2010-08-03
Classification: G06Q

Abstract:
1. A method for changing priority levels of orders in an electronic trading environment, the method comprising: sorting a plurality of orders into a plurality of price levels of an order book for a tradeable object at an electronic exchange according to an order price of each of the plurality of orders, where orders having a common order price are further sorted in an order queue associated with a price level for the common order price according to a match algorithm of the electronic exchange; receiving a new order for the tradeable object at the electronic exchange, wherein the new order is received in a message comprising a first price and an order parameter defining a priority preference; placing the new order in the order book at a first price level for the first price and in a first priority level in an order queue associated with the first price level according to the match algorithm for the electronic exchange; comparing the priority preference of the new order with a priority preference of a pending order at a second priority level in the order queue associated with the first price level to determine whether to swap the new order and the pending order; in response to the comparison, moving at least a portion of an order quantity associated with the new order from the first priority level to the second priority level, and at least a portion of an order quantity associated with the pending order from the second priority level to the first priority level; determining a fee for moving the at least a portion of the order quantity associated with the first order and the at least a portion of the order quantity associated with the pending order; applying the fee to an account of a trader associated with the new order for moving at least a portion of the order quantity associated with the new order to the second priority level; and matching the at least a portion of the order quantity associated with the new order at the second priority level with at least a portion of an order quantity of a counter-order prior to matching a remaining portion of the order quantity associated with the new order at the first priority level.